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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ienergizer Limited | LSE:IBPO | London | Ordinary Share | GG00B54NMG96 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 59.80 | 57.80 | 59.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMIBPO
RNS Number : 2338W
iEnergizer Limited
13 November 2017
13 November 2017
iEnergizer Limited
("iEnergizer" , the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2017
iEnergizer, the technology services and media solutions leader for the digital age, reports interim results for the six months ended September 30, 2017.
Financial Highlights:
Profitable growth sustained through increasing the value of existing customer relationships and adding new customers, together with managing costs carefully across the business.
-- Revenue increased 6% to $76.0m (H1 2017: $71.5m) -- EBITDA up 6% to $17.4m (H1 2017(1) : $16.4m) -- EBITDA margin at 23% (H1 2017(1) : 23%) -- Operating profit up 9.1% to $15.0m (H1 2017: $13.8m) -- Operating profit margin at 19.8% (H1 2017: 19.3%) -- Profit before tax up 19% to $12.1m (H1 2017: $10.2m) -- Profit before tax margin increased to 15.9% (H1 2017: 14.2%) -- Profit after tax up 18% to $10.3m (H1 2017: $8.7m) -- Profit after tax margin at 13.6% (H1 2017: 12.2%) -- Cash and cash equivalents of $19.9m (31 March 2017: $18.3m) -- Term Debt of $66.4m (31 March 2017: $75.0m).(2)
(1) EBITDA adjusted for Non-recurring expenses relate to one off cost of US$0.2mn for professional charges.
(2) The Company is compliant of all applicable financial covenants including on-time payments of loan installments and interest.
Operational Highlights
Maintained focus on recurring revenue streams from business critical processes; new product launches in the Content division; and long-term customer relationships.
-- Services: Revenue growth of 6.5% to $75.2m (H1 2017 $70.6)
-- Real Time Processing ("RTP"): Continued strong revenue growth of c.11% with particular strength in Travel, Consumer durable & Banking Financial Services and Insurance verticals ("BFSI")
-- Back Office Services ("BOS"): Continued focus on recurring revenue streams and long term customer relationships resulted in strong revenue growth of more than 19% coming predominantly from Media, Gaming, Telecom and BFSI customers
-- Content Division: Sustainable long term growth prospects for content services:
o New customer in our Digital Solutions unit from the Oil & Gas sector, an industry which presents an opportunity for growth
o New product, Scientific Publishing and Remittance Integration Services ("SciPris"), has been successfully launched and deal signed with an existing client. More deals under negotiation with existing and new customers. Revenue generation expected to start in H2 of 2018
o Steady work streams from core customers, however 3% decline of aggregate revenue from services in content division ($34.6m in H1 2018 vs $35.7m in H1 2017) attributable to conclusion of one-time projects
-- Focused cost saving initiatives:
o Successful generation of efficiencies in "Other expenses" of more than 3% ($4.7m in H1 2018 vs $4.8m in H1 2017)
o Increased focus on division-specific higher margin work, particularly in non-voice based processes including content writing, financials, entertainment gaming support, content technology and digital solutions
o Leaner organization using technology effectively and optimizing utilization of the Company's resources to handle greater volumes from key customers without notable additional human resource
-- US based sales team following strategy to: 1) enhance and grow key accounts; 2) identify and win new business from both new and existing customers; and 3) cross-sell and generate leads for additional services across all verticals of the company.
Marc Vassanelli, Chairman of iEnergizer, commented:
"As the growth in revenue and profits demonstrates, whilst at the same time maintaining our focus on cost efficiencies, we are seeing real progress across the Company, and are pleased to report iEnergizer's continued strong performance in the first half of this financial year.
"This reflects our continued focus on recurring revenue streams from business critical processes, new product launches in the Content division and long term customer relationships with both existing and new customers, as well as the highly valued ongoing hard work and dedication of colleagues across iEnergizer.
"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 and look forward to the remainder of the year with confidence."
