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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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iEnergizer Ld | AQSE:IBPO.GB | Aquis Stock Exchange | Ordinary Share | GG00B54NMG96 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMIBPO
RNS Number : 9133O
iEnergizer Limited
11 November 2016
Interim Statement September 2016
www.ienergizer.com
11 November 2016
iEnergizer Limited
("iEnergizer" , the "Company" or the "Group"))
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2016
iEnergizer, the digital publishing and technology leader, which benefits from the dual disruptive waves of big data and the cloud is pleased to announce its Interim Results for the six months ended 30 September 2016. The present structure of the Group combines a well-established, high growth, business processes solution enterprise with a leading provider of end-to-end digital transformation solutions to the media and publishing industries.
Financial Highlights
-- Revenues of $71.5m (H1 2016: $68.9m) -- Adjusted EBITDA(1) $16.4m (H1 2016(2) : $16.6m) -- Adjusted EBITDA(1) margin at 23% (H1 2016(2) : 24%) -- Operating profit $13.8m (H1 2016: $13.7m) -- Operating profit margin at 19.3% (H1 2016: 19.9%) -- Profit before tax of $10.2m (H1 2016: $9.3m). -- Profit before tax margin at 14.2% (H1 2016: 13.4%) -- Cash and cash equivalents of $11.9m (31 March 2016: $10.2m) -- Term Debt of $81.5m (31 March 2016: $87.6m).(3)
(1) Non-recurring expenses relate to one off cost of US$0.2mn for professional charges.
(2) Non-recurring expenses relate to one off cost of US$0.3mn for professional charges.
(3) The Company is compliant of all applicable financial covenants including on-time payments of loan installments and interest.
Operational Highlights
-- Focus on sustained profitable growth
o Achieved 5% Revenue growth from services ($70.6m in H1 2017 vs $67.3 in H1 2016)
o Maintained Operating profit of $13.8m ($13.7m H1 2016)
-- Real Time Processing ("RTP"): Continued strong revenue growth of more than 20% due to increase in revenue from Travel, Telecom & E-commerce verticals as compared to the previous year and a new business line acquired in Media & Entertainment vertical.
-- Back Office Services ("BOS"): Continued focus on recurring revenue streams and long term customer relationships resulted in strong revenue growth of 18%
-- Content Division: Sustainable long term growth prospects for content services:
o Major wins this year with our existing and new customers, which will facilitate growth in the coming months, for educational publishing and professional publishing divisions
o New contract signed with our largest Financial Publishing customer which is an opportunity for growth in
existing services along with the recommencement of some services provided in the past
o Decline of aggregate revenue in project-driven content services ($36m H1 2017, $38m H1 2016) is attributable to conclusion of one-time projects in digital solutions and enterprises divisions. However, the division continues to enjoy steady work streams from its core customers
-- Focused cost saving initiatives:
o Savings in "Other expenses" by more than 17% ($4.8m in H1 2017 vs $5.8m in H1 2016) through rationalization of overheads e.g. travel, communication and professional expenses
o Running a leaner organization using technology effectively and optimizing utilization of the Company's resources
o Leveraging the Company's US based sales team for generating sales pipeline and cross-selling opportunities to all the business verticals of the Group
Continued focus on recurring revenue streams from business critical processes and long-term customer relationships.
Marc Vassanelli, Chairman of iEnergizer, commented:
"Reflecting the continued focus on recurring revenue streams from business critical processes and long term customer relationships, with both existing and new customers, we see real progress with the performance in the first half of this financial year, demonstrated by the growth in revenue, operating profits and profits before taxes.
"The Company's healthy cash position, together with its cash generative business model, puts us in a strong position to invest in both organic and inorganic growth opportunities in the periods ahead.
"We expect current market trends to continue through the second half of the year with a continuing focus on underlying operating margins. We believe there is significant opportunity for us to continue to expand the business further using this approach."
