TIDMMBO
RNS Number : 1543P
MobilityOne Limited
29 September 2011
29 September 2011
MobilityOne Limited
("MobilityOne" or the "Company")
Unaudited interim results for the six months ended 30 June
2011
MobilityOne (AIM : MBO), an e-commerce infrastructure payment
solutions and platform provider in Malaysia, Indonesia and Cambodia
via its subsidiaries MobilityOne Sdn Bhd ("MobilityOne Malaysia"),
Netoss Sdn Bhd and PT MobilityOne Indonesia (collectively known as
the "Group"), announces its unaudited interim results for the six
months ended 30 June 2011.
Highlights:
-- Revenue increased by 47.6% to GBP14.4 million (H1 2010:
GBP9.8 million)
-- Loss after tax reduced by 70.0% to GBP0.06 million (H1 2010:
loss after tax of GBP0.2 million)
-- Important agreements signed with Bank Muamalat Malaysia
Berhad and Felda Trading Sdn Bhd in Malaysia
About the Group:
MobilityOne is the holding company of an established group of
companies in the business of providing e-commerce infrastructure
payment solutions and platforms through their proprietary
technology solutions, which are marketed under the brands MoCS and
ABOSSE.
The Group has developed an end-to-end e-commerce solution which
connects various service providers across several industries such
as banking, telecommunication and transportation through multiple
distribution devices such as electronic data capture ("EDC")
terminals, mobile devices, automated teller machines ("ATM") and
internet banking.
The Group's technology platform is flexible, scalable and has
been designed to facilitate cash, debit card and credit card
transactions from multiple devices while controlling and monitoring
the distribution of different products and services.
For more information, please refer to our website at
www.mobilityone.com.my
For further information, please contact:
MobilityOne +6 03 8996 3600
Dato' Hussian A. Rahman, CEO www.mobilityone.com.my
har@mobilityone.com.my
Allenby Capital Limited (Nominated Adviser and Broker) +44 20
3328 5656
Nick Athanas /James Reeve
Threadneedle Communications +44 20 7653 9850
Robyn McConnachie/Alex White
Chairman's statement
The Group continues to demonstrate significant progress in
driving revenues higher and improving its bottom line performance
with a 47.6% revenue increase and a 70% reduction in reported
losses in the six months to 30 June 2011. During the period, most
of the revenue was contributed by the fast growing mobile phone
prepaid airtime reload business. The Group's international
remittance services and overseas expansion advanced at a relatively
slow pace in the period but the Directors remain confident that
these business areas will contribute positively to the Group's
financial performance in the long term.
Two important new client contacts have been won. MobilityOne
Malaysia has recently signed an agreement with Bank Muamalat
Malaysia Berhad, an Islamic bank with 56 branches in Malaysia
(http://www.muamalat.com.my), to provide mobile phone prepaid
airtime reloads via the banking channels. This is a similar
agreement to our existing partnerships with the majority of banks
in Malaysia,
MobilityOne Malaysia has also signed an agreement with Felda
Trading Sdn Bhd ("Felda Trading") (http://www.felda.net.my) to
provide, initially, mobile phone prepaid airtime reloads and
subsequently to expand the relationship to include international
remittance services at Felda Trading's retail chain stores
throughout Malaysia which number more than 200. Approximately 100
of the stores have been installed with the Group's EDC terminals
thus far. Felda Holdings Bhd (http://www.feldaholdings.com), based
in Malaysia is one of the world's largest plantation operators and
employs approximately 50,000 people, the majority of whom are
migrant workers. Felda Trading operates the retail chain stores at
most of its oil palm estates and migrant workers have been
identified by MobilityOne as a key demographic of potential users
of the Group's international remittance services, as well as the
prepaid airtime reloads.
Besides the two new agreements mentioned above, we continue to
expand our existing businesses and explore new business
opportunities with more business partners that will contribute
positively to the Group's future earnings.
