TIDMNETD
RNS Number : 5815Z
NetDimensions (Holdings) Limited
21 September 2015
21 September 2015
NetDimensions (Holdings) Limited
("NetDimensions" or the "Company" or the "Group")
Half Yearly Report
NetDimensions (AIM: NETD; OTCQX: NETDY), a global provider of
performance, knowledge, and learning management systems, is pleased
to announce its half year results for the period ending 30 June
2015.
Financial Highlights
-- 16% revenue growth to US$10.6m (2014 H1: US$9.1m)
-- 31% increase in recurring revenue from our global hosted
secure Software as a Service ("SaaS") service to US$5.1m (2014 H1:
US$3.9m)
-- First year average contract size increased 125% to US$209k
Operations Highlights
-- Number of active users were 3.9m at the end of the period
(2014 H1: 3.7m), excluding 1m not for profit users
-- Invoiced sales to clients in high-consequence industries
represented 92% (2014 H1: 83%) of total invoiced sales for the
period
-- 18 new clients added in the period through direct and
reseller channels with a combined contracted value of US$3.1m.
These new clients operate in a number of high consequence
industries including healthcare, financial services,
transportation, energy, and manufacturing
Graham Higgins, Chairman of NetDimensions, commented: "The
Company made good progress during the period in terms of total
revenue growth generally and recurring SaaS revenue in particular
while the Company continues to execute on its strategy of focusing
on high consequence industries.
The Company continues to build on the progress made in the first
half of the year and, being second half weighted, we expect a
stronger performance over the remainder of the current financial
year."
Enquiries:
NetDimensions (Holdings) Limited Tel: +852 2122 4500
Jay Shaw
Matthew Chaloner
Panmure Gordon (UK) Limited (Nomad Tel: +44 20 7886 2500
& Broker)
Fred Walsh
Peter Steel
Walbrook PR Ltd (Financial Public Tel: +44 20 7933 8792
Relations)
Paul Cornelius / Sam Allen / Nick netdimensions@walbrookpr.com
Rome
About NetDimensions
Established in 1999, NetDimensions (AIM: NETD; OTCQX: NETDY) is
a global provider of performance, knowledge and learning management
solutions.
NetDimensions provides companies, government agencies and other
organizations with talent management solutions to personalize
learning, share knowledge, enhance performance, foster
collaboration and manage compliance programs for employees,
customers, partners and suppliers.
Recognized as one of the talent management industry's top-rated
technology suppliers, NetDimensions has been chosen by leading
organizations worldwide including ING, Cathay Pacific, Chicago
Police Department, Geely Automotive, Fugro Group and Fresenius
Medical Care.
NetDimensions is ISO 9001 certified and NetDimensions hosted
services are ISO 27001 certified.
For more information, visit www.NetDimensions.com or follow
@netdimensions on Twitter.
Chairman's Statement for the six months ended 30 June 2015
The Company has made good progress in the six months to 30 June
2015 and I am pleased to report that revenue for the period was
US$10.6m, an increase of 16% (2014 H1: US$9.1m).
Financial Summary
The financial results for the period ending 30 June 2015 saw
good progress, with both revenue and invoiced sales higher than the
prior period. Total revenue increased by 16% to US$10.6m (2014 H1:
US$9.1m) and invoiced sales by 8% to US$9.8m (2014 H1: US$9.1m),
which was in line with management's expectations.
Our increased focus on direct sales in high consequence
industries has led us into bigger deals with the average first year
deal size for new direct clients increasing to US$209K in the
period (2014 H1: US$93K). Invoiced sales to clients in high
consequence industries represented 92% of total invoiced sales
(2014 H1: 83%), which is in line with our strategy of becoming a
leading provider of Talent Management Systems and related
compliance solutions to high consequence industries.
The Group generated good growth in the North America market with
revenues up 19% to US$5.0M (2014 H1: US$4.2M) on the back of a
number of new client wins in high consequence industries, in
particular the Healthcare sector.
The North America region was therefore the largest market for
the Group during the period, comprising 48% of Group revenues.
Europe, Middle East & Africa ("EMEA") accounted for 39% of
Group revenues and Asia Pacific including China 8%. The rest of the
world made up 5%.
The Group continues to focus on supplying software via its
global hosted secure SaaS service and we are pleased to report that
revenues from this product offering increased by 31% to US$5.1m
(2014 H1: US$3.9m).