-Ends-
Enquiries: iEnergizer Ltd. +44 (0)1481 242233 Chris de Putron Mark De La Rue FTI Consulting - Communications +44 (0)20 3727 adviser 1000 Edward Westropp, Jonathon Brill, Eleanor Purdon Arden Partners-Nominated adviser and +44 (0)20 7614 broker 5900 Steve Douglas, Patrick Caulfield
iEnergizer Limited and its subsidiaries
Unaudited Condensed Consolidated Interim Financial Statements
Prepared in accordance with International Financial Reporting Standards (IFRS)
Six months ended 30 September 2016 and 2015
Contents
Unaudited Condensed Consolidated Statements of Financial Position 2 Unaudited Condensed Consolidated Income Statements 4 Unaudited Condensed Consolidated Statements of Other Comprehensive Income 5 Unaudited Condensed Consolidated Statements of Changes in Equity 6 Unaudited Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 10
Unaudited Condensed Consolidated Statements of Financial Position
(All amounts in United States Dollars, unless otherwise stated)
Notes As at As at 30 September 31 March 2016 2016 Unaudited Audited ------ ------------- -------------- ASSETS Non-current Goodwill 5 102,261,757 102,262,760 Other intangible assets 6 18,939,712 20,339,230 Property, plant and equipment 7 5,372,235 5,849,658 Long- term financial asset 632,110 561,136 Non-current tax assets 2,074,428 1,744,277 Deferred tax asset 12,929,952 12,867,349 Non-current assets 142,210,194 143,624,410 ------------------------- -------------------------- Current Trade and other receivables 25,401,292 27,613,023 Cash and cash equivalents 11,867,808 10,166,328 Short- term financial assets 8 4,689,954 4,425,033 Other current assets 3,540,249 2,696,197 Current assets 45,499,303 44,900,581 ------------------------- -------------------------- Total assets 187,709,497 188,524,991 ========================= ========================== EQUITY AND LIABILITIES Equity Share capital 9 3,776,175 3,776,175 Share compensation reserve 63,986 63,986 Additional paid in capital 9 15,451,809 15,451,809 Merger reserve (1,049,386) (1,049,386) Retained earnings 73,540,330 64,802,160 Other components of equity (10,373,525) (9,921,661) Total equity attributable to equity holders of the parent 81,409,389 73,123,083 ------------------------- -------------------------- Notes As at As at 30 September 2016 31 March 2016 Unaudited Audited ------ ------------- -------------- Liabilities Non-current Long term borrowings 67,558,758 73,741,220 Employee benefit obligations 4,514,444 4,464,676 Other non-current liabilities 427,831 465,472 Deferred tax liability 4,254,620 4,139,178 Non-current liabilities 76,755,653 82,810,546 --------------------------- ------------------------- Current Short term borrowings - 642,751 Trade and other payables 7,303,692 9,398,856 Employee benefit obligations 843,705 840,944 Current tax liabilities 629,628 187,190 Current portion of long term borrowings 13,927,710 13,846,942 Other current liabilities 6,839,720 7,674,679 Current liabilities 29,544,455 32,591,362 --------------------------- -------------------------
Total equity and liabilities 187,709,497 188,524,991 =========================== =========================
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Income Statements
(All amounts in United States Dollars, unless otherwise stated)
Notes For the six For the six months months ended ended 30 September 30 September 2016 2015 Unaudited Unaudited ------------------------------- ------- ---------------------------- -------------------------- Income from operations Revenue from services 70,613,189 67,315,112 Other operating income 874,811 1,656,659 71,488,000 68,971,771 ---------------------------- -------------------------- Cost and expenses Outsourced service cost 20,342,349 19,298,174 Employee benefits expense 30,111,166 27,550,087 Depreciation and amortisation 2,446,182 2,560,220 Other expenses 4,814,479 5,831,264 57,714,176 55,239,745 ---------------------------- -------------------------- Operating profit 13,773,824 13,732,026 Finance income 163,978 207,589 Finance cost (3,781,295) (4,654,556) Profit before tax 10,156,507 9,285,059 ---------------------------- -------------------------- Income tax expense 1,418,337 1,492,963 Profit for the year attributable to equity holders of the parent 8,738,170 7,792,096 ============================ ========================== Earnings per share 10 Basic 0.04 0.04 Diluted 0.04 0.04 Par value of each share in GBP 0.01 0.01
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Other Comprehensive Income
(All amounts in United States Dollars, unless otherwise stated)