Financial performance
In the six months ended 30 June 2011, the Group recorded revenue
of GBP14.4 million, representing an increase of 47.6% compared to
GBP9.8 million in the corresponding period in 2010 and a loss after
tax of GBP0.06 million (H1 2010: loss after tax of GBP0.2 million),
representing a reduction of 70.0%.
The increase in revenue was mainly due to the higher sales for
our existing mobile phone prepaid airtime reload business through
our banking channels (i.e, mobile banking, ATM and Internet
banking) as well as EDC terminals.
Current trading and outlook
The Group will continue to focus on the successful growth of its
existing businesses with the appropriate investment in R&D to
support that goal. The Directors view the outlook with confidence
and expect the Group to continue achieving revenue growth in the
second half of the year despite the current softening economic
climate.
Dato' Dr. Wan Azmi bin Ariffin
Chairman
29 September 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2011
Financial
Six months Six months year
ended ended ended
30 June 30 June
2011 2010 31 Dec 2010
Unaudited Unaudited Audited
CONTINUING OPERATIONS GBP GBP GBP
Revenue 14,423,911 9,770,158 23,291,599
Cost of sales (13,340,963) (9,317,662) (21,353,213)
------------- ------------ -------------
GROSS PROFIT 1,082,948 452,496 1,938,386
Other operating income 118,629 89,589 179,433
Administration expenses (692,014) (515,217) (1,807,137)
Other operating expenses (501,394) (191,592) (433,118)
------------- ------------ -------------
OPERATING LOSS 8,169 (164,724) (122,436)
Finance costs (69,297) (39,256) (83,643)
------------- ------------ -------------
LOSS BEFORE TAX (61,128) (203,980) (206,079)
Tax - - (9,039)
------------- ------------ -------------
LOSS FOR THE PERIOD (61,128,) (203,980) (215,118)
============= ============ =============
Attributable to:
Equity holders of the Company (53,762) (203,730) (215,653)
Minority interest (7,366) (250) (535)
(61,128) (203,980) (215,118)
EARNINGS PER SHARE
Basic earnings per share
(pence) (0.07) (0.22) (0.23)
Diluted earnings per share
(pence) (0.07) (0.22) (0.23)
LOSS FOR THE PERIOD (61,128) (203,980) (215,118)
OTHER COMPREHENSIVE INCOME
Foreign currency translation (229,274) 295,503 433,103
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (290,402) 91,523 217,985
Attributable to:
Owners of the parent (302,509) 91,773 217,450
Minority interest 12,107 (250) 535
(290,402) 91,523 217,985
============= ============ =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2011
At At At
30 June 30 June
2011 2010 31 Dec 2010
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Intangible assets 2,107,701 1,861,414 2,232,506
Property, plant and equipment 920,653 1,042,279 1,012,644
3,028,354 2,903,693 3,245,150
------------ ------------ ------------
Current assets
Inventories 1,440,440 819,476 1,349,058
Trade receivables 1,840,542 337,606 858,161
Other receivables 207,561 88,121 399,967
Short term investment 1,768 - 1,778
Tax recoverable - 8,332 3,428
Cash and cash equivalents 933,749 460,169 732,436
------------ ------------ ------------
4,424,060 1,713,704 3,344,828
------------ ------------ ------------
Liabilities
Current liabilities
Trade payables 1,756,804 142,449 699,421
Other payables 421,738 283,413 320,858
Amount due to Directors 123,004 29,047 238,698
Borrowings -secured 2,269,918 1,053,805 2,070,533
------------ ------------ ------------
4,571,464 1,508,714 3,329,510
------------
Net current assets (147,404) 204,990 15,318
------------
Total assets less current
liabilities 2,880,950 3,108,683 3,260,468
------------
Non-current liabilities
Borrowings - secured - 75,073 100,223
Net assets 2,880,950 3,033,610 3,160,245
------------ ------------ ------------
Shareholders' equity
Equity attributable to equity
holders of the Company
Called up share capital 2,339,374 2,339,374 2,339,374
Share premium 782,234 782,234 782,234
Reverse acquisition reserve 708,951 708,951 708,951
Foreign currency translation
reserve 755,970 847,644 985,244
