Deferred tax expense on unrealised profits (504) -
Change in tax rate - 79
Foreign deferred tax 568 (59)
Foreign deferred tax in respect of prior year (49) 229
Total deferred tax expense/(benefit) 97 380
-------- --------
Income tax expense/(benefit) 418 270
-------- --------
7. Earnings per share
Group
As at 31 March 2012 As at 31 March 2011
Number Per share Number Per share
Earnings of shares amount Earnings of shares amount
US$'000 '000 US cents US$'000 '000 US cents
--------- ----------- ----------
Profit attributable
to shareholders 1,773 2,158
--------- ----------- ---------- --------- ----------- ----------
Basic EPS
Earnings attributable
to ordinary shareholders 1,773 15,151 11.70 2,158 15,035 14.35
Effect of dilutive
securities
Options - 1,739 - - 1,631 -
----------
Diluted EPS adjusted
earnings 1,773 16,890 10.50 2,158 16,666 12.95
--------- ----------- ---------- --------- ----------- ----------
8. Trade and other receivables
Group
2012 2011
US$'000 US$'000
-------- --------
Trade receivables 9,595 12,080
Less: provision for impairment
of trade receivables (34) (1,308)
9,561 10,772
Other receivables 727 775
Less: provision for impairment
of other receivables (94) (370)
-------- --------
633 405
Prepayments 1,675 785
11,869 11,962
-------- --------
In the year ended March 2011, the Company provided for US$370,000 (within other receivables) of payments made to the Company's previous US based accounting & tax consultants for payment to the US tax authorities. These payments were not forwarded and Endace is seeking full recovery from the previous tax consultant. An agreement for the repayment of these funds is in place and US$276,000 was received in the year ended March 2012. The agreement which is secured by liens over a number of US assets will see the debt fully paid by December 2012. The Directors still consider a full provision of the outstanding amount is appropriate at this stage.
As at 31 March 2012, trade receivables of $34,062 (2011: $1,592,669) were impaired and provided for. The amount of the provision was $34,062 (2011: $1,307,762). The individually impaired receivables relate to customers which are in financial difficulties. The ageing of these receivables is as follows:
Group
2012 2011
US$'000 US$'000
-------- --------
Up to 6 months - -
6 to 12 months - 107
Over 12 months 34 1,485
34 1,592
-------- --------
In the year ended 31 March 2010 a provision of $1,200,000 was made against a receivable of $2,755,633 from a reseller and systems integrator supplying the US Government. The customer had failed to meet an agreed upon payment plan and a provision for doubtful debts was made.
Throughout the past financial year the balance that was outstanding of $1,657,733 was reduced by issuing credit notes totaling $603,444 for marketing contributions and inventory returned. A further $265,000 was expensed as a bad debt and the remainder settled by way of cash payments. The net impact on the income statement was an increase to profit of US$757,000.
The amount outstanding at year-end of $24,632 (2011 $1,657,733) relates to new sales.
The movement on the Group's provision for impairment of trade and other receivables is as follows:
Trade Other Total
2012 2011 2012 2011 2012 2011
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
-------- -------- -------- -------- -------- --------
At 1 April 1,308 1,356 370 - 1,678 1,356
Recognised/(released) (1,274) (48) (276) 370 (1,550) 322
At 31 March 34 1,308 94 370 128 1,678
-------- -------- -------- -------- -------- --------
9. Property, plant and equipment
Group
Furniture,
Laboratory fittings
and test Computer and office Leasehold
equipment hardware equipment improvements Total
US$'000 US$'000 US$'000 US$'000 US$'000
----------- ---------- ------------ -------------- --------
Cost
At 1 April 2010 4,574 2,359 835 819 8,587
Additions 1,251 842 78 47 2,218
Disposals (4) (13) (45) (31) (93)
Transfer (1) (7) - - (8)
At 31 March 2011 5,820 3,181 868 835 10,704
Additions 2,318 900 221 104 3,543
Disposals - - - - -
Transfers (4) (47) (1) - (52)
At 31 March 2012 8,134 4,034 1,088 939 14,195
----------- ---------- ------------ -------------- --------
Accumulated depreciation
At 1 April 2010 2,056 1,363 281 198 3,898
Charge for the
year 947 677 114 102 1,840
Disposals (2) (13) (22) (31) (68)
Transfers - (4) - - (4)
At 31 March 2011 3,001 2,023 373 269 5,666
Charge for the
year 1,408 782 131 119 2,440
Disposals - - - - -
Transfers - (16) - - (16)
At 31 March 2012 4,409 2,789 504 388 8,090
----------- ---------- ------------ -------------- --------
Impairment
As at March 2011 - - - - -
Impairment charges 2 - 23 - 25
Disposals (2) - (23) - (25)
At 31 March 2012 - - - - -
----------- ---------- ------------ -------------- --------
Net book amount
At 31 March 2012 3,725 1,245 584 551 6,105
----------- ---------- ------------ -------------- --------
At 31 March 2011 2,819 1,158 495 566 5,038
----------- ---------- ------------ -------------- --------
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