For the six months For the six months ended ended 30 September 2016 30 September 2016 Unaudited Unaudited ------------------------------------- ------------------------ ------------------- Profit after tax for the year 8,738,170 7,792,096 Exchange differences on translating foreign operations (451,864) (2,370,855) ------------------------ ------------------- Total comprehensive income attributable to equity holders 8,286,306 5,421,241 ------------------------ -------------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Share Additional Share Merger Other components Retained Total capital Paid in compensation reserve of equity earnings equity Capital reserve --------------- ------------- ------------ --------------------------- ----------- ----------- Foreign Net currency defined translation benefit reserve liability --------------- ---------- ------------ ------------- ------------ ------------- ------------ ----------- ----------- Balance as at 01 April 2015 3,195,334 11,009,480 63,986 (1,049,386) (7,863,352) 32,877 47,894,372 53,283,311 Issue of ordinary shares 580,841 4,442,329 - - - - - 5,023,169 Profit for the year - - - - - - 16,907,788 16,907,788 Other comprehensive loss - - - - (2,242,802) 151,616 - 2,091,186) --------------- ---------- ------------ ------------- ------------ ------------- ------------ ----------- ----------- Total comprehensive income for the period - - - - (2,242,802) 151,616 16,907,788 14,816,602 --------------- ---------- ------------ ------------- ------------ ------------- ------------ ----------- ----------- Balance as at 31 March 2016 3,776,175 15,451,809 63,986 (1,049,386) (10,106,154) 184,493 64,802,160 73,123,083
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Share Additional Share Merger Other components Retained Total capital Paid in compensation reserve of equity earnings equity Capital reserve Foreign Net defined currency translation benefit reserve liability Balance as at 01 April 2016 3,776,175 15,451,809 63,986 (1,049,386) (10,106,154) 184,493 64,802,160 73,123,083 Profit for the year - - - - - - 8,738,170 8,738,170 Other comprehensive loss - - - - (451,864) - - (451,864) Total comprehensive income for the period - - - - (451,864) - 8,738,170 8,286,306 Balance as at 30 September 2016 3,776,175 15,451,809 63,986 (1,049,386) (10,558,018) 184,493 73,540,330 81,409,389
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in United States Dollars, unless otherwise stated)
For the six months For the six months ended ended 30 September 2016 30 September 2015 (A) Cash flow from operating activities Profit before tax 10,156,507 9,285,059 Adjustments Depreciation and amortisation 2,446,182 2,560,220 Loss on disposal of property, plant 306 - and equipment Profit on disposal of property, plant and equipment - (21,059) Provision for doutful debts written (83,882) - back Amortization of loan processing fee 477,985 516,785 Sundry balances written back (121) - Unrealised foreign exchange gain (687,284) (688,980)
Finance income (163,978) (207,589) Finance cost 3,303,310 4,137,771 ------------------------------ ----------------------------- 15,449,025 15,582,207 Changes in operating assets and liabilities (Increase)/ Decrease in trade and other receivables 3,837,266 (5,636,382) (Increase)/ Decrease in other assets (current and non-current) (1,734,529) 1,130,129 Increase / (Decrease) Non-current liabilities, trade payables & other current liabilities (3,817,642) 654,808 (Decrease)/ Increase in employee benefit obligations 67,574 (248,118) ------------------------------ ----------------------------- Cash generated from operations 13,801,694 11,482,644 Income taxes paid (1,253,211) (2,018,000) ------------------------------ ----------------------------- Net cash generated from operating activities 12,548,483 9,464,644 ------------------------------ ----------------------------- (B) Cash flow for investing activities Payments for purchase of property plant and equipment (472,902) (410,210) Redemption of fixed deposit 167,613 - Proceeds from disposal of property, plant & equipment 371 26,328 Payments for purchase of other intangible assets (143,957) (201,221) Interest received 164,754 172,258 Net cash used in investing activities (284,121) (412,845) ------------------------------ ----------------------------- (C ) Cash flow from financing activities Proceeds of share capital - 5,023,170 Interest paid (3,303,310) (4,137,771) Repayment of long-term borrowings (6,579,679) (15,528,882) Net cash used in financing activities (9,882,989) (14,643,483) ----------------------------- ---------------------------- Net increase/(decrease) in cash and cash equivalents 2,381,372 (5,591,684) Cash and cash equivalents at the beginning of the year 9,523,577 13,447,099 Effect of exchange rate changes on cash (37,141) (108,953) Cash and cash equivalents at the end of the year 11,867,808 7,746,462 ----------------------------- ---------------------------- Cash and cash equivalents comprise Cash in hand 15,240 13,713 Balances with banks in current account 11,852,568 7,425,391 Balances with banks in deposit account - 307,358 11,867,808 7,746,462 ----------------------------- ----------------------------
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in United States Dollars, unless otherwise stated)
1. INTRODUCTION
iEnergizer Limited (the 'Company' or 'iEnergizer ') was incorporated in Guernsey on 12 May 2010.