-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
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 2017 and 2016
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)
Hot Features
Premium
Notes As at As at
30 September
2017 31 March 2017
Unaudited Audited
------------------------------- ------ --------------------------- --------------------------
ASSETS
Non-current
Goodwill 5 102,264,631 102,265,472
Other intangible assets 6 16,167,311 17,568,948
Property, plant and equipment 7 4,632,586 5,171,994
Long- term financial asset 576,965 729,655
Non-current tax assets 1,093,135 1,732,546
Deferred tax asset 9,261,370 9,358,439
Other non current assets - 61,652
Non-current assets 133,995,998 136,888,706
--------------------------- --------------------------
Current
Trade and other receivables 29,305,467 25,108,966
Cash and cash equivalents 19,938,921 18,332,480
Short- term financial assets 8 7,709,490 7,018,233
Current tax assets 887,338 819,111
Other current assets 3,214,030 3,023,370
Current assets 61,055,246 54,302,160
--------------------------- --------------------------
Total assets 195,051,244 191,190,866
=========================== ==========================
EQUITY AND LIABILITIES
Equity
Share capital 3,776,175 3,776,175
Share compensation reserve 63,986 63,986
Additional paid in capital 15,451,809 15,451,809
Merger reserve (1,049,386) (1,049,386)
Retained earnings 90,063,086 79,760,048
Other components of equity (8,921,762) (8,512,486)
Total equity attributable
to equity holders of the
parent 99,383,908 89,490,146
--------------------------- --------------------------
Notes As at As at
30 September
2017 31 March 2017
Unaudited Audited
------ ------------- --------------
Liabilities
Non-current
Long term borrowings 52,457,837 61,071,201
Employee benefit obligations 4,307,083 4,488,504
Other non-current liabilities 324,914 377,900
Deferred tax liability 5,452,978 5,250,487
Non-current liabilities 62,542,812 71,188,092
----------------------------- --------------------------
Current
Short term borrowings 84,349 97,955
Trade and other payables 11,419,968 8,830,810
Employee benefit obligations 630,274 636,546
Current tax liabilities - 302,920
Current portion of long
term borrowings 13,934,206 13,965,177
Other current liabilities 7,055,727 6,679,220
Current liabilities 33,124,524 30,512,628
----------------------------- --------------------------
Total equity and liabilities 195,051,244 191,190,866
============================= ==========================
(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 ended months ended
---------------------------------- -------
30 September 30 September
2017 2016
-------
Unaudited Unaudited
---------------------------------- ------- -------------------------- -----------------------
Income from operations
Revenue from services 75,207,914 70,613,189
Other operating income 764,053 874,811
75,971,967 71,488,000
-------------------------- -----------------------
Cost and expenses
Outsourced service cost 23,499,165 20,342,349
Employee benefits expense 30,375,060 30,111,166
Depreciation and amortisation 2,412,253 2,446,182
Other expenses 4,660,133 4,814,479
60,946,611 57,714,176
-------------------------- -----------------------
Operating profit 15,025,356 13,773,824
Finance income 308,419 163,978
Finance cost (3,236,393) (3,781,295)
Profit before tax 12,097,382 10,156,507
-------------------------- -----------------------
Income tax expense 1,794,344 1,418,337
Profit for the year attributable
to equity holders of the parent 10,303,038 8,738,170
========================== =======================
Earnings per share 9
Basic 0.05 0.04
Diluted 0.05 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 For the six
months ended months ended
-------------------------------------
30 September 30 September
2017 2016
Unaudited Unaudited
------------------------------------- ----------------------------- -------------------------
Profit after tax for the year 10,303,038 8,738,170
Exchange differences on translating
foreign operations (409,276) (451,864)
Total comprehensive income
attributable to equity holders 9,893,762 8,286,306
----------------------------- -------------------------
(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
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 - - - - - - 14,957,888 14,957,888
Other
comprehensive
loss - - - - 1,155,883 253,292 - 1,409,175
---------------
Total
comprehensive
income
for the
period - - - - 1,155,883 253,292 14,957,888 16,367,063
--------------- ---------- ------------ ------------- ------------ ------------- ------------ ----------- -----------
Balance as at
31 March
2017 3,776,175 15,451,809 63,986 (1,049,386) (8,950,271) 437,785 79,760,048 89,490,146
--------------- ---------- ------------ ------------- ------------ ------------- ------------ ----------- -----------
(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 capital Additional Share Merger Other components Retained Total
