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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mobilityone Limited | LSE:MBO | London | Ordinary Share | JE00B1Z48326 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.00 | 4.50 | 5.50 | 5.00 | 4.75 | 5.00 | 124,916 | 16:23:37 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 233.76M | 24k | 0.0002 | 250.00 | 5.31M |
From Apr 2019 to Apr 2024
TIDMMBO
RNS Number : 8309C
MobilityOne Limited
30 June 2016
30 June 2016
MobilityOne Limited
("MobilityOne", "Company" or the "Group")
Audited results for the year ended 31 December 2015
MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider with its main operations in Malaysia, announces its full year results for the year ended 31 December 2015.
A copy of the annual report and audited financial statements, along with notice of the Company's annual general meeting, to be held at 9.00 a.m. Malaysia time on 25 July 2016 at B-10-8, Level 10, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia, is being posted to shareholders today and will be available shortly on the Company's website, www.mobilityone.com.my.
Highlights
-- Revenue increased by 23.0% to GBP65.16 million (2014: GBP52.96 million) mainly contributed by growth in the mobile phone prepaid airtime reload and bill payment business, via the Group's existing banking channels and payment terminal base in Malaysia.
-- Profit after tax of GBP0.16 million (2014: profit after tax of GBP0.04 million).
-- As at 31 December 2015, the Group had cash and cash equivalents of GBP2.22 million (31 December 2014: cash and cash equivalents of GBP1.61 million).
-- The contribution from the Group's operations in the Philippines remained insignificant, with a small revenue contribution through the provision of e-payment solution.
-- The Company expects an improve trading performance in 2016 and is currently exploring the opportunity to expand its e-payment solutions and services to capitalise on the efforts of the Malaysian central bank to encourage switching from paper-based payments to e-payments.
For further information, please contact:
MobilityOne Limited +6 03 8996 3600 Dato' Hussian A. Rahman, CEO www.mobilityone.com.my har@mobilityone.com.my Allenby Capital Limited (Nominated Adviser and Broker) +44 20 3328 5656 Nick Athanas/James Reeve/Richard Short Newgate Communications +44 20 7653 9850 Robyn McConnachie
About the Group:
MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions, marketed under the brands MoCS and ABOSSE.
The Group has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices including EDC terminals, mobile devices, automated teller machines ("ATM") and internet banking.
The Group's technology platform is flexible, scalable and designed to facilitate cash, debit card and credit card transactions from multiple devices while controlling and monitoring the distribution of different products and services.
For more information, refer to our website at www.mobilityone.com.my
Chairman's Statement
For the year ended 31 December 2015
Introduction
The Directors are pleased to present the audited consolidated financial statements for MobilityOne Limited for the year ended 31 December 2015.
The revenue of the Group increased by 23.0% to GBP65.16 million (2014 revenue: GBP52.96 million), which was mainly contributed by growth in the mobile phone prepaid airtime reload and bill payment business via the Group's existing banking channels (such as mobile banking, internet banking and ATMs) and payment terminal base in Malaysia. The increase in revenue was also contributed by more than 1,000 new agent banking points being introduced by one of the Group's banking partners in Malaysia and additional bill payment partners. As a result of the increased revenue, the Group reported a profit after tax of GBP0.16 million in 2015 (2014 profit after tax: GBP0.04 million).
The contribution from the Group's operations in the Philippines remained insignificant with a small revenue contribution through the provision of an e-payment solution that allows a licensed betting company in the Philippines to collect bets using the Group's mobile payment terminals.
MobilityOne Sdn Bhd, the Company's wholly-owned subsidiary operating in Malaysia, is a Multimedia Super Corridor ("MSC") status company, however its pioneer status (which exempts 100% of the statutory business income from taxation) expired on 25 April 2015.
As at 31 December 2015, the Group had cash and cash equivalents of GBP2.22 million (31 December 2014: cash and cash equivalents of GBP1.61 million) and the secured loans and borrowings from financial institutions were GBP1.88 million (31 December 2014: GBP2.98 million).
