TIDMMBO
RNS Number : 1176I
MobilityOne Limited
28 June 2013
28 June 2013
MobilityOne Limited
("MobilityOne", "Company" or the "Group")
Audited results for the year ended 31st December 2012
MobilityOne (AIM: MBO), an e-commerce infrastructure payment
solutions and platform provider in Malaysia, Indonesia, Cambodia
and the Philippines via its subsidiaries MobilityOne Sdn Bhd
("MobilityOne Malaysia"), Netoss Sdn Bhd, PT MobilityOne Indonesia
and MobilityOne Philippines Inc. announces its full year results
for the year ended 31st December 2012.
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 26 July 2013 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.
Highlights
-- Revenue increased by 35.8% to GBP43.3 million (2011: GBP31.9 million)
-- Loss after tax of GBP0.27 million (2011: profit after tax GBP0.01 million)
-- New subsidiary in the Philippines focusing on electronic
payment services is expected to contribute revenue in the second
half of 2013
-- The Company is exploring other business areas to diversify its revenue stream
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 2012
Introduction
The Directors are pleased to present the audited consolidated
financial statements for MobilityOne Limited for the year ended 31
December 2012.
In 2012, even though the Group reported a 35.8% growth in
revenue, it recorded a loss, mainly due to higher administration
expenses from its existing operations in Malaysia, Indonesia and
Cambodia as well as the costs of setting up a new 95%-owned
subsidiary in the Philippines, namely MobilityOne Philippines
Inc.
Like previous years, most revenue was generated from the Group's
existing mobile phone prepaid airtime reload business via its
banking channels (such as mobile banking, internet banking and
ATMs) and its electronic data capture terminal base throughout
Malaysia. The Group's international remittance services in Malaysia
did not grow in 2012 at the expected rate and the number of outlets
remains at 6.
The businesses in Cambodia and Indonesia did not provide a
significant contribution to the Group's overall revenue in 2012.
Nevertheless, to continue to expand the Group's overseas
operations, the Group has incorporated a new subsidiary in the
Philippines. This subsidiary will focus on electronic payment
services and it has initiated several tests and pilots with several
financial institutions and telecommunications companies in the
Philippines.
Results
For the financial year ended 31 December 2012, the revenue of
the Group grew by 35.8% (2011 revenue: GBP31.9 million). This
increase was mainly generated by the Group's existing mobile phone
prepaid airtime reload business. However, the Group recorded a net
loss of GBP0.27 million (2011 profit after tax: GBP0.01 million).
This loss was due to higher administration expenses from its
existing mobile phone prepaid airtime reload business and
international remittance business in Malaysia, the expenses
incurred in Cambodia and Indonesia, and of the set up costs of a
newly incorporated subsidiary in the Philippines which has yet to
generate any revenue.
As at 31 December 2012, the Group had cash and cash equivalents
of GBP1.13 million (31 December 2012: cash and cash equivalents of
GBP1.15 million). As at 31 December 212, the secured loans and
borrowings were GBP2.33 million (31 December 2011: GBP3.01
million). During the year, the Company raised GBP105,000 from a
subscription from Datuk Yahaya bin Mat Ghani, an existing
shareholder, the proceeds of which were used for working capital
purposes. In addition, Dato' Hussian A. Rahman (CEO) and LMS, a
company in which Dato' Hussian A. Rahman (CEO) is a director and
major shareholder, agreed to convert outstanding loans and director
fees totalling approximately GBP340,000 into new equity which has
assisted in reducing the Group's borrowings.
Current trading and outlook
For 2013, the Directors expect the Group to deliver an improved
performance from its existing areas of expertise, notably the
Directors expect:
(i) the mobile phone prepaid airtime reloads business to continue to grow;
(ii) the international remittance business to contribute a
higher revenue through the opening of new outlets, which is subject
to the central bank of Malaysia's approval; and
(iii) a maiden contribution from the Philippines market via
MobilityOne Philippines Inc.
Notwithstanding that the Group has invested in research and
development to develop and grow the existing businesses, the Group
has not been able to deliver significant levels of profitability
over the last few years. As such, the Group is also currently
exploring other business areas to diversify the revenue stream and
to reduce the Group's dependency on its existing businesses.
