TIDMMBO
RNS Number : 5091G
MobilityOne Limited
29 June 2012
29 June 2012
MobilityOne Limited
("MobilityOne", "Company" or the "Group")
Audited results for the year ended 31st December 2011 and change
of registered office address
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 announces its full year
results for the year ended 31st December 2011.
A copy of the annual report and audited financial statements,
along with notice of the Company's annual general meeting, to be
held at 9.00 a.m. Malaysia time on 23 July 2012 at Malaysian
Petroleum Club, Level 42, Tower 2, Petronas Twin Towers, Kuala
Lumpur City Centre, 50088 Kuala Lumpur, Malaysia, has been posted
to shareholders and is available on the Company's website,
www.mobilityone.com.my.
The Company also announces that its registered office address
has changed to 28-30 The Parade, St Helier, Jersey JE1 1EQ, Channel
Islands.
Highlights
-- Revenue increased by 36.8% to GBP31.8m (2010: GBP23.3m)
-- Revenue driven by:
o fast growing mobile phone pre-paid airtime reload business via
banking channels
o electronic data capture terminal base
-- Return to profits after 3 years of losses
o Operating profits of GBP179,651 (2010: Loss GBP122,436)
o Pre-tax profit of GBP28,802 (2010: Loss GBP206,079)
-- Entered agreement with Felda Trading to provide mobile phone
prepaid airtime reloads at Felda's 200 plus retail chain within its
oil palm estates in Malaysia
-- International remittance services made progress but awaits
central bank approval to increase approved outlets
-- Directors anticipate improved results in 2012
Dato' Dr. Wan Azmi bin Ariffin, Chairman, commented: "2011 was a
good year for the Group. Revenue grew by 36% and we once again
became profitable. The business in Malaysia is producing strong
revenue and growing at a healthy rate. We are also increasing
regional expansion into the Indonesian and Cambodian markets and
preparing to expand into the Philippines. With our strong R & D
programme continuing, the Directors are looking to the future with
confidence."
For further information, please contact:
MobilityOne Limited +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
Newgate Threadneedle +44 20 7653 9850
Robyn McConnachie/Alex White
Chairman's Statement
For the year ended 31 December 2011
Introduction
2011 was an encouraging year, with the Group achieving a 36.8%
growth in revenue and a small profit after tax, compared to losses
in the 3 previous years.
Most revenue was contributed by two of the Group's offerings.
Firstly its fast growing mobile phone prepaid airtime reload
business, via the banking channels (such as mobile banking,
Internet banking and ATMs). Secondly its electronic data capture
("EDC") terminal base, which includes those at Carrefour Malaysia's
23 hypermarkets and 20 express stores throughout the country.
During the year, MobilityOne Malaysia entered into an agreement
with Felda Trading Sdn Bhd ("Felda Trading")
(http://www.felda.net.my) to provide mobile phone prepaid airtime
reloads at Felda Trading's 200 plus retail chain stores throughout
Malaysia. 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. It operates retail chain stores at most of its oil
palm estates. Migrant workers have been identified by MobilityOne
as a key demographic of potential users of its prepaid airtime
reloads.
The Group's international remittance services also grew but less
rapidly as it is awaiting approval from the central bank of
Malaysia to allow it to increase the number of approved outlets
from its current 6. However, the Directors remain confident that
this business area will contribute positively to the Group's
financial performance in the long term, with the opening of more
outlets and distribution channels.
Cambodia and Indonesia were not aggressively targeted for
expansion as the Group was focusing its time and investments on
expanding its business operations in Malaysia. However, it will
continue to look out for further opportunities to forge business
partnerships in these countries in the near future.
Results
For the financial year ended 31 December 2011, the Group
recorded a revenue of GBP31.9 million, representing an increase of
36.8% (2010 revenue: GBP23.3 million). With the strong revenue
growth, the Group made a profit after tax of GBP1k compared to a
loss after tax of GBP0.2 million for 2010. The increase in revenue
was mainly due to higher sales for the Group's existing mobile
phone's prepaid airtime reload business through its banking
channels (i.e., mobile banking, ATM and Internet banking) and EDC
terminals.
Current trading and outlook
The Directors expect an improved performance in 2012, the main
contribution coming from the growing business in Malaysia and new
regional expansion plans, with the following highlights:
(i) Continued revenue growth from prepaid airtime reloads for
mobile phones and bill payment services via the Group's banking
channels and EDC terminals, either organically or through strategic
partnerships;
(i) A higher contribution from the Company's international
remittance services, through the opening of new channels and
continued development with the Group's existing partners such as
Felda; and
(ii) Increased regional expansion, particularly from PT
MobilityOne Indonesia and the Cambodian market, with a higher
expected contribution to revenues from these areas. In addition,
the Group has started preliminary preparation to expand into the
Philippines market.