Accumulated losses (1,716,217) (1,643,416) (1,655,089)
------------ ------------ ------------
Shareholders' equity 2,870,312 3,034,787 3,160,714
Minority interest 10,638 (1,177) (469)
------------ ------------ ------------
Total Equity 2,880,950 3,033,610 3,160,245
------------ ------------ ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2011
Non-Distributable Distributable
Foreign
Reverse currency
Share Share acquisition translation Accumulated Minority
Capital premium reserve reserve Losses Total interest Total
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1
January
2011 2,339,374 782,234 708,951 985,244 (1,655,089) 3,160,714 (469) 3,160,245
Foreign
currency
translation - - - (229,274) - (229,274) - (229,274)
Loss for the
period - - - - (61,128) (61,128) 11,107 (50,021)
---------- -------- ------------ ------------ ------------ ---------- --------- ----------
As at 30
June 2011 2,339,374 782,234 708,951 755,970 (1,716,217) 2,870,312 10,638 2,880,950
========== ======== ============ ============ ============ ========== ========= ==========
As at 1
January
2010 2,339,374 782,234 708,951 552,141 (1,439,436) 2,943,264 (927) 2,942,337
Foreign
currency
translation - - - 295,503 - 295,503 - 295,503
Loss for the
period - - - - (203,980) (203,980) (250) (204,230)
---------- -------- ------------ ------------ ------------ ---------- --------- ----------
As at 30
June 2010 2,339,374 782,234 708,951 847,644 (1,643,416) 3,034,787 (1,177) 3,033,610
========== ======== ============ ============ ============ ========== ========= ==========
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of the respective shares net
of share issue expenses.
The reverse acquisition reserve relates to the adjustment
required by accounting for the reverse acquisition in accordance
with IFRS 3.
The Company's assets and liabilities stated in the Statement of
Financial Position were translated into Pound Sterling (GBP) using
the closing rate as at the Statement of Financial Position date and
the income statements were translated into GBP using the average
rate for that period. All resulting exchange differences are taken
to the foreign currency translation reserve within equity.
Accumulated losses represent the cumulative losses of the Group
attributable to equity shareholders.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2011
Financial
Six months Six months year
Ended ended ended
30 June 2011 30 June 2010 31 Dec 2010
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating
activities
Cash generated from/(depleted
in) operations 240,507 259,860 (281,553)
Interest paid (69,941) (39,256) (83,643)
Interest received - 1,542 10,956
Tax paid 7,434 - (1,635)
------------ ------------ -----------
Net cash generated from/(used
in) operating activities 178,000 222,146 (355,875)
------------ ------------ -----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (10,288) - (40,078)
Purchase short term investment - - (1,713)
Proceeds from disposal of
property, plant and
equipment 3,185 372,600 454,005
Additions to development costs - - (285,009)
------------ ------------ -----------
Net cash generated from/(used
in) investing activities (7,103) 372,600 127,205
------------ ------------ -----------
Cash flows from financing
activities
Drawdown of short term
borrowings 335,208 123,938 864,705
Repayment of term loan (100,223) (186,440) (184,393)
Repayment from finance lease
payables - - (12,297)
Net cash (used in)/generated
from financing activities 234,985 (62,502) 668,015
------------ ------------ -----------
Increase in cash and cash
equivalents 405,882 532,244 439,345
Effect of foreign exchange rate
changes (204,569) (472,379) (107,213)
Cash and cash equivalents at
beginning of period/year 732,436 400,304 400,304
Cash and cash equivalents at
end of period/year 933,749 460,169 732,436
============ ============ ===========
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
The Group's interim financial statements for the six months
ended 30 June 2011 were authorised for issue by the Board
of Directors on 29 September 2011.