The Group's adjusted loss before tax, excluding net foreign
exchange losses (US$0.2m), intangible asset amortisation (US$0.3m)
and non-cash share-based payments (US$0.1m), was US$1.9m (2014 H1:
loss of US$2.0m). NetDimensions' loss before tax was US$2.5m (2014
H1: loss of US$2.4m).
Cash used in operating activities was US$1.3m in the period
(2014 H1: US$0.9m) resulting in a cash balance at the end of the
period of US$3.5m (2014 H1: US$7.1m) and an accounts receivable
balance of US$3.5m (2014 H1: US$4.3m).
Operations Review
I am pleased to report that we have made the following progress
in the period against our stated business plan:
-- Number of active users were 3.9m at the end of the period
(2014 H1: 3.7m), excluding 1m not for profit users
-- Invoiced sales to clients in high-consequence industries
represented 92% (2014 H1: 83%) of total invoiced sales for the
period
-- 18 new clients added in the period through direct and
reseller channels with a combined contracted value of US$3.1M.
These new clients operate in a number of high consequence
industries including healthcare, financial services,
transportation, energy, and manufacturing
Summary and outlook
The Company made good progress during the period in terms of
total revenue growth generally and recurring SaaS revenue in
particular while the Company continues to execute on its strategy
of focusing on high consequence industries.
The Company continues to build on the progress made in the first
half of the year and, being second half weighted, we expect a
stronger performance over the remainder of the current financial
year."
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Note Unaudited
Six months ended 30
June _
2015 2014
US$ US$
Revenue 5 10,592,318 9,142,028
Cost of sales 6 (2,021,335) (1,487,451)
------------------ ------------------
Gross profit 8,570,983 7,654,577
Other (losses)/gains, net (201,663) 75,392
Selling expenses 6 (6,244,011) (5,899,414)
Operating expenses 6 (4,613,752) (4,296,428)
------------------ ------------------
Operating loss (2,488,443) (2,465,873)
Finance income 498 26,825
Finance cost (834) (670)
------------------ ------------------
Finance (costs)/income, net 7 (336) 26,155
----------------- ------------------
Loss before income tax (2,488,779) (2,439,718)
Income tax expense (3,540) -
------------------ ------------------
Loss for the period (2,492,319) (2,439,718)
Attributable to:
Equity holders of the Company (2,492,319) (2,439,718)
Loss per share attributable to the
equity
holders of the Company during the
period
(expressed in US$ cents per share)
- Basic 8 (6.4) (6.4)
- Diluted 8 (6.4) (6.4)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Unaudited
Six months ended 30
June
2015 2014
US$ US$
Loss for the period (2,492,319) (2,439,718)
Other comprehensive income/(loss):
Currency translation differences 48,137 (34,018)
---------------- ----------------
Other comprehensive income/(loss) for the
period 48,137 (34,018)
--------------- ----------------
Total comprehensive loss for the period (2,444,182) (2,473,736)
Total comprehensive loss attributable to
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Equity holders of the Company (2,444,182) (2,473,736)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Unaudited Unaudited Audited
31 December
Note 30 June 2015 30 June 2014 2014
US$ US$ US$
ASSETS
Non-current assets
Property, plant and equipment 9 302,581 261,763 270,171
Intangible assets 10 2,820,022 3,307,130 3,058,596
Deposits 29,498 153,291 29,758
------------------ ------------------ ------------------
3,152,101 3,722,184 3,358,525
----------------- ----------------- -----------------
Current assets
Accounts and other receivables,
prepayments and deposits 4,118,584 4,956,043 8,196,741
Tax recoverable 1,460 - -
Cash and bank balances 11 3,536,248 7,074,445 4,907,118
------------------ ------------------ ------------------
7,656,292 12,030,488 13,103,859
----------------- ----------------- -----------------
Total assets 10,808,393 15,752,672 16,462,384
EQUITY
Equity attributable to equity
holders of the Company
Share capital 12 39,089 38,640 38,763
Reserves 18,623,045 18,085,859 18,772,059
Accumulated losses (17,493,183) (12,305,114) (15,006,278)
------------------ ------------------ ------------------
Total equity 1,168,951 5,819,385 3,804,544
----------------- ----------------- -----------------
LIABILITIES
Non-current liabilities
Obligations under finance
leases 1,172 2,907 2,913
Deferred revenue 209,260 119,593 179,333
------------------ ------------------ ------------------
210,432 122,500 182,246
----------------- ----------------- -----------------
Current liabilities
Accounts and other payables 1,483,216 1,944,938 3,961,572
Deferred revenue 7,487,637 7,473,239 8,422,518
Dividend payable 373,518 388,499 -
Obligations under finance
leases 2,357 4,111 2,357