Current trading and outlook
The Directors expect that the trading performance of the Group for 2016 will continue to be positive notwithstanding a cautious economic outlook in Malaysia. The Group's prepaid airtime reload and bill payment business via the existing business channels as well as contribution from more than 1,000 new agent banking locations introduced by one of the Group's banking partners in Malaysia is expected to continue to grow and contribute positively to the overall performance of the Group. In addition, the Group's ongoing efforts to provide additional value added services via the Group's banking partners' existing credit card terminals would further provide additional locations to provide our products and services. The additional locations would complement the Group's existing business channels and strengthen the physical retail reach. Furthermore, the Group plans to expand its e-payment solutions and services to capitalise on the efforts of the Malaysian central bank to encourage switching from paper-based payments to e-payments.
.............................................
Abu Bakar bin Mohd Taib
Chairman
Consolidated Income Statement
For the year ended 31 December 2015
Hot Features
Premium
2015 2014
GBP GBP
Revenue 65,161,080 52,957,761
Cost of sales (61,008,206) (49,338,665)
------------- -------------------
GROSS PROFIT 4,152,874 3,619,096
Other operating income 71,408 56,580
Administration expenses (3,228,126) (2,967,943)
Other operating expenses (650,550) (286,908)
------------- -------------------
OPERATING PROFIT 345,606 420,825
Finance costs (153,286) (180,826)
------------- -------------------
PROFIT BEFORE TAX 192,320 239,999
Discontinued operations,
net of tax - (186,171)
Tax (29,100) (9,356)
------------- -------------------
PROFIT FOR THE YEAR 163,220 44,472
============= ===================
Attributable to:
Owners of the parent 165,678 47,561
Non-controlling interests (2,458) (3,089)
------------- -------------------
163,220 44,472
============= ===================
BASIC EARNINGS PER SHARE
Continuing operations
(pence) 0.156 0.220
Discontinued operations
(pence) - (0.175)
------------- -------------------
0.156 0.045
------------- -------------------
DILUTED EARNINGS PER
SHARE
Continuing operations
(pence) 0.155 0.220
Discontinued operations
(pence) - (0.175)
------------- -------------------
0.155 0.045
------------- -------------------
PROFIT FOR THE YEAR 163,220 44,472
OTHER COMPREHENSIVE LOSS:
Foreign currency translation (104,617) (74,155)
------------- -------------
TOTAL COMPREHENSIVE PROFIT/(LOSS) 58,603 (29,683)
============= =============
Total comprehensive profit/(loss)
attributable to:
Owners of the parent 61,061 (26,594)
Non-controlling interests (2,458) (3,089)
------------- -------------
58,603 (29,683)
============= =============
Consolidated Statement of Changes in Equity
For the year ended 31 December 2015
Non-Distributable Distributable
------------------------------------ --------------
Reverse Foreign Non-
Currency controlling
Interests
Share Share Acquisition Translation Retained Total Total
Capital Premium Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1
January
2014 2,657,470 909,472 708,951 868,018 (3,915,036) 1,228,875 (20,139) 1,208,736
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Comprehensive
loss
Profit/(loss)
for the year - - - - 47,561 47,561 (3,089) 44,472
Foreign
currency
translation - - - (74,155) - (74,155) - (74,155)
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Total
comprehensive
profit for
the
year - - - (74,155) 47,561 (26,594) (3,089) (29,683)
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Transaction
with owners
Disposal of
subsidiary - - - - - - 20,063 20,063
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Total
transaction
with owners - - - - - - 20,063 20,063
At 31 December
2014 2,657,470 909,472 708,951 793,863 (3,867,475) 1,202,281 (3,165) 1,199,116
========== ======== ============ ============ ============== ========== ================ ==========
Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2015
Non-Distributable Distributable
------------------------------------ --------------
Reverse Foreign Non-
Currency controlling
Interests
Share Share Acquisition Translation Retained Total Total
Capital Premium Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1
January
2015 2,657,470 909,472 708,951 793,863 (3,867,475) 1,202,281 (3,165) 1,199,116
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Comprehensive
profit/(loss)
Profit/(loss)
for the year - - - - 165,678 165,678 (2,458) 163,220
Foreign
currency
translation - - - (104,617) - (104,617) - (104,617)
---------- -------- ------------ ------------ -------------- ---------- ---------------- ----------
Total
comprehensive
profit for
the
year - - - (104,617) 165,678 61,061 (2,458) 58,603
At 31 December
2015 2,657,470 909,472 708,951 689,246 (3,701,797) 1,263,342 (5,623) 1,257,719
========== ======== ============ ============ ============== ========== ================ ==========
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of the respective shares net of share issue expenses.