iEnergizer Limited is a 'Company limited by shares' and is domiciled in Guernsey. The registered office of the Company is located at Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4 LH. iEnergizer was listed on the Alternative Investment Market ('AIM') of London Stock Exchange on 14 September 2010.
iEnergizer through its subsidiaries iEnergizer Holdings Limited, iEnergizer Group FZ - LLC, iEnergizer IT Services Private Limited, iEnergizer Management Services Limited, iEnergizer BPO Limited, iEnergizer Aptara Limited and Aptara Inc and subsidiaries. (together the 'Group') is engaged in the business of call centre operations, providing business process outsourcing (BPO) and content delivery services, and back office services to their customers, who are primarily based in the United States of America and India, from its operating offices in Mauritius and India.
2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IFRS
These Unaudited Condensed Consolidated Interim Financial Statements are for the six months ended 30 September 2016 and 2015. They have been prepared in accordance with IAS 34 Interim Financial Reporting as developed and published by the International Accounting Standards Board ('IASB'), on a going concern basis. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the annual financial statements for the years ended 31 March 2016 and 2015.
The Unaudited Condensed Consolidated Interim Financial Statementshave been prepared and presented in United States Dollar (US$) which is the Company's functional currency.
These Unaudited Condensed Consolidated Interim Financial Statements were approved by the Board on 10 November 2016.
The Group has applied the same accounting policies in preparing these unaudited management financial information as adopted in the most recent annual audited financial information of the Group.
3. SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the years ended 31 March 2016 and 2015.
Standards issued but not yet effective
-- IFRS9 Financial instruments
In July 2014, the IASB completed its project to replace IAS 39, Financial Instruments: Recognition and Measurement by publishing the final version of IFRS 9: Financial Instruments. IFRS 9 introduces a single approach for the classification and measurement of financial assets according to their cash flow characteristics and the business model they are managed in, and provides a new impairment model based on expected credit losses. IFRS 9 also includes new guidance regarding the application of hedge accounting to better reflect an entity's risk management activities especially with regard to managing non-financial risks. The new standard is effective for annual reporting periods beginning on or after January 1, 2018 (but not yet endorsed in EU), while early application is permitted. The management is currently evaluating the impact that this new standard will have on its consolidated financial statements.
-- IFRS15 Revenue from Contract with Customers
IFRS 15 supersedes all existing revenue requirements in IFRS (IAS 11 Construction Contracts, IAS 18 Revenue and related interpretations). According to the new standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 establishes a five step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligation; changes in contract asset and liability account balances between periods and key judgments and estimates. The standard permits the use of either the retrospective or cumulative effect transition method. The effective date for adoption of IFRS is annual period beginning on or after January 1, 2018 (but not yet endorsed in EU). The Group is currently evaluating the impact of the above pronouncements on the Group's consolidated financial statements.
-- IFRS 16 Leases
On January 13, 2016, the International Accounting Standards Board issued the final version of IFRS 16, Leases. IFRS 16 will replace the existing leases Standard, IAS 17 Leases, and related interpretations. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. The effective date for adoption of IFRS 16 is annual periods beginning on or after January 1, 2019 (but not yet endorsed in EU), though early adoption is permitted for companies applying IFRS 15 Revenue from Contracts with Customers. The Company is currently assessing the impact of adopting IFRS 16 on the Company's consolidated financial statements.
4. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY
When preparing the Unaudited Condensed Consolidated Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the Unaudited Condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty were the same as those applied in the Group's last audited financial statements for the year ended 31 March 2016.