Income tax payable 82,282 - 89,147
------------------ ------------------ ------------------
9,429,010 9,810,787 12,475,594
------------------ ------------------ ------------------
Total liabilities 9,639,442 9,933,287 12,657,840
------------------ ------------------ -----------------
Total equity and liabilities 10,808,393 15,752,672 16,462,384
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Attributable to equity holders of the Company
Share-based
Capital payment
Share Share redemption Translation compensation Accumulated
capital premium reserve reserve reserve losses Total
US$ US$ US$ US$ US$ US$ US$
At 1 January
2014 37,917 17,577,150 850 31,278 443,041 (9,865,396) 8,224,840
Loss for the
period - - - - - (2,439,718) (2,439,718)
Other
comprehensive
loss
for the
period:
Currency
translation
differences - - - (34,018) - - (34,018)
---------------- ---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Total
comprehensive
loss
for the
period - - - (34,018) - (2,439,718) (2,473,736)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Employee share
potion
benefits - - - - 170,804 - 170,804
Issue of
shares to
non-executive
directors 50 48,579 - - - - 48,629
Issue of
shares upon
exercise of
share
options 673 374,090 - - (137,416) - 237,347
Final dividend
2013 - (388,499) - - - - (388,499)
---------------- ---------------- ---------------- ---------------- ---------------- ------------------ ----------------
At 30 June
2014
(unaudited) 38,640 17,611,320 850 (2,740) 476,429 (12,305,114) 5,819,385
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Attributable to equity holders of the Company
Share-based
Capital payment
Share Share redemption Translation compensation Accumulated
capital premium reserve reserve reserve losses Total
US$ US$ US$ US$ US$ US$ US$
At 1 January
2015 38,763 17,702,373 850 216,288 852,548 (15,006,278) 3,804,544
Loss for the
period - - - - - (2,492,319) (2,492,319)
Other
comprehensive
income
for the
period:
Currency
translation
differences - - - 48,137 - - 48,137
---------------- ---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Total
comprehensive
income/(loss)
for the
period - - - 48,137 - (2,492,319) (2,444,182)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Employee share
potion
benefits - - - - 21,124 - 21,124
Issue of
shares to
non-executive
directors 52 65,596 - - - - 65,648
Issue of
shares upon
exercise of
share
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options 274 151,285 - - (56,224) - 95,335
Transfer to
accumulated
losses upon
forfeiture
of share
options (5,414) 5,414 -
Final dividend
2014 - (373,518) - - - - (373,518)
---------------- ---------------- ---------------- ---------------- ---------------- ------------------ ----------------
At 30 June
2015
(unaudited) 39,089 17,545,736 850 264,425 812,034 (17,493,183) 1,168,951
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Note Unaudited
Six months ended 30
June
2015 2014
US$ US$
Cash flows from operating activities
Cash used in operations 14(a) (1,244,684) (801,456)
Interest paid (834) (670)
Income tax paid (13,984) (52,325)
---------------- ----------------
Net cash used in operating activities (1,259,502) (854,451)
---------------- ----------------
Cash flows from investing activities
Purchase of property, plant and
equipment (142,041) (31,922)
Purchase of intangible assets (12,121) (32,322)
Interest received 498 26,825
Sales proceeds from disposal of
property, plant and equipment 14(b) - 206
Decrease in bank deposits with
original maturity of over three
months 40,047 3,535,936
---------------- ----------------
Net cash (used in)/generated from
investing activities (113,617) 3,498,723
--------------- ---------------
Cash flows from financing activities
Proceeds from issuance of shares
under share option scheme 95,335 237,347
Repayments of capital element of
finance leases (1,741) (1,745)
---------------- ----------------
Net cash generated from financing
activities 93,594 235,602
---------------- ----------------
Net (decrease)/increase in cash
and cash equivalents (1,279,525) 2,879,874
Cash and cash equivalents at beginning
of the period 4,867,071 4,120,179
Effect of foreign exchange rate
changes (51,298) 2,719
---------------- ----------------
Cash and cash equivalents at end
of the period 11 3,536,248 7,002,772
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
1 GENERAL INFORMATION
NetDimensions (Holdings) Limited (the "Company") was
incorporated in the Cayman Islands as a limited liability company
under the Companies Law (2000) Revision on 10 July 2000. The
address of its registered office is P.O. Box 309, Ugland House,
South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies. The address of its head office and principal
place of business in Hong Kong is 17/F., Siu On Centre, 188
Lockhart Road, Wan Chai, Hong Kong.