Paid in Capital compensation reserve of equity earnings equity
reserve
--------------- -------------------------- ------------------------- --------------------------------------------- ---------------- -------------------
Foreign Net defined
currency benefit
translation liability
reserve
--------------- --------------------------- ------------------------------ -------------------------- ------------------------- ---------------------- --------------------- ---------------- -------------------
Balance as at
01 April
2017 3,776,175 15,451,809 63,986 (1,049,386) (8,950,271) 437,785 79,760,048 89,490,146
--------------- --------------------------- ------------------------------ -------------------------- ------------------------- ---------------------- --------------------- ---------------- -------------------
Profit for the
year - - - - - - 10,303,038 10,303,038 Other comprehensive loss - - - - (409,276) - - (409,276) --------------- Total comprehensive income for the period - - - - (409,276) - 10,303,038 9,893,762 --------------- --------------------------- ------------------------------ -------------------------- ------------------------- ---------------------- --------------------- ---------------- ------------------- Balance as at 30 September 2017 3,776,175 15,451,809 63,986 (1,049,386) (9,359,547) 437,785 90,063,086 99,383,908 --------------- --------------------------- ------------------------------ -------------------------- ------------------------- ---------------------- --------------------- ---------------- -------------------
(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 For the six
months ended months ended
------------------------------------------------
30 September 30 September
2017 2016
(A) Cash flow from operating activities
Profit before tax 12,097,382 10,156,507
Adjustments
Depreciation and amortisation 2,412,253 2,446,182
Loss on disposal of property, plant
and equipment - 306
Profit on disposal of property, plant
and equipment (1,377) -
Trade receivables written-off/provision
for doubtful debts 3 -
Provision for doubtful debts written
back - (83,882)
Amortization of loan processing fee 435,629 477,985
Sundry balances written back - (121)
Foreign exchange gain (379,861) (687,284)
Finance income (308,419) (163,978)
Finance cost 2,800,764 3,303,310
---------------------------- ---------------------------
17,056,375 15,449,025
Changes in operating assets and liabilities
(Increase)/ Decrease in trade and other
receivables (7,515,195) 3,837,266
(Increase)/ Decrease in other assets
(current and non-current) 1,080,807 (1,734,529)
Increase / (Decrease) Non-current liabilities,
trade payables & other current liabilities 5,735,238 (3,817,642)
(Decrease)/ Increase in employee benefit
obligations (369,580) 67,574
---------------------------- ---------------------------
Cash generated from operations 15,987,645 13,801,694
Income taxes paid (1,226,520) (1,253,211)
---------------------------- ---------------------------
Net cash generated from operating activities 14,761,125 12,548,483
---------------------------- ---------------------------
(B) Cash flow for investing activities
Payments for purchase of property plant
and equipment (313,491) (472,902)
Investment in fixed deposit (Net) (1,216,468) 167,613
Proceeds from disposal of property,
plant & equipment 1,553 371
Payments for purchase of other intangible
assets (203,135) (143,957)
Interest received 392,764 164,754
---------------------------- ---------------------------
Net cash used in investing activities (1,338,778) (284,121)
---------------------------- ---------------------------
For the six months For the six months
ended ended
30 September 2017 30 September
2016
(C ) Cash flow from financing activities
Interest paid (2,800,764) (3,303,310)
Repayment of long-term borrowings (9,079,964) (6,579,679)
Net cash used in financing activities (11,880,728) (9,882,989)
------------------------- --------------------------
Net increase/(decrease) in cash and
cash equivalents 1,541,619 2,381,373
Cash and cash equivalents at the beginning
of the year 18,234,525 9,523,577
Effect of exchange rate changes on
cash 162,777 (37,141)
Cash and cash equivalents at the end
of the year 19,938,921 11,867,808
------------------------- --------------------------
Cash and cash equivalents comprise
Cash in hand 24,939 15,240
Balances with banks in current account 19,913,982 11,852,568
19,938,921 11,867,808
------------------------- --------------------------
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 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 2017 and 2016. 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 2017 and 2016.
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, 2017.
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 2017 and 2016.
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, 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. 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 2017.
