TIDMMBO
RNS Number : 9825K
MobilityOne Limited
30 June 2014
30 June 2014
MobilityOne Limited
("MobilityOne", "Company" or the "Group")
Audited results for the year ended 31st December 2013
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider with its main operations in
Malaysia announces its full year results for the year ended 31st
December 2013.
Copies of the audited financial statements are being posted to
shareholders today and will be available shortly on the Company's
website, www.mobilityone.com.my.
Highlights
-- Revenue increased by 18% to GBP51.06 million (2012: GBP43.16
million) mainly generated by the Goup's existing mobile phone
prepaid airtime reload business
-- Loss after tax of GBP2.02 million (2012: profit after tax
GBP0.27 million) mainly due to write down in value of certain
assets such as impairment of goodwill and intangibles
-- The Company expects an improve trading performance in 2014
and is currently exploring other business areas to diversify the
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/Michael
McNeilly
Newgate Threadneedle +44 20 7653 9850
Robyn McConnachie/Alex White
Chairman's Statement
For the year ended 31 December 2013
Introduction
The Directors are pleased to present the audited consolidated
financial statements for MobilityOne Limited for the year ended 31
December 2013.
In 2013, the Group reported an 18% growth in revenue, which was
mainly contributed by the mobile phone prepaid airtime reload
business via the Group's banking channels (such as mobile banking,
internet banking and ATMs) and electronic data capture terminal
base in Malaysia. However, the Group recorded a higher loss after
tax in 2013 mainly as a result of the prudent approach that has
been taken by the Board to write down the value of certain assets
as well as losses incurred in the Group's overseas operations in
Cambodia, Indonesia and the Philippines.
In view of the continued losses from the operations in Cambodia
and Indonesia, with minimal revenue contribution and no visible
improvement in financial performance in the near future, the
Company discontinued these operations in March 2014 in order to
mitigate further losses in the future from these operations and to
generate cost savings for the Group.
The Group will continue to grow its existing operations in
Malaysia, including the international remittance services in which
the Group currently has 6 outlets and several temporary kiosk
outlets at chain stores of Felda Trading Sdn Bhd ("Felda") to serve
the Felda group of companies' (the "Felda Group") migrant workers.
The Felda Group is one of the world's largest palm oil plantation
operators. The Group has acquired an 100% interest in One Tranzact
Sdn Bhd ("One Tranzact") for 2 Malaysia Ringgit (approximately
GBP0.35), which is incorporated in Malaysia and has been granted
the Multimedia Super Corridor status from Multimedia Development
Corporation Sdn Bhd in Malaysia. One Tranzact intends to apply for
the pioneer status in the next few months which exempts 100% of the
statutory business income from taxation for a period of up to 10
years.
The Group's wholly-owned subsidiary in the Philippines has
started to generate small revenues in the year ended 31 December
2013 through the provision of an e-payment solution that allows a
licensed betting company to collect bets using the Group's mobile
payment terminals. The Group will continue to explore business
opportunities in the Philippines with the business focus being on
electronic payment services.
Results
For the financial year ended 31 December 2013, the revenue of
the Group grew by 18% to reach GBP51.06 million (2012 revenue:
GBP43.16 million). The increase in revenue was mainly generated by
the Group's existing mobile phone prepaid airtime reload business.
However, the Group recorded a net loss of GBP2.02 million (2012
loss after tax: GBP0.27 million) mainly due to write down the value
of certain assets such as impairment of goodwill and intangibles as
well as amortisation and depreciation which totalled approximately
GBP1.95 million.
As at 31 December 2013, the Group had cash and cash equivalents
of GBP1.32 million (31 December 2012: cash and cash equivalents of
GBP1.13 million). As at 31 December 2013, the secured loans and
borrowings were GBP1.98 million (31 December 2012: GBP2.39
million).
Current trading and outlook
The Directors expect an improved trading performance in 2014 for
the Group through increased revenue from the prepaid airtime reload
business. The Group is also currently exploring other business
areas to diversify the revenue stream.
.............................................