The principal activities of the Company and its subsidiaries
(together the "Group") are licensing of computer software and the
provision of related services.
The Company's ordinary shares were admitted to trading on the
Alternative Investment Market ("AIM") operated by the London Stock
Exchange. On 7 August 2012, the Company's ordinary shares were also
admitted to trading on the OTCQX platform operated by OTC Markets
Group, Inc.
This condensed consolidated interim financial information is
presented in United States Dollars ("US$"), unless otherwise
stated.
This condensed consolidated interim financial information for
the six months ended 30 June 2014 and 2015 have not been
audited.
2 SUMMARY OF SIGIFICANT ACCOUNTING POLICIES
(a) Basic of preparation
The Company has a financial year end date of 31 December. This
condensed consolidated interim financial information for the six
months ended 30 June 2015 has been prepared in accordance with
International Accounting Standard ("IAS") 34, "Interim Financial
Reporting". The condensed consolidated interim financial
information should be read in conjunction with the annual financial
statements for the year ended 31 December 2014, which have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") issued by the International Accounting Standards
Boards ("IASB").
(b) Significant accounting policies
Except as described below, the accounting policies applied are
consistent with those of the annual financial statements for the
year ended 31 December 2014, as described in those annual financial
statements.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
(i) Effect of adopting new and amendments to standards and interpretations
During the year, the Group has adopted all of the new standards,
amendments to standards and interpretations issued by IASB that are
relevant to the Group's operations and mandatory for annual periods
beginning on or after 1 January 2015. The adoption of these new
standards, amendments to standards and interpretations did not
result in a significant impact on the results and financial
position of the Group.
(ii) New standards, amendments to standards and interpretations
that have been issued but are not yet effective:
Effective for
the accounting
period beginning
on or after
IFRS 11 (Amendment) Joint Arrangements' 1 January 2016
on Acquisition of
an Interest in a Joint
Operation
IAS 16 and IAS 41 Agriculture: Bearer 1 January 2016
(Amendment) Plants
IAS 16 and IAS 38 Clarification of Acceptable 1 January 2016
(Amendment) Methods of Depreciation
and Amortisation
IFRS 14 Regulatory Deferral 1 January 2016
accounts
IAS 27 Amendment Equity Method in Separate 1 January 2016
Financial Statements
IFRS 10 and IAS 28 Sale or Contribution 1 January 2016
Amendment of Assets between
an Investor and its
Associate or Joint
Venture
Annual Improvements Annual Improvements 1 January 2016
Project 2014 2012-2014 Cycle
IFRS 15 Revenue from Contracts 1 January 2017
with Customers
IFRS 9 Financial Instruments 1 January 2018
The Group will adopt the above new standards, amendments to
standards and interpretations to existing standards as and when
they become effective. The Group has already commenced the
assessment of the impact to the Group and is not yet in a position
to state whether these would have a significant impact on its
results of operations and financial position.
3 ESTIMATES
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing this condensed consolidated interim financial
information, the significant judgments made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were that same as those that applied to the
consolidated financial statements for the year ended 31 December
2014, with the exception of changes in estimate that are required
in determining the provision for income tax.
4 FINANCIAL RISK MANAGEMENT
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The Group's activities expose it to a variety of financial
risks: market risk (including foreign exchange risk and cash flow
interest rate risk), credit risk and liquidity risk.
The condensed consolidated interim financial information does
not include all financial risk management information and
disclosures required in the annual financial statements, and should
be read in conjunction with the Group's annual financial statements
for the year ended 31 December 2014.
There have been no changes in the risk management department
since year end or in any risk management policies since year
end.
5 REVENUE AND SEGMENT INFORMATION
Revenue represents income from software licensing and the
provision of hosting, support and maintenance, software
customisation and implementation services during the period and is
analysed as follows:
Unaudited
Six months ended 30
June
2015 2014
US$ US$
Software licensing 1,211,213 1,108,743
Hosting services 5,126,514 3,937,487
Support and maintenance 890,118 1,399,059
Software customisation and implementation 3,364,473 2,696,739
----------------- ----------------
10,592,318 9,142,028
The chief operating decision-maker ("CODM") has been identified
as the executive directors of the Company. Management has
determined the operating segments based on the reports reviewed by
the CODM that are used to assess performance and allocate
resources. The CODM considers the business from the geographic
perspective, including North America, Europe, Middle East and
Africa ("EMEA"), Asia Pacific and Rest of the World, which are also
the Group's reportable operating segments.