The Group maintains its strong investment in research and
development, allowing it to continue to innovate. Notwithstanding
the difficult economic conditions, the Group is now in profit and
views the future with optimism.
.............................................
Dato' Dr. Wan Azmi bin Ariffin
Chairman
Date: 28 June 2012
Consolidated Income Statement
For the year ended 31 December 2011
2011 2010
GBP GBP
Continuing Operations
Revenue 31,860,274 23,291,599
Cost of sales (29,464,977) (21,353,213)
------------- ---------------
GROSS PROFIT 2,395,297 1,938,386
Other operating income 142,262 179,433
Administration expenses (1,856,629) (1,807,137)
Other operating expenses (501,279) (433,118)
------------- ---------------
OPERATING PROFIT/(LOSS) 179,651 (122,436)
Finance costs (150,849) (83,643)
------------- ---------------
PROFIT/(LOSS) BEFORE TAX 28,802 (206,079)
Tax (27,584) (9,039)
------------- ---------------
PROFIT/(LOSS) AFTER TAX 1,218 (215,118)
============= ===============
Attributable to:
Owners of the parent (1,341) (215,653)
Non-controlling interest 2,559 535
------------- ---------------
1,218 (215,118)
EARNING PER SHARE
Basic earnings per share (pence) 0.001 (0.23)
Diluted earnings per share (pence) 0.001 (0.23)
PROFIT/(LOSS) AFTER TAX 1,218 (215,118)
OTHER COMPREHENSIVE (LOSS)/INCOME:
Foreign currency translation (76,536) 433,103
-------------- -----------
TOTAL COMPREHENSIVE (LOSS)/INCOME (75,318) 217,985
============== ===========
Total comprehensive (loss)/income attributable
to: (77,877) 217,450
Owners of the parent 2,559 535
-------------- -----------
Non-controlling interest
(75,318) 217,985
============== ===========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2011
Non-Distributable Distributable
---------------------------------- -------------
Foreign
Reverse currency Non-controlling
Share Share acquisition translation Retained interest
capital premium reserve reserve earnings Total Total
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1
January 2010 2,339,374 782,234 708,951 552,141 (1,439,436) 2,943,264 (927) 2,942,337
Comprehensive
(loss)/income
Loss for the
year - - - - (215,653) (215,653) 535 (215,118)
Foreign
currency
translation - - - 433,103 - 433,103 (77) 433,026
Total
comprehensive
income/(loss)
for
the year - - - 433,103 (215,653) 217,450 458 217,908
---------- ------- ----------- ------------ ------------- ---------- --------------- ----------
As at 31
December
2010 2,339,374 782,234 708,951 985,244 (1,655,089) 3,160,714 (469) 3,160,245
========== ======= =========== ============ ============= ========== =============== ==========
Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2011
Non-Distributable Distributable
---------------------------------- -------------
Foreign
Reverse currency
Share Share acquisition translation Retained Non-controlling
capital premium reserve reserve earnings 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
Comprehensive
(loss)/income
Loss for the
year - - - - (1,341) (1,341) 2,559 1,218
Foreign
currency
translation - - - (76,536) - (76,536) 477 (76,059)
---------- ------- ----------- ------------ ------------- ---------- --------------- ----------
Total
comprehensive
(loss)/income
for the
year - - - (76,536) (1,341) (77,877) 3,036 (74,841)
---------- ------- ----------- ------------ ------------- ---------- --------------- ----------
As at 31
December 2011 2,339,374 782,234 708,951 908,708 (1,656,430) 3,082,837 2,567 3,085,404
========== ======= =========== ============ ============= ========== =============== ==========
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.
Retained earnings represent the cumulative earnings of the Group
attributable to equity shareholders.