5. GOODWILL
The net carrying amount of goodwill can be analysed as follows:
Particulars Amount ----------------------------- ------------ Balance as at 01 April 2016 102,262,760 Translation adjustment 2,712 Balance as at 31 March 2017 102,265,472 ----------------------------- ------------ Particulars Amount --------------------------------- ------------ Balance as at 01 April 2017 102,265,472 Translation adjustment (841) Balance as at 30 September 2017 102,264,631 --------------------------------- ------------ 6. OTHER INTANGIBLE ASSETS
The Intangible assets comprise of computer software, customer contracts.
Intangibles
Customer Computer under
Particulars contracts* softwares Patent Trade mark development Total
--------------- ------------------- --------------- ------------------ ------------------ ----------------- -----------------
Cost
Balance as at
01 April 2016 24,119,632 2,834,176 100,000 12,000,000 132,490 39,186,298
------------------- --------------- ------------------ ------------------ ----------------- -----------------
Additions - 344,545 344,545
Disposals - - - - - -
Translation
adjustment 3,032 62,714 - - - 65,746
Balance as at
31 March 2017 24,122,664 3,241,435 100,000 12,000,000 132,490 39,596,589
------------------- --------------- ------------------ ------------------ ----------------- -----------------
Accumulated
amortisation
Balance as at
01 April 2016 16,244,652 2,469,926 - - 132,490 18,847,068
------------------- --------------- ------------------ ------------------ ----------------- -----------------
Amortisation/
impairment
for
the period 2,779,416 336,740 - - - 3,116,156
Disposals - - - - - -
Translation
adjustment 3,032 61,385 - - - 64,417
Balance as at
31 March 2017 19,027,100 2,868,051 - - 132,490 22,027,641
------------------- --------------- ------------------ ------------------ ----------------- -----------------
Carrying
values as at
31 March
2017 5,095,564 373,384 100,000 12,000,000 - 17,568,948
--------------- ------------------- --------------- ------------------ ------------------ ----------------- -----------------
*Customer contracts are intangible assets created for long standing customer relationships 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 5,095,564 and remaining amortization period is 2.8 years.
Particulars Customer Computer Patent Trade mark Intangibles Total
contracts* softwares under
development
--------------- -------------------- --------------- ------------------ ------------------ ----------------- -----------------
Cost
Balance as at
01 April 2017 24,122,664 3,241,435 100,000 12,000,000 132,490 39,596,589
-------------------- --------------- ------------------ ------------------ ----------------- -----------------
Additions - 203,135 203,135
Disposals - - - - - -
Translation
adjustment (941) (37,091) - - - (38,032)
Balance as at
30 Sept 2017 24,121,723 3,407,479 100,000 12,000,000 132,490 39,761,692
-------------------- --------------- ------------------ ------------------ ----------------- -----------------
Accumulated
amortisation
Balance as at
30 Sept 2017 19,027,100 2,868,051 - - 132,490 22,027,641
-------------------- --------------- ------------------ ------------------ ----------------- -----------------
Amortisation/
impairment
for
the period 1,389,708 213,738 - - - 1,603,446
Disposals - - - - - -
Translation
adjustment (941) (35,765) - - - (36,706)
Balance as at
30 Sept 2017 20,415,867 3,046,024 - - 132,490 23,594,381
-------------------- --------------- ------------------ ------------------ ----------------- -----------------
Carrying
values as at
30 Sept
2017 3,705,856 361,455 100,000 12,000,000 - 16,167,311
--------------- -------------------- --------------- ------------------ ------------------ ----------------- -----------------
*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 3,705,856 and remaining amortization period is 1.3 years.