5. GOODWILL
The net carrying amount of goodwill can be analysed as follows:
Particulars Amount ----------------------------- -------------- Balance as at 01 April 2015 102,270,059 Translation adjustment (7,299) Balance as at 31 March 2016 102,262,760 ----------------------------- -------------- Particulars Amount --------------------------------- ------------ Balance as at 01 April 2016 102,262,760 Translation adjustment (1,003) Balance as at 30 September 2016 102,261,757 --------------------------------- ------------ 6. OTHER INTANGIBLE ASSETS
The Intangible assets comprise of computer software, customer contracts.
Particulars Customer Computer Patent Trade mark Intangibles Total contracts* softwares under development --------------------- ------------ ----------- -------- ----------- ------------------- ------------ Cost Balance as at 01 April 2015 24,127,796 2,516,249 100,000 12,000,000 132,490 38,876,535 ------------ ----------- -------- ----------- ------------------- ------------ Additions - 450,456 450,456 Disposals - - - - - - Translation adjustment (8,164) (132,529) - - - (140,693) ------------ ----------- -------- ----------- ------------------- ------------ Balance as at 31 March 2016 24,119,632 2,834,176 100,000 12,000,000 132,490 39,186,298 Accumulated amortization Balance as at 01 April 2015 13,473,400 2,141,813 - - 132,490 15,747,703 ------------ ----------- -------- ----------- ------------------- ------------ Amortization/ impairment for the period 2,779,416 416,743 - - - 3,196,159 Disposals - - - - - - Translation adjustment (8,164) (88,630) - - - (96,794) ------------ ----------- -------- ----------- ------------------- ------------ Balance as at 31 March 2016 16,244,652 2,469,926 - - 132,490 18,847,068 ------------ ----------- -------- ----------- ------------------- ------------ Carrying values as at 31 March 2016 7,874,980 364,250 100,000 12,000,000 - 20,339,230 --------------------- ------------ ----------- -------- ----------- ------------------- ------------
*Customer contracts are basically intangible assets created for long standing customer relationships in content delivery segment. Once the relationship is established the work continues to flow on a year to year basis. The carrying amount of such contracts is USD 7,874,980 and remaining amortization period is 3.8 years.
Particulars Customer Computer Patent Trade mark Intangibles Total contracts* softwares under development --------------- ----------------------- ------------------- ---------------------- ---------------------- --------------------- --------------------- Cost Balance as at 01 April 2016 24,119,632 2,834,176 100,000 12,000,000 132,490 39,186,298 Additions - 143,957 143,957 Disposals - - - - - - Translation adjustment (1,122) (20,428) - - - (21,550) Balance as at 30 September 2016 24,118,510 2,957,705 100,000 12,000,000 132,490 39,308,705 ----------------------- ------------------- ---------------------- ---------------------- --------------------- --------------------- Accumulated amortization Balance as at 01 April 2016 16,244,652 2,469,926 - - 132,490 18,847,068 ----------------------- ------------------- ---------------------- ---------------------- --------------------- --------------------- Amortisation/ impairment for the period 1,389,708 151,535 - - - 1,541,243 Disposals - - - - - - Translation adjustment (1,122) (18,196) - - - (19,318) Balance as at 30 September 2016 17,633,238 2,603,265 - - 132,490 20,368,993 ----------------------- ------------------- ---------------------- ---------------------- --------------------- --------------------- Carrying values as at 30 September 2016 6,485,272 354,440 100,000 12,000,000 - 18,939,712 --------------- ----------------------- ------------------- ---------------------- ---------------------- --------------------- ---------------------
*Customer contracts are basically intangible assets created for long standing customer relationships in content delivery segment. Once the relationship is established the work continues to flow on a year to year basis. The carrying amount of such contracts is USD 6,485,272 and remaining amortization period is 2.3 years.