Abu Bakar bin Mohd Taib
Chairman
Consolidated Income Statement
For the year ended 31 December 2013
2013 2012
GBP GBP
Continuing Operations
Revenue 51,058,036 43,161,953
Cost of sales (47,869,527) (40,322,239)
------------- -------------
GROSS PROFIT 3,188,509 2,839,714
Other operating income 90,133 87,610
Administration expenses (3,007,700) (2,376,856)
Other operating expenses (1,854,584) (438,112)
------------- -------------
OPERATING LOSS (1,583,642) 112,356
Finance costs (160,237) (162,693)
------------- -------------
LOSS BEFORE TAX (1,743,879) (50,337)
Discontinued operation, net
of tax (266,648) (218,668)
Tax (8,035) (1,784)
------------- -------------
LOSS FOR THE YEAR (2,018,562) (270,789)
============= =============
Attributable to:
Owners of the parent (1,998,956) (259,650)
Non-controlling interests (19,606) (11,139)
------------- -------------
(2,018,562) (270,789)
============= =============
EARNINGS PER SHARE
Basic earnings per share
(pence) (1.881) (0.267)
Diluted earnings per share
(pence) (1.881) (0.267)
------------- -------------
OTHER COMPREHENSIVE LOSS:
Foreign currency translation 39,382 (78,435)
------------- -------------
TOTAL COMPREHENSIVE LOSS (1,979,180) (349,224)
============= =============
Total comprehensive loss
attributable to:
Owners of the parent (1,961,398) (337,898)
Non-controlling interests (17,782) (11,326)
------------- -------------
(1,979,180) (349,224)
============= =============
Consolidated Statement of Changes in Equity
For the year ended 31 December 2013
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
========== ========= ============ ============ ============== =========== ============== ================
Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2013
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
2013 2,657,470 909,472 708,951 830,460 (1,916,080) 3,190,273 (2,357) 3,187,916
---------- -------- ------------ ------------ -------------- ------------- -------------- ------------------
Comprehensive
loss
Loss for the year - - - - (1,998,956) (1,998,956) (19,606) (2,018,562)
Foreign currency
translation - - - 37,558 - 37,558 1,824 39,382
---------- -------- ------------ ------------ -------------- ------------- -------------- ------------------
Total
comprehensive
loss for the
year - - - 37,558 (1,998,956) (1,961,398) (17,782) (1,979,180)
At 31 December
2013 2,657,470 909,472 708,951 868,018 (3,915,036) 1,228,875 (20,139) 1,208,736
========== ======== ============ ============ ============== ============= ============== ==================
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.
Non-controlling interests represent the share of ownership of
subsidiary companies outside the Group.
Consolidated Statement of Financial Position
As at 31 December 2013
2013 2012
GBP GBP
ASSETS
Non-current assets
Intangible assets 720,045 2,196,305
Property, plant and equipment 529,979 682,808
1,250,024 2,879,113
------------ ----------
Current assets
Inventories 749,363 879,280
Trade and other receivables 1,095,151 1,267,355
Cash and cash equivalents 1,319,993 1,130,315
Tax recoverable 10,228 13,401
3,174,735 3,290,351
Assets of disposal group classified 285,866 -
as held for sale
------------ ----------
TOTAL ASSETS 4,710,625 6,169,464
============ ==========
SHAREHOLDERS' EQUITY
Equity attributable to owners
of the parent:
Called up share capital 2,657,470 2,657,470
Share premium 909,472 909,472
Reverse acquisition reserve 708,951 708,951
Foreign currency translation reserve 868,018 830,460
Retained earnings (3,915,036) (1,916,080)
Shareholders' equity 1,228,875 3,190,273
Non-controlling interests (20,139) (2,357)
------------ --------------
TOTAL EQUITY 1,208,736 3,187,916
------------ --------------
LIABILITIES
Non-current liability
Loans and borrowings - secured 213,697 64,383
Current liabilities
Trade and other payables 1,354,207 495,265
Amount due to Directors 98,096 69,731
Loans and borrowings - secured 1,764,168 2,328,266
Tax payable - 23,903
----------
3,216,471 2,917,165
----------
Liabilities directly associated
with disposal group
classified as held for sale 71,721 -
----------
Total liabilities 3,288,192 2,981,548
----------
TOTAL EQUITY AND LIABILITIES 4,710,625 6,169,464
========== ==========
Consolidated Statement of Cash Flows
For the year ended 31 December 2013
2013 2012
GBP GBP
Cash flow from operating activities
Cash generated from operations 1,256,264 763,963
Interest paid (160,236) (162,693)
Interest received 35,601 26,574
Tax paid (7,807) (4,276)
Tax refund 2,102 -
--------- ---------
Net cash generated from operating
activities 1,125,924 623,568
--------- ---------
Cash flow from investing activity
Purchase of property, plant and equipment,
represent
Net cash used in investing activity (92,768) (13,554)
Cash flows from financing activities
Repayment of short term borrowings (451,263) (292,559)
Repayment of finance lease payables (104,011) (15,821)
Proceeds from issuance of shares - 105,000
--------- ---------
Net cash used in financing activities (555,274) (203,380)
--------- ---------
Increase in cash and cash equivalents 477,882 406,634
Effect of foreign exchange rate changes (123,206) (65,610)
Cash and cash equivalents at beginning
of year 884,315 543,291
--------- ---------
Cash and cash equivalents at end
of year 1,238,991 884,315
========= =========
Notes to the Financial Statements
For the year ended 31 December 2013
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 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, the controlling 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 2013 5.32 4.93
Year ended 31 December 2012 4.94 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 GBP1,998,956 (2012: loss of GBP259,650) attributable to ordinary
shareholders by the weighted average number of ordinary shares
outstanding during the year, which is 106,298,780 (2012:
97,130,651).
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
2013, the diluted earnings per share is equivalent to the basic
earnings per share as there is no share option outstanding.
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
2013 2012
GBP GBP
Limit of guarantees
Corporate guarantees given to a licensed
bank by the Company for credit facilities
granted to a subsidiary company 4,377,560 4,148,118
=========== ===========
Amount utilised
Banker's guarantee in favour of third parties 890,595 373,482
=========== ===========
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 cash flows forecasts. 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
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