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Computer
and data Office Furniture Air conditioner Leasehold Plant and
Particulars equipment Equipment and fixtures and generator Vehicle improvements machinery Total
-------------- ------------------------ -------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ------------------
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 643,425 12,848 38,090 90,087 - 27,753 181,286 993,489
Disposals
(Net) (37,704) (2,133) - - - - (10,416) (50,253)
Translation
and other
adjustment (212,049) 94,170 18,028 8,268 317 72,470 304,563 285,767
Balance as at
31 March
2017 5,078,296 860,778 1,261,393 360,346 30,181 4,380,935 2,175,170 14,147,099
------------------------ -------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ------------------
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 641,897 140,891 82,509 45,382 4,377 558,727 274,227 1,748,010
Disposals
(Net) (29,306) (1,718) - - - - (9,877) (40,901)
Translation
and other
adjustments (197,446) 66,328 10,684 4,159 310 48,261 267,262 199,558
Balance as at
31 March
2017 3,928,259 584,284 669,944 170,828 29,289 2,081,895 1,510,606 8,975,105
------------------------ -------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ------------------
Carrying
values as at
31
March 2017 1,150,037 276,494 591,449 189,518 892 2,299,040 664,564 5,171,994
-------------- ------------------------ -------------------- ------------------------- ------------------------- ------------------------ ------------------------ ----------------------- ------------------
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
2017 5,078,296 860,778 1,261,393 360,346 30,181 4,380,935 2,175,170 14,147,099
------------------------ -------------------- ------------------------- ------------------------- -------------------------- ------------------------ ------------------------ ------------------
Additions 285,920 2,260 232 3,411 - 10,243 11,426 313,492
Disposals
(Net) (26,044) (2,200) - - - - (231) (28,475)
Translation
and other
adjustment (48,012) (9,539) (10,157) (2,348) (98) (49,567) (24,939) (144,660)
Balance as at
30 Sept
2017 5,290,160 851,299 1,251,468 361,409 30,083 4,341,611 2,161,426 14,287,456
------------------------ -------------------- ------------------------- ------------------------- -------------------------- ------------------------ ------------------------ ------------------
Accumulated
depreciation
Balance as at
01 April
2017 3,928,259 584,284 669,944 170,828 29,289 2,081,895 1,510,606 8,975,105
------------------------ -------------------- ------------------------- ------------------------- -------------------------- ------------------------ ------------------------ ------------------
Depreciation
for the
year 329,771 70,385 44,189 19,503 899 223,312 120,748 808,807
Disposals
(Net) (25,868) (2,200) - - - - (231) (28,299)
Translation
and other
adjustments (42,594) (7,078) (6,211) (1,352) (105) (25,029) (18,374) (100,743)
Balance as at
30 Sept
2017 4,189,568 645,391 707,922 188,979 30,083 2,280,178 1,612,749 9,654,870
------------------------ -------------------- ------------------------- ------------------------- -------------------------- ------------------------ ------------------------ ------------------
Carrying
values as at
30 Sept 2017 1,100,592 205,908 543,546 172,430 - 2,061,433 548,677 4,632,586
-------------- ------------------------ -------------------- ------------------------- ------------------------- -------------------------- ------------------------ ------------------------ ------------------
8. SHORT TERM FINANCIAL ASSETS
Particulars 30 September 31 March 2017
2017
---------------------------------------- ------------------ ----------------
Security deposits 107,350 38,154
Restricted cash 3,035,557 2,939,785
Short term investments (fixed deposits
with maturity less than 12 months) 4,131,770 3,013765
Derivative financial instruments 392,986 978,518
Due from officers and employees 41,827 47,651
Others - 360
---------------------------------------- ------------------ ----------------
7,709,490 7,018,233
---------------------------------------- ------------------ ----------------
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 2017 is as follows:
Basic earnings per share
Particulars 30 September 30 September
2017 2016
--------------------------------------------- ---- ------------- ---------------
Profit attributable to shareholders 10,303,038 8,738,170
Weighted average numbers shares outstanding 190,130,008 190,130,008
Basic earnings per share (USD) 0.05 0.04
---------------------------------------------- --- ------------- -------------
Diluted earnings per share
Particulars 30 September 30 September
2017 2016
--------------------------------------------- --- ------------------------ ------------------------
Profit attributable to
shareholders 10,303,038 8,738,170
Weighted average numbers shares outstanding 190,130,008 190,130,008
Diluted earnings per
share (USD) 0.05 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 KMP and relative of KMP
Particulars 30 September 30 September
2017 2016
-------------------------------- ------------------ ------------------
Transactions during the period
ended
Short term employee benefits
Remuneration paid to directors
Chris de Putron 6,204 6,590
Mark De La Rue 6,204 6,590
Marc Vassanelli 18,613 19,771
Balances at the end of
Total remuneration payable 30,764 67,367
-------------------------------- ------------------ ------------------
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 2017
Real time Back office Content Others Total
processing services delivery
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Revenue from external
customers 13,842,128 26,804,690 34,561,096 - 75,207,914
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Segment revenue 13,842,128 26,804,690 34,561,096 - 75,207,914
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Other income 43,543 2,804 710,844 6,862 764,053
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Cost of outsourced
Services - 18,635,430 4,863,735 - 23,499,165
Employee benefit
expense 10,527,567 4,500 19,842,993 - 30,375,060
Depreciation and
amortisation 383,260 - 2,028,993 - 2,412,253
Other expenses 824,757 199,440 3,392,233 243,703 4,660,132
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Segment operating
Profit 2,150,087 7,968,125 5,143,986 (236,841) 15,025,358
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
Segment assets 16,313,300 17,646,538 81,481,417 79,609,989 195,051,244
----------------------- ----------------- ------------------ ------------ ------------------ -----------------
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
amortisation 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 -------------- ---------------------- -------------------- ------------------- --------------------- ---------------
Revenue from the following customer's amounts to more than 10% of consolidated revenue during the period presented.