The Group's revenue is mainly derived from customers located in
North America, EMEA, Asia Pacific and Rest of the World, while the
Group's facilities and other assets are located predominantly in
North America, EMEA, Asia Pacific and Rest of the World.
Segment performance is evaluated based on segment results, which
is a measure of adjusted loss before income tax. The adjusted loss
before income tax is measured consistently with the Group's loss
before income tax, except that amortisation of intangible assets -
customer base, unallocated corporate expenses, finance income and
finance costs are not allocated to individual segment.
Segment assets consist primarily of property, plant and
equipment, intangible assets, accounts and other receivables,
prepayments and deposits. Cash and bank balances for corporate use
are excluded from segment assets.
Segmental information for the six months ended 30 June 2015 is
as follows:
North Asia Rest of
America EMEA Pacific the World Total
US$ US$ US$ US$ US$
Revenue from external
customers 5,027,990 4,150,050 865,212 549,066 10,592,318
Segment results (1,033,426) (1,265,246) 126,369 260,780 (1,911,523)
Amortisation of intangible
assets - customer
base (235,996) - - - (235,996)
Unallocated corporate
expenses (340,924)
Finance income 498
Finance costs (834)
----------------
Loss before income
tax (2,488,779)
Income tax expense (3,540)
----------------
Loss for the period (2,492,319)
Segment assets 5,080,464 2,873,820 1,365,021 40,002 9,359,307
Unallocated assets 1,449,086
--------------
10,808,393
Additions to non-current
assets 99,431 1,666 53,065 - 154,162
Depreciation and
amortisation 280,279 8,029 68,507 - 356,815
Segmental information for the six months ended 30 June 2014 is
as follows:
North Asia Rest of
America EMEA Pacific the World Total
US$ US$ US$ US$ US$
Revenue from external
customers 4,235,703 3,538,465 1,063,394 304,466 9,142,028
Segment results (1,032,994) (783,683) (90,193) 135,061 (1,771,809)
Amortisation of intangible
assets - customer
base (236,152) - - - (236,152)
Unallocated corporate
expenses (457,912)
Finance income 26,825
Finance costs (670)
----------------
Loss before income
tax (2,439,718)
Income tax expense -
----------------
Loss for the period (2,439,718)
Segment assets 6,484,938 2,638,032 1,563,779 300,155 10,986,904
Unallocated assets 4,765,768
--------------
15,752,672
Additions to non-current
assets 13,903 6,062 44,279 - 64,244
Depreciation and
amortisation 256,069 8,863 67,946 - 332,878
6 OPERATING LOSS
Operating loss is stated after charging the following:
Unaudited
Six months ended 30
June
2015 2014
US$ US$
Auditor's remuneration 76,775 71,870
Amortisation of intangible assets 250,499 247,234
Depreciation on property, plant and
equipment 106,316 85,644
Employee benefit expenses 8,134,250 7,927,624
Legal and professional expenses 514,812 283,425
Marketing and promotion expenses 680,330 593,718
Operating lease rentals in respect
of leased premises 355,937 296,183
Other operating lease rentals 514,167 395,356
Outsourcing fee 1,047,170 816,174
Resell software rights 41,162 11,993
Travel and entertainment expenses 409,653 574,548
Other expenses 748,027 379,524
---------------- ----------------
Total cost of sales and selling and
operating expenses 12,879,098 11,683,293
Representing:
Cost of sales 2,021,335 1,487,451
Selling expenses 6,244,011 5,899,414
Operating expenses 4,613,752 4,296,428
---------------- ----------------
12,879,098 11,683,293
7 FINANCE (COSTS)/INCOME, NET
Unaudited
Six months ended 30
June
2015 2014
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US$ US$
Finance income:
* Interest income on bank deposits 498 26,825
-------------- --------------
Finance costs:
* Interest element of finance lease (834) (670)
-------------- --------------
(336) 26,155
8 LOSS PER SHARE
Basic
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Unaudited
Six months ended 30
June
2015 2014
Loss attributable to equity holders
of the Company (US$) (2,492,319) (2,439,718)
Weighted average number of ordinary
shares in issue 38,917,530 38,353,566
Basic loss per share (US$ cents per
share) (6.4) (6.4)
Diluted
Diluted loss per share is the same as basic loss per share since
the exercise of the outstanding share options would have an
anti-dilutive effect for the six months ended 30 June 2014 and
2015.