The interim financial statements are unaudited and have been
prepared in accordance with International Financial Reporting
Standards (IFRSs and IFRIC interpretations) issued by the
International Accounting Standards Board (IASB), as adopted
by the European Union, and with those parts of the Companies
(Jersey) Law 1991 applicable to companies preparing their
financial statements under IFRS. It has been prepared in
accordance with IAS 34 "Interim Financial Reporting" and
does not include all of the information required for full
annual financial statements. The financial statements have
been prepared under the historical cost convention.
Full details of the accounting policies adopted, which are
consistent with those disclosed in the Company's 2010 Annual
Report, will be included in the audited financial statements
for the year ending 31 December 2011.
2. Basis of consolidation
The consolidated statement of comprehensive income and statement
of financial position include financial statements of the
Company and its subsidiaries made up to 30 June 2011.
3. Nature of financial information
The financial information contained in these interim financial
statements for the six months ended 30 June 2011 and 30 June
2010 are unaudited. The comparative figures for the year
ended 31 December 2010 do not constitute statutory financial
statements of the Group. Full audited financial statements
of the Group in respect of that financial year prepared in
accordance with IFRS, which we received an unqualified audit
opinion have been delivered to the Registrar of Companies.
4. Functional and presentation currency
(i) Functional and presentation currency
Items included in the financial statements of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates (the functional
currency). The functional currency of the Group is Ringgit
Malaysia (RM). The consolidated financial statements are
presented in Pound Sterling (GBP), which is the Company's
presentational currency as this is the currency used in the
country in which the entity is listed.
Assets and liabilities are translated into Pound Sterling
(GBP) at foreign exchange rates ruling at the Statement of
Financial Position date. Results and cash flows are translated
into Pound Sterling (GBP) using average rates of exchange
for the period.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional
currency using exchange rates prevailing at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation
at year/period-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised
in the statement of comprehensive income.
The financial information set out below has been translated
at the following rates:
Exchange rate (RM: GBP)
At Statement Average for
of Financial year/
Position date period
Period ended 30
June 2011 4.86 4.91
Period ended 30
June 2010 4.91 5.20
Year ended 31
December 2010 4.78 4.96
5. Segmental reporting
The Group's activities are treated as a single class of business,
all arising from goods and services provided in the Far East.
Accordingly, no segmental analysis of revenues, profits,
assets and liabilities is available for presentation.
6. Taxation
Taxation on the income statement for the financial period
comprises current and deferred tax. Current tax is the expected
amount of taxes payable in respect of the taxable profit
for the financial period and is measured using the tax rates
that have been enacted at the Statement of Financial Position
date.
Deferred tax is recognised on the liability method for all
temporary differences between the carrying amount of an asset
or liability in the Statement of Financial Position and its
tax base at the Statement of Financial Position date. Deferred
tax liabilities are recognised for all taxable temporary
differences and deferred tax assets are recognised for all
deductible temporary differences, unused tax losses and unused
tax credits to the extent that it is probable that future
taxable profit will be available against which the deductible
temporary differences, unused tax losses and unused tax credits
can be utilised. Deferred tax is not recognised if the temporary
difference arises from goodwill or negative goodwill or from
the initial recognition of an asset or liability in a transaction
which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable
profit.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on the tax
rates that have been enacted or substantively enacted by
the Statement of Financial Position date. The carrying amount
of a deferred tax asset is reviewed at each Statement of
Financial Position date and is reduced to the extent that
it becomes probable that sufficient future taxable profit
will be available.
Deferred tax is recognised in the income statement, except
when it arises from a transaction which is recognised directly
in equity, in which case the deferred tax is also charged
or credited directly in equity, or when it arises from a
business combination that is an acquisition, in which case
the deferred tax is included in the resulting goodwill or
negative goodwill.