.............................................
Dato' Dr. Wan Azmi bin Ariffin
Chairman
Consolidated Income Statement
For the year ended 31 December 2012
2012 2011
GBP GBP
Continuing Operations
Revenue 43,261,999 31,860,274
Cost of sales (40,499,071) (29,464,977)
------------- ---------------
GROSS PROFIT 2,762,928 2,395,297
Other operating income 95,840 142,262
Administration expenses (2,471,778) (1,856,629)
Other operating expenses (493,302) (501,279)
------------- ---------------
OPERATING (LOSS)/PROFIT (106,312) 179,651
Finance costs (162,693) (150,849)
------------- ---------------
(LOSS)/PROFIT BEFORE TAX (269,005) 28,802
Tax (1,784) (27,584)
------------- ---------------
(LOSS)/PROFIT FOR THE YEAR (270,789) 1,218
============= ===============
Attributable to:
Owners of the parent (259,650) (1,341)
Non-controlling interests (11,139) 2,559
------------- ---------------
(270,789) 1,218
============= ===============
EARNINGS PER SHARE
Basic earnings per share (pence) (0.267) (0.001)
Diluted earnings per share (pence) (0.267) (0.001)
------------- ---------------
(LOSS)/PROFIT FOR THE YEAR (270,789) 1,218
OTHER COMPREHENSIVE LOSS:
Foreign currency translation (78,248) (76,536)
-------------- -----------
TOTAL COMPREHENSIVE LOSS (349,037) (75,318)
============== ===========
Total comprehensive loss attributable
to:
Owners of the parent (337,898) (77,877)
Non-controlling interests (11,139) 2,559
-------------- -----------
(349,037) (75,318)
============== ===========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2012
Non-Distributable Distributable
-------------------------------------- --------------
Reverse Foreign Non-
Currency controlling
Interests
Share Share Acquisition Translation Retained Total Total
Capital Premium Reserve Reserve Earnings Equity
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)/profit 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)
At 31 December
2011 2,339,374 782,234 708,951 908,708 (1,656,430) 3,082,837 2,567 3,085,404
========== ======== ============ ============ ============== ========== ============== ==============
Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2012
Non-Distributable Distributable
--------------------------------------- --------------
Reverse Foreign Non-
Currency controlling
Interests
Share Share Acquisition Translation Retained Total Total
Capital Premium Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1 January
2012 2,339,374 782,234 708,951 908,708 (1,656,430) 3,082,837 2,567 3,085,404
---------- --------- ------------ ------------ -------------- ----------- -------------- ----------------
Comprehensive
loss
Loss for the year - - - - (259,650) (259,650) (11,139) (270,789)
Foreign currency
translation - - - (78,248) - (78,248) (187) (78,435)
---------- --------- ------------ ------------ -------------- ----------- -------------- ----------------
Total
comprehensive
loss for the
year - - - (78,248) (259,650) (337,898) (11,326) (349,224)
---------- --------- ------------ ------------ -------------- ----------- -------------- ----------------
Transactions with
owners
Issuance of
shares 318,096 127,238 - - - 445,334 - 445,334
Acquisition of
subsidiary
company - - - - - - 6,402 6,402
---------- --------- ------------ ------------ -------------- ----------- -------------- ----------------
Total
transactions
with owners for
the
year 318,096 127,238 - - - 445,334 6,402 451,736
At 31 December
2012 2,657,470 909,472 708,951 830,460 (1,916,080) 3,190,273 (2,357) 3,187,916
========== ========= ============ ============ ============== =========== ============== ================
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 2012
2012 2011
GBP GBP
ASSETS
Non-current assets
Intangible assets 2,196,305 2,641,303
Property, plant and equipment 682,808 860,429
2,879,113 3,501,732
------------ ----------
Current assets
Inventories 879,280 1,021,579
Trade and other receivables 1,267,355 1,641,352
Cash and cash equivalents 1,130,315 1,154,665
Tax recoverable 13,401 11,125
3,290,351 3,828,721
----------
LIABILITIES
Current liabilities
Trade and other payables 495,265 910,518
Amount due to Directors 69,731 217,097
Loans and borrowings - secured 2,328,266 3,009,043
Tax payable 23,903 26,517
------------