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Particulars Computer Office Furniture Air conditioner Vehicle Leasehold Plant and Total and data Equipment and fixtures and generator improvements machinery equipment -------------- ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Cost Balance as at 01 April 2015 4,528,397 760,137 1,103,739 181,912 30,719 4,354,526 1,733,404 12,692,834 ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Additions 517,626 37,241 156,831 89,885 - 148,762 61,678 1,012,023 Disposals (Net) (122,702) (621) - - - - (2,599) (125,922) Translation
adjustment (238,697) (40,864) (55,295) (9,806) (855) (222,576) (92,746) (660,839) Balance as at 31 March 2016 4,684,624 755,893 1,205,275 261,991 29,864 4,280,712 1,699,737 12,918,096 ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Accumulated depreciation Balance as at 01 April 2015 3,048,059 264,609 527,897 92,117 20,813 951,463 776,985 5,681,943 ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Depreciation for the year 730,756 128,366 75,035 34,534 4,513 580,916 242,882 1,797,002 Disposals (Net) (99,530) (617) - - - - (2,599) (102,746) Translation adjustment (166,171) (13,575) (26,181) (5,364) (724) (57,472) (38,274) (307,761) Balance as at 31 March 2016 3,513,114 378,783 576,751 121,287 24,602 1,474,907 978,994 7,068,438 ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Carrying values as at 31 March 2016 1,171,510 377,110 628,524 140,704 5,262 2,805,805 720,743 5,849,658 -------------- ------------------------ --------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ---------------- Particulars Computer Office Furniture Air conditioner Vehicle Leasehold Plant and Total and data Equipment and fixtures and generator improvements machinery equipment -------------- ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- Cost Balance as at 01 April 2016 4,684,624 755,893 1,205,275 261,991 29,864 4,280,712 1,699,737 12,918,096 ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- Additions 325,322 5,358 6,145 88,075 - 10,522 37,480 472,902 Disposals (Net) (2,920) (1,363) - - - (274) - (4,557) Translation adjustment (30,757) (5,927) (8,488) (1,987) (118) (32,724) (13,997) (93,998) Balance as at 30 September 2016 4,976,269 753,961 1,202,932 348,079 29,746 4,258,236 1,723,220 13,292,443 ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- Accumulated depreciation Balance as at 01 April 2016 3,513,114 378,783 576,751 121,287 24,602 1,474,907 978,994 7,068,438 ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- Depreciation for the year 345,035 71,809 41,078 23,854 2,250 291,609 129,304 904,939 Disposals (Net) (2,920) (960) - - - - - (3,880) Translation adjustment (23,595) (2,739) (3,752) (862) (103) (10,136) (8,102) (49,289) Balance as at 30 September 2016 3,831,634 446,893 614,077 144,279 26,749 1,756,380 1,100,196 7,920,208 ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- Carrying values as at 30 September 2016 1,144,635 307,068 588,855 203,800 2,997 2,501,856 623,024 5,372,235 -------------- ------------------ --------------- ------------------ -------------------- ------------------- ------------------ ----------------- ------------- 8. SHORT TERM FINANCIAL ASSETS Particulars 30 September 31 March 2016 2016 ---------------------------------------- -------------------- ---------------- Security deposits 40,342 22,132 Restricted cash 2,844,269 2,791,324 Short term investments (fixed deposits with maturity less than 12 months) 1,166,251 1,386,574 Derivative financial instruments 579,744 189,941 Due from officers and employees 59,348 34,286 Others - 776 ---------------------------------------- -------------------- ---------------- 4,689,954 4,425,033 ---------------------------------------- -------------------- ----------------
Short term investments comprise of investment through banks in deposits denominated in various currency units bearing fixed rate of interest.
9. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
Calculation of basic and diluted profit per share for the period ended 30 September 2016 is as follows:
Basic earnings per share
Particulars 30 September 30 September 2016 2015 --------------------------------------------- ---- ------------- -------------------------- Profit attributable to shareholders 8,738,170 7,792,096 Weighted average numbers shares outstanding 196,387,714 190,130,008 Basic earnings per share (USD) 0.04 0.04 ---------------------------------------------- --- ------------- ------------------------
Diluted earnings per share
Particulars 30 September 30 September 2016 2015 --------------------------------------------- --- ------------------------ ------------------------ Profit attributable to shareholders 8,738,170 7,792,096 Weighted average numbers shares outstanding 196,387,714 190,130,008 Diluted earnings per share (USD) 0.04 0.04 ---------------------------------------------- ---------------------------- ------------------------
10. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised in the table below:
Nature of the relationship Related Party's Name ------------------------------ ------------------------------------------- I. Ultimate controlling Mr. Anil Agarwal party II. Entities directly or indirectly through EICR Limited (Parent of iEnergizer one or more intermediaries, Limited) control, are controlled by, or are under common control with, the reported enterprises III. Key management personnel Mr. Anil Agarwal (Ultimate Shareholder, ("KMP") and significant EICR Limited) shareholders Mr. Chris de Putron (Director, iEnergizer Limited) Mr. Mark De La Rue (Director, iEnergizer Limited) Mr. Marc Vassanelli (Director, iEnergizer Limited)
Disclosure of transactions between the Group and related parties and the outstanding balances is as under:
Transactions with parent company
Particulars 30 September 30 September 2016 2015 -------------------------------- -------------- ------------- Transactions during the period ended Share issued to EICR Limited - 5,023,170
Transactions with KMP and relative of KMP
Particulars 30 September 30 September 2016 2015 -------------------------------- ------------------ ------------------ Transactions during the period ended Short term employee benefits Remuneration paid to directors Sara Latham - 19,114 Neil Campling - 114,736 Chris De Putron 6,590 7,721 Mark De La Rue 6,590 7,721 Marc Vassanelli 19,771 23,102 Balances at the end of Total remuneration payable 67,367 19,233 -------------------------------- ------------------ ------------------
11. SEGMENT REPORTING
Management currently identifies the Group's three services lines real time processing, back office services and content delivery as operating segments on the basis of operations. These operating segments are monitored and strategic decisions are made on the basis of adjusted segment operating results.
The Chief Operating Decision Maker ("CODM") evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by reportable segments. The Group's reportable segments are as follows:
1. Real time processing 2. Back office services 3. Content delivery 4. Others
The measurement of each segment's revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Unaudited Condensed Consolidated Interim Financial Statements. In addition, two minor operating segments, for which the quantitative thresholds have not been met, are currently combined below under 'Others'. Segment information can be analysed as follows for the reporting periods under review:
30 September 2016 ---------------------------------------- Real time Back office Content delivery Others Total processing services ----------------------- ------------ --------------- ------------------- --------------------- --------------- Revenue from external customers 12,484,717 22,461,326 35,667,146 - 70,613,189 ----------------------- ------------ --------------- ------------------- --------------------- --------------- Segment revenue 12,484,717 22,461,326 35,667,146 - 70,613,189 ----------------------- ------------ --------------- ------------------- --------------------- --------------- Other income 132,849 - 743,667 (1,705) 874,811 ----------------------- ------------ --------------- ------------------- --------------------- --------------- Cost of outsourced Services - 15,154,329 5,188,020 - 20,342,349 Employee benefit expense 10,026,814 4,500 20,079,852 - 30,111,166 Depreciation and amortization 381,425 - 2,064,757 - 2,446,182 Other expenses 688,659 288,409 3,688,495 148,916 4,814,479 ----------------------- ------------ --------------- ------------------- --------------------- --------------- Segment operating profit 1,520,668 7,014,088 5,389,689 (150,621) 13,773,824 ----------------------- ------------ --------------- ------------------- --------------------- --------------- Segment assets 13,880,334 11,963,082 83,985,419 77,880,662 187,709,497 ----------------------- ------------ --------------- ------------------- --------------------- ---------------
30 September 2015
Real time Back office Content Others Total processing services delivery ------------------ ------------------- ---------------- --------------- -------------- ------------ Revenue from external customers 10,246,421 18,996,395 38,072,296 - 67,315,112 ------------------- ------------------- ---------------- --------------- -------------- -------------- Segment revenue 10,246,421 18,996,395 38,072,296 - 67,315,112 ------------------- ------------------- ---------------- --------------- -------------- -------------- Other income 46,150 - 1,610,509 - 1,656,659 ------------------- ------------------- ---------------- --------------- -------------- -------------- Cost of outsourced Services - 12,362,198 6,935,976 - 19,298,174 Employee benefit expense 7,820,436 4,500 19,725,151 - 27,550,087 Depreciation and amortization 296,041 - 2,264,179 - 2,560,220 Other expenses 695,830 185,450 4,366,249 583,735 5,831,264 ------------------- ------------------- ---------------- --------------- -------------- -------------- Segment operating profit 1,480,264 6,444,247 6,391,250 (583,735) 13,732,026 ------------------- ------------------- ---------------- --------------- -------------- -------------- Segment assets 10,792,135 12,236,900 84,881,222 76,957,797 184,868,054 ------------------- ------------------- ---------------- --------------- -------------- --------------
Revenue from the following customer's amounts to more than 10% of consolidated revenue during the period presented.