9 PROPERTY, PLANT AND EQUIPMENT
As at 30 June
2015 2014
US$ US$
Net book value at 1 January 270,171 316,342
Additions 142,041 31,922
Disposals (2,193) (843)
Depreciation for the period (106,316) (85,644)
Exchange differences (1,122) (14)
------------------ ------------------
Net book value at 30 June (unaudited) 302,581 261,763
10 INTANGIBLE ASSETS
Customer Computer
Goodwill base software Total
US$ US$ US$ US$
Net book value at
1 January 2015 1,147,553 1,878,918 32,125 3,058,596
Additions - - 12,121 12,121
Disposals - - (202) (202)
Amortisation for
the period - (235,996) (14,503) (250,499)
Exchange differences - 7 (1) 6
---------------- ---------------- -------------- ----------------
Net book value at
30 June 2015 (unaudited) 1,147,553 1,642,929 29,540 2,820,022
Net book value at
1 January 2014 1,147,553 2,351,557 23,243 3,522,353
Additions - - 32,322 32,322
Disposals - - (309) (309)
Amortisation for
the period - (236,152) (11,082) (247,234)
Exchange differences - 250 (252) (2)
---------------- ---------------- -------------- ----------------
Net book value at
30 June 2014 (unaudited) 1,147,553 2,115,655 43,922 3,307,130
11 CASH AND BANK BALANCES
Unaudited
As at 30 June
2015 2014
US$ US$
Cash on hand 5,476 3,783
Cash at bank 3,490,718 6,998,989
Bank deposit with original maturity
of three months or less 40,054 -
---------------- ----------------
Cash and cash equivalents 3,536,248 7,002,772
-------------- --------------
Bank deposits with original maturity
of over three months - 71,673
------------- -------------
Total cash and bank balances 3,536,248 7,074,445
12 SHARE CAPITAL
Unaudited
As at 30 June
2015 2014
No. of No. of
shares US$ shares US$
Authorised:
Ordinary shares at
US$0.001 each 100,000,000 100,000 100,000,000 100,000
Issued and fully paid:
Ordinary shares 39,088,826 39,089 38,640,326 38,640
Movements in ordinary
shares
At 1 January 38,762,826 38,763 37,917,326 37,917
Issue of shares to
non-executive directors
(note 13b) 52,500 52 50,000 50
Issue of shares upon
exercise of share
options (note a) 273,500 274 673,000 673
-------------------- -------------- -------------------- --------------
At 30 June 39,088,826 39,089 38,640,326 38,640
Note:
(a) During the period ended 30 June 2015, an aggregate of
273,500 share options (30 June 2014: 673,000) were exercised with
proceeds of US$ 95,335 (30 June 2014: US$237,347). The weighted
average market value per share at the date of exercise for these
share options exercised was GBP80.4 pence (30 June 2014: GBP 72.3
pence).
13 EQUITY SETTLED SHARE-BASED PAYMENTS
(a) Share option scheme
Pursuant to the share option scheme (the "Plan") approved and
adopted on 18 September 2000, the Board of Directors of the Company
may offer eligible employees, directors and sales agents rights to
subscribe for shares of the Company. The Plan shall be valid and
effective for a period of ten years. Pursuant to an ordinary
resolution passed at the annual general meeting of the Company on
10 June 2011, the Plan expired on 17 September 2010 is renewed for
a further period of ten years, and is to expire on 16 September
2020 (the "Renewed Plan"). The maximum aggregate number of ordinary
shares of US$0.001 each which may be issued pursuant to the Renewed
Plan is 10,000,000 ordinary shares according to an ordinary
resolution passed at the annual general meeting of the Company on 9
June 2014. Options are granted at a price equal to the average
market price of the Company's shares on the date of grant. The
vesting period is ranged from one year to five years from the date
of grant. If the options remain unexercised ten years after the
date of grant, the options will expire. Options are forfeited if
the relevant option holder leaves the Group before the options
vest.
The following table discloses the movements of the Company's
share options:
2015 2014
Weighted Weighted
Number of average Number of average
share exercise share exercise
options price options price
US$ US$
As at 1 January 4,276,000 0.876 3,013,000 0.458
Granted 550,000 1.126 2,217,500 1.218
Forfeited (1,467,000) 0.990 (220,500) 0.553
Exercised (273,500) 0.365 (673,000) 0.339
---------------- ----------------
As at 30 June 3,085,500 0.840 4,337,000 0.860
Exercisable as at
30 June 1,066,250 0.558 627,500 0.322
(unaudited)
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