The reverse acquisition reserve relates to the adjustment required by accounting for the reverse acquisition in accordance with IFRS 3.
The Company's assets and liabilities stated in the Statement of Financial Position were translated into Pound Sterling (GBP) using the closing rate as at the Statement of Financial Position date and the Income Statements were translated into GBP using the average rate for that period. All resulting exchange differences are taken to the foreign currency translation reserve within equity.
Retained earnings represent the cumulative earnings of the Group attributable to equity shareholders.
Non-controlling interests represent the share of ownership of subsidiary companies outside the Group.
Consolidated Statement of Financial Position
As at 31 December 2015
2015 2014
GBP GBP
ASSETS
Non-current assets
Intangible assets 54,291 565,836
Property, plant and equipment 497,567 562,934
551,858 1,128,770
------------ -----------------
Current assets
Inventories 1,063,008 545,798
Trade and other receivables 3,347,788 2,323,251
Cash and cash equivalents 2,216,715 1,608,255
Tax recoverable 3,016 3,450
6,630,527 4,480,754
TOTAL ASSETS 7,182,385 5,609,524
SHAREHOLDERS' EQUITY
Equity attributable to
owners of the parent:
Called up share capital 2,657,470 2,657,470
Share premium 909,472 909,472
Reverse acquisition reserve 708,951 708,951
Foreign currency translation
reserve 689,246 793,863
Retained earnings (3,701,797) (3,867,475)
Shareholders' equity 1,263,342 1,202,281
Non-controlling interests (5,623) (3,165)
------------ -----------------
TOTAL EQUITY 1,257,719 1,199,116
------------ -----------------
LIABILITIES
Non-current liability
Loans and borrowings -
secured 296,692 386,914
---------------- ---------------
Current liabilities
Trade and other payables 3,927,768 1,359,041
Amount due to Directors 118,603 73,423
Loans and borrowings -
secured 1,581,603 2,591,030
5,627,974 4,023,494
---------------
Total liabilities 5,924,666 4,410,408
----------------
TOTAL EQUITY AND LIABILITIES 7,182,385 5,609,524
================ ===============
Consolidated Statement of Cash Flows
For the year ended 31 December 2015
2015 2014
GBP GBP
Cash flow from/(used in)
operating activities
Cash flow from/(used in)
operations 1,972,724 (236,489)
Interest paid (153,286) (180,826)
Interest received 51,395 31,468
Tax paid (44,948) (9,168)
Tax refund 434 6,426
----------- ---------
Net cash generated from
/(used in) operating activities 1,826,319 (388,589)
----------- ---------
Cash flow from investing
activities
Purchase of property,
plant and equipment (111,191) (361,762)
Net cash outflow for disposal
of subsidiary company - (1,123)
Net cash inflow for acquisition
of subsidiary company - 2,208
Net cash used in investing
activities (111,191) (360,677)
Cash flows from financing
activities
Drawdown of term loan - 300,739
Net change of banker acceptance (779,272) 781,051
Repayment of finance lease
payables (114,717) (106,708)
Repayment of letter of
credit (159,305) -
Repayment of term loan (46,355) (646)
Net cash from/(used in)
financing activities (1,099,649) 974,436
----------- ---------
Increase in cash and cash
equivalents 615,479 225,170
Effect of foreign exchange
rate changes (7,019) 63,092
Cash and cash equivalents
at beginning of year 1,608,255 1,319,993
----------- ---------
Cash and cash equivalents
at end of year 2,216,715 1,608,255
=========== =========
Notes to the Financial Statements
For the year ended 31 December 2015
1. Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board (IASB), as adopted by the European Union, and with those parts of the Companies (Jersey) Law 1991 applicable to companies preparing their financial statements under IFRS. The financial statements have been prepared under the historical cost convention.