30 September 2016
Revenue from Segment Amount -------------- ---------------------- ---------- Customer 1 Back office Services 8,321,461 -------------- ---------------------- ---------- Customer 2 Content Delivery 7,155,188 -------------- ---------------------- ----------
30 September 2015
Revenue from Segment Amount -------------- ---------------------- ----------- Customer 1 Real time processing 7,388,931 -------------- ---------------------- -----------
12. FINANCIAL ASSETS AND LIABILITIES
Fair value of carrying amounts of assets and liabilities presented in the statement of financial position relates to the following categories of assets and liabilities:
Financial assets 30 September 31 March 2016 2016 ----------------------------------------- ------------------------ -------------- Non-current assets Loans and receivables Security deposits 541,912 531,204 Restricted cash 29,697 29,932 Fixed deposit 60,501 - Current assets Loans and receivables Trade receivables 25,401,292 27,613,023 Cash and cash equivalents 11,867,808 10,166,328 Restricted cash 2,844,269 2,791,324 Security deposits 40,342 22,132 Short term investments 1,166,251 1,386,574 Due from officers and employees 59,348 34,286 Other short term financial assets - 776 Fair value through profit and loss:
Derivative financial instruments 579,744 189,941 42,591,164 42,765,520 ----------------------------------------- ------------------------ -------------- Financial liabilities 30 September 31 March 2016 2016 ----------------------------------------- ------------------------ -------------- Non-current liabilities Financial liabilities measured at amortized cost: Long term borrowings 67,558,758 73,741,220 Current liabilities Financial liabilities measured at amortized cost: Short term borrowings - 642,751 Trade payables 7,303,692 9,398,856 Current portion of long term borrowings 13,927,710 13,846,942 Other current liabilities 6,839,720 7,674,671 Fair value through profit and loss: Derivative financial instruments - - 95,629,880 105,304,440 ----------------------------------------- ------------------------ --------------
These non-current financial assets and liabilities, current financial assets and liabilities have been recorded at their respective carrying amounts as the management considers the fair values to be not materially different from their carrying amounts recognised in the statement of financial positions as these are expected to realise within one year from the reporting dates. Derivative financial instruments, recorded at fair value through profit and loss, are recorded at their respective fair values on the reporting dates.
13. FAIR VALUE HIERARCHY
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
No financial assets/liabilities have been valued using level 1 and 3 fair value measurements.
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
Fair value measurements at reporting date using ----------------------------- ------------- ------------------------ 30 September 2016 Total Level 2 ----------------------------- ------------- ------------------------ (Notional Assets amount) Derivative instruments Forward contracts (currency - USD/INR) 17,200,000 579,744 ----------------------------- ------------- ------------------------ Fair value measurements at reporting date using ----------------------------- ------------- ------------------------ 31 March 2016 Total Level 2 ----------------------------- ------------- ------------------------ (Notional Liabilities amount) Derivative instruments Forward contracts (currency - USD/INR) 22,950,000 189,941 ----------------------------- ------------- ------------------------
14. COMMITMENT AND CONTINGENCIES
As at 30 September 2016 and 31 March 2016, the Group had a capital commitment of USD 60,949 and USD 99,707 respectively for acquisition of property, plant and equipment.
The contingent liability in respect of claims filed by erstwhile employees against the group companies amounts to USD 93,299 and USD 81,190 as on 30 September 2016 and 31 March 2016 respectively and in respect of interest on VAT amounts to USD 10,481 as on 30 September 2016 (USD 10,563 as on 31 March 2016).
Guarantees: As at 30 September 2016 and 31 March 2016, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately USD 28,901 and USD 29,129 respectively.
15. ESTIMATES
The preparation of interim financial statements require 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 these Unaudited Condensed Consolidated Interim Financial Statements, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the years ended 31 March 2016 and 2015.
16. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the years ended 31 March 2016 and 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
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