30 September 2017
Revenue from Segment Amount -------------- ---------------------- ---------- Customer 1 Back office Services 8,255,436 -------------- ---------------------- ----------
30 September 2016
Revenue from Segment Amount -------------- ---------------------- ---------- Customer 1 Back office Services 8,321,461 -------------- ---------------------- ---------- Customer 2 Content Delivery 7,155,188 -------------- ---------------------- ----------
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 2017
2017
----------------------------------------- ------------------------- --------------------
Non-current assets
Loans and receivables
Security deposits 485,047 639,632
Restricted cash 30,441 27,750
Fixed deposit 61,477 62,273
Current assets
Loans and receivables
Trade receivables 29,305,467 25,108,966
Cash and cash equivalents 19,938,921 18,332,480
Restricted cash 3,035,557 2,939,785
Security deposits 107,350 38,154
Short term investments 4,131,770 3,013,765
Due from officers and employees 41,827 47,651
Other short term financial assets - 360
Fair value through profit and loss:
Derivative financial instruments 392,986 978,518
57,530,843 51,189,334
----------------------------------------- ------------------------- --------------------
Financial liabilities 30 September 31 March 2017
2017
----------------------------------------- ------------------------- --------------------
Non-current liabilities
Financial liabilities measured
at amortized cost:
Long term borrowings 52,457,837 61,071,201
Current liabilities
Financial liabilities measured
at amortized cost:
Short term borrowings 84,349 97,955
Trade payables 11,419,968 8,830,810
Current portion of long term borrowings 13,934,206 13,965,177
Other current liabilities 7,055,727 6,679,220
Fair value through profit and loss:
Derivative financial instruments - -
84,952,087 90,644,363
----------------------------------------- ------------------------- --------------------
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 2017 Total Level 2
----------------------------- ------------- ------------------------
(Notional
Assets amount)
Derivative instruments
Forward contracts (currency
- USD/INR) 10,375,000 392,986
----------------------------- ------------- ------------------------
Fair value measurements
at reporting date
using
----------------------------- ------------- ------------------------
31 March 2017 Total Level 2
----------------------------- ------------- ------------------------
(Notional
Liabilities amount)
Derivative instruments
Forward contracts (currency
- USD/INR) 15,625,000 978,518
----------------------------- ------------- ------------------------
14. COMMITMENT AND CONTINGENCIES
As at 30 September 2017 and 31 March 2017, the Group had a capital commitment of USD 11,978 and USD 83,742 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 114,354 and USD 86,255 as on 30 September 2017 and 31 March 2017 respectively and in respect of interest on VAT amounts to USD 10,650 as on 30 September 2017 (USD 10,787 as on 31 March 2017).
The contingent liability in respect of bonus based on pending litigations at various jurisdictions amounting to USD 248,291 as on 30 September 2017 (USD 249,903 as on 31 March 2017).
Guarantees: As at 30 September 2017 and 31 March 2017, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately USD 81,229 and USD 29,747 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 2017 and 2016.
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 2017 and 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFUFMSFWSELF
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