Consolidated Statement of Financial Position
As at 31 December 2011
2011 2010
GBP GBP
ASSETS
Non-current assets
Intangible assets 2,641,303 2,232,506
Property, plant and equipment 860,429 1,012,644
3,501,732 3,245,150
------------ ------------
Current assets
Inventories 1,021,579 1,349,058
Trade and other receivables 1,641,352 1,258,128
Short term investment - 1,778
Cash and cash equivalents 1,154,665 732,436
Tax recoverable 11,125 3,428
3,828,721 3,344,828
------------
LIABILITIES
Current liabilities
Trade and other payables 910,518 1,020,279
Amount due to Directors 217,097 238,698
Loans and borrowings - secured 3,009,043 2,070,533
Tax payable 26,517 -
------------
4,163,175 3,329,510
------------
NET CURRENT (LIABILITIES)/ASSETS (334,454) 15,318
------------ ------------
Total assets less current liabilities 3,167,278 3,260,468
Non-current liability
Loans and borrowings - secured 81,874 100,223
NET ASSETS 3,085,404 3,160,245
============ ============
SHAREHOLDERS' EQUITY
Equity attributable to equity holders
of the Company:
Called up share capital 2,339,374 2,339,374
Share premium 782,234 782,234
Reverse acquisition reserve 708,951 708,951
Foreign currency translation reserve 908,708 985,244
Retained earnings (1,656,430) (1,655,089)
Shareholders' equity 3,082,837 3,160,714
Non-controlling interest 2,567 (469)
------------ ------------
TOTAL EQUITY 3,085,404 3,160,245
============ ============
Consolidated Statement of Cash Flows
For the year ended 31 December 2011
2011 2010
GBP GBP
Cash flow from operating activities
Cash depleted in operations (28,695) (281,553)
Interest paid (150,849) (83,643)
Interest received 18,816 10,956
Tax paid (8,947) (1,635)
Net cash used in operating activities (169,675) (355,875)
--------- ---------
Cash flows from investing activities
Purchase of property, plant and equipment (56,716) (40,078)
Purchase of short term investment - (1,713)
Proceeds from disposal of short term investments 1,733 -
Proceeds from disposal of property, plant
and equipment 5,382 454,005
Additions to development costs (351,997) (285,009)
--------- ---------
Net cash (used in)/generated from investing
activities (401,598) 127,205
--------- ---------
Cash flows from financing activities
Drawdown of short term borrowings 372,703 864,705
Repayment of term loans - (184,393)
Repayment of finance lease payables (14,948) (12,297)
Net cash generated from financing activities 357,755 668,015
--------- ---------
(Decrease)/increase in cash and cash equivalents (213,518) 439,345
Effect of foreign exchange rate changes 24,373 (107,213)
Cash and cash equivalents at beginning
of year 732,436 400,304
--------- ---------
Cash and cash equivalents at end of year 543,291 732,436
=========
Notes to the Financial Statements
For the year ended 31 December 2011
1. Basis of preparation
These financial statements 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. The financial
statements have been prepared under the historical cost
convention.
2. Going Concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position,
are set out in Chairman's statement on page 2. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the financial statements and
associated notes. In addition, Note 3 to the financial statements
includes the Group's objectives, policies and processes for
managing its capital; its financial risk management objectives;
details of its financial instruments and hedging activities; and
its exposures to credit risk and liquidity risk.
In order to assess the going concern of the Group, the Directors
have prepared cashflow forecasts for companies within the Group.
These cashflow forecasts show the Group expects an increase in
revenue and will have sufficient headroom over available banking
facilities. The Group has obtained banking facilities sufficient to
facilitate the growth forecast in future periods. No matters have
been drawn to the Directors' attention to suggest that future
renewals may not be forthcoming on acceptable terms.
In addition, a shareholder has also undertaken to provide
support to enable the group to meet its debts as and when they fall
due.
After making enquiries, the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the
financial statements.
The financial statement does not include any adjustments that
would result if the forecast were not achieved and shareholder
support was withdrawn.
3. 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-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income
statement.
The financial information set out below has been translated at
the following rates:
Exchange rate (RM:
GBP)
At Statement
of Financial Average
Position for year
date
Year ended 31 December 2011 4.90 4.91
Year ended 31 December 2010 4.78 4.96
4. Segmental Analysis
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.
5. 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.
6. Earnings per share
The basic earnings per share is calculated by dividing the loss
of GBP1,341 (2010: loss of GBP215,653) attributable to ordinary
shareholders by the weighted average number of ordinary shares
outstanding during the year, which is 93,574,951 (2010:
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 year ended 31 December
2011, the diluted earnings per share is equivalent to the basic
earnings per share.
7. Contingent liabilities
Save as disclosed below, the Group has no contingent liabilities
arising in respect of legal claims arising from the ordinary course
of business and it is not anticipated that any material liabilities
will arise from the contingent liabilities other than those
provided for.
Group
2011 2010
GBP GBP
Limit of guarantees
Corporate guarantees given to licensed banks
by a subsidiary company for credit facilities 4,186,920 21,645,022
=========== ============
Amount utilised
Banker's guarantee in favour of third parties 356,552 373,455
=========== ============
8. Significant accounting policies
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 five 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.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BKCDQDBKDPAB
Mobilityone (LSE:MBO)
過去 株価チャート
から 9 2024 まで 10 2024
Mobilityone (LSE:MBO)
過去 株価チャート
から 10 2023 まで 10 2024