2,917,165 4,163,175
----------
NET CURRENT ASSETS/(LIABILITIES) 373,186 (334,454)
------------ ----------
Total assets less current liabilities 3,252,299 3,167,278
Non-current liability
Loans and borrowings - secured 64,383 81,874
NET ASSETS 3,187,916 3,085,404
============ ==========
SHAREHOLDERS' EQUITY
Equity attributable to owners
of the parent:
Called up share capital 2,657,470 2,339,374
Share premium 909,472 782,234
Reverse acquisition reserve 708,951 708,951
Foreign currency translation reserve 830,460 908,708
Retained earnings (1,916,080) (1,656,430)
Shareholders' equity 3,190,273 3,082,837
Non-controlling interests (2,357) 2,567
------------ --------------
TOTAL EQUITY 3,187,916 3,085,404
============ ==============
Consolidated Statement of Cash Flows
For the year ended 31 December 2012
2012 2011
GBP GBP
Cash flow from operating activities
Cash generated from/(depleted in) operations 763,963 (28,695)
Interest paid (162,693) (150,849)
Interest received 26,574 18,816
Tax paid (4,276) (8,947)
--------- ---------
Net cash generated from/(used in) operating
activities 623,568 (169,675)
--------- ---------
Cash flow from investing activities
Purchase of property, plant and equipment (13,554) (56,716)
Proceeds from disposal of short term
investments - 1,733
Proceeds from disposal of property,
plant and equipment - 5,382
Additions to development costs - (351,997)
--------- ---------
Net cash used in investing activities (13,554) (401,598)
--------- ---------
Cash flows from financing activities
(Repayment)/drawdown of short term
borrowings (292,559) 372,703
Repayment of finance lease payables (15,821) (14,948)
Proceeds from issuance of shares 105,000 -
--------- ---------
Net cash (used in)/generated from financing
activities (203,380) 357,755
--------- ---------
Increase/(decrease) in cash and cash
equivalents 406,634 (213,518)
Effect of foreign exchange rate changes (65,610) 24,373
Cash and cash equivalents at beginning
of year 543,291 732,436
--------- ---------
Cash and cash equivalents at end of
year 884,315 543,291
========= =========
Notes to the Financial Statements
For the year ended 31 December 2012
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 currency translation
(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 Average
of Financial for year
Position
date
Year ended 31 December 2012 4.94 4.91
Year ended 31 December 2011 4.90 4.91
4. Segmental Analysis
The information reported to the Group's chief operating decision
maker to make decisions about resources to be allocated and for
assessing their performance is based on the nature of the products
and services, and has three reportable operating segments as
follows:-
(a) Telecommnication services and electronic commence solutions
(b) Hardware
(c) Remittance services
Except as above, no other operating segment has been aggregated
to form the above reportable operating segments.
Segment information is prepared in conformity with the
accounting policies adopted for preparing and presenting the
consolidated financial statements.
No segment assets and capital expenditure are presented as they
are mostly unallocated items which comprise corporate assets and
liabilities.
No geographical segment information is presented as the Group
mainly trades and provides services in only one region - the Far
East.
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 GBP259,650 (2011: loss of GBP1,341) attributable to ordinary
shareholders by the weighted average number of ordinary shares
outstanding during the year, which is 97,130,651 (2011:
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
2012, 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.
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
2012 2011
GBP GBP
Limit of guarantees
Corporate guarantees given to a licensed
bank by the Company for credit facilities
granted to a subsidiary company 4,148,118 4,186,920
=========== ============
Amount utilised
Banker's guarantee in favour of third parties 373,482 356,552
=========== ============
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.
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 NKFDBFBKKNAB
Mobilityone (LSE:MBO)
過去 株価チャート
から 6 2024 まで 7 2024
Mobilityone (LSE:MBO)
過去 株価チャート
から 7 2023 まで 7 2024