7. Earnings per share
The basic earnings per share is calculated by dividing the
loss in the six month period ended 30 June 2011 of GBP61,128
(30 June 2010: loss of GBP203,908 and year ended 31 December
2010: loss of GBP215,118) attributable to ordinary shareholders
by the number of ordinary shares outstanding at 30 June 2011,
at 30 June 2010 and for the financial year ended 31 December
2010 of 93,574,951.
The diluted earnings per share is calculated using the weighted
average number of shares adjusted to assume the conversion
of all dilutive potential ordinary shares. For the period/year
ended 30 June 2011, 30 June 2010 and 31 December 2010, the
diluted earnings per share is equivalent to the basic earnings
per share as the exercise price of the share options is above
the current market price.
8. Contingent liabilities
In the period under review, corporate guarantees of RM16.9
million (GBP3.5 million) were given to a licensed bank by a
subsidiary company, MobilityOne Malaysia, for credit
facilities granted to a third party.
9. Significant accounting policies
The interim consolidated financial statements have been prepared
applying the same accounting policies that were applied in
the preparation of the Company's published consolidated financial
statements for the year ended 31 December 2010 except for
the adoption of new and amended reporting standards, which
are effective for periods commencing on or after 1 January
2011. Various amendments to standards and interpretations
of standards are effective for periods commencing on or after
1 January 2011 as detailed in the 2010 Annual Report, none
of which have any impact on reported results.
Amortisation of intangible assets
Software is amortised over its estimated useful life. Management
estimated the useful life of this asset to be within 10 years.
Changes in the expected level of usage and technological
development could impact the economic useful life therefore
future amortisation could be revised.
The Group determines whether goodwill is impaired at least
on an annual basis. This requires an estimation of the value-in-use
of the cash generating units ("CGU") to which goodwill is
allocated. Estimating a value-in-use amount requires management
to make an estimation of the expected future cash flows from
the CGU and also to choose a suitable discount rate in order
to calculate the present value of those cash flows.
The research and development costs are amortised on a straight-line
basis over the life span of the developed assets. Management
estimated the useful life of these assets to be within 5
years. Changes in the technological developments could impact
the economic useful life and the residual values of these
assets, therefore future amortisation charges could be revised.
Impairment of goodwill on consolidation
The Group's cash flow projections include estimates of sales.
However, if the projected sales do not materialise there
is a risk that the value of goodwill would be impaired.
The Directors have carried out a detailed impairment review
in respect of goodwill. The Group assesses at each reporting
date whether there is an indication that an asset may be
impaired, by considering the net present value of discounted
cash flows forecasts which have been discounted at 8.5%.
The cash flow projections are based on the assumption that
the Group can realise projected sales. A prudent approach
has been applied with no residual value being factored. At
the period end, based on these assumptions there was no indication
of impairment of the value of goodwill or of development
costs.
However, if the projected sales do not materialise there
is a risk that the value of the intangible assets shown above
would be impaired.
Research and development costs
All research costs are recognised in the income statement
as incurred.
Expenditure incurred on projects to develop new products
is capitalised and deferred only when the Group can demonstrate
the technical feasibility of completing the intangible asset
so that it will be available for use or sale, its intention
to complete and its ability to use or sell the asset, how
the asset will generate future economic benefits, the availability
of resources to complete the project and the ability to measure
reliably the expenditure during the development. Product
development expenditures which do not meet these criteria
are expensed when incurred.
Development costs, considered to have finite useful lives,
are stated at cost less any impairment losses and are amortised
through other operating expenses in the income statement
using the straight-line basis over the commercial lives of
the underlying products not exceeding 5 years. Impairment
is assessed whenever there is an indication of impairment
and the amortisation period and method are also reviewed
at least at each Statement of Financial Position date.
10. Dividends
The Company has not proposed or declared an interim dividend.
11. Interim report
This interim financial statement will be, in accordance with
Rule 26 of the AIM Rules for Companies, available shortly
on the Company's website at www.mobilityone.com.my.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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