2. Going Concern
The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in Chairman's statement above. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial statements and associated notes.
In order to assess the going concern of the Group, the Directors have prepared cashflow forecasts for companies within the Group. These cashflow forecasts show the Group expects an increase in revenue and will have sufficient headroom over available banking facilities. The Group has obtained banking facilities sufficient to facilitate the growth forecast in future periods. No matters have been drawn to the Directors' attention to suggest that future renewals may not be forthcoming on acceptable terms.
In addition, the controlling shareholder has also undertaken to provide support to enable the group to meet its debts as and when they fall due.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statement does not include any adjustments that would result if the forecast were not achieved and shareholder support was withdrawn.
3. Functional currency translation (i) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional currency of the Group is Ringgit Malaysia (RM). The consolidated financial statements are presented in Pound Sterling (GBP), which is the Company's presentational currency as this is the currency used in the country in which the entity is listed.
Assets and liabilities are translated into Pound Sterling (GBP) at foreign exchange rates ruling at the Statement of Financial Position date. Results and cash flows are translated into Pound Sterling (GBP) using average rates of exchange for the period.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
The financial information set out below has been translated at the following rates:
Exchange rate
(RM: GBP)
At Statement Average
of Financial for year
Position
date
Year ended 31 December 2015 6.36 5.97
Year ended 31 December 2014 5.45 5.39
4. Segmental Analysis
The information reported to the Group's chief operating decision maker to make decisions about resources to be allocated and for assessing their performance is based on the nature of the products and services, and has two reportable operating segments as follows:
(a) Telecommunication services and electronic commerce solutions; and (b) Hardware
Except as above, no other operating segment has been aggregated to form the above reportable operating segments.
Segment information is prepared in conformity with the accounting policies adopted for preparing and presenting the consolidated financial statements.
No segment assets and capital expenditure are presented as they are mostly unallocated items which comprise corporate assets and liabilities.
No geographical segment information is presented as the Group mainly trades and provides services in only one region - the Far East.
5. Taxation
Taxation on the income statement for the financial period comprises current and deferred tax. Current tax is the expected amount of taxes payable in respect of the taxable profit for the financial period and is measured using the tax rates that have been enacted at the Statement of Financial Position date.
Deferred tax is recognised on the liability method for all temporary differences between the carrying amount of an asset or liability in the Statement of Financial Position and its tax base at the Statement of Financial Position date. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the tax rates that have been enacted or substantively enacted by the Statement of Financial Position date. The carrying amount of a deferred tax asset is reviewed at each Statement of Financial Position date and is reduced to the extent that it becomes probable that sufficient future taxable profit will be available.
Deferred tax is recognised in the income statement, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also charged or credited directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill or negative goodwill.
6. Earnings per share
The basic earnings per share is calculated by dividing the profit of GBP165,678 (2014: loss of GBP47,561) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, which is 106,298,780 (2014: 106,298,780).
The diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the exercise of outstanding dilutive share options.
7. Contingent liabilities
Save as disclosed below, the Group has no contingent liabilities arising in respect of legal claims arising from the ordinary course of business and it is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for.
Group
2015 2014
GBP GBP
Limit of guarantees
Corporate guarantees given to a
licensed bank by the Company for
credit facilities granted to a
subsidiary company 4,377,560 4,377,560
=========== ===========
Amount utilised
Banker's guarantee in favour of
third parties 890,595 890,595
=========== ===========
8. Significant accounting policies
Amortisation of intangible assets
Software is amortised over its estimated useful life. Management estimated the useful life of this asset to be within 10 years. Changes in the expected level of usage and technological development could impact the economic useful life therefore future amortisation could be revised.
The research and development costs are amortised on a straight-line basis over the life span of the developed assets. Management estimated the useful life of these assets to be within 5 years. Changes in the technological developments could impact the economic useful life and the residual values of these assets, therefore future amortisation charges could be revised.
Impairment of goodwill on consolidation
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value-in-use of the cash generating units ("CGU") to which goodwill is allocated. Estimating a value-in-use amount requires management to make an estimation of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present value of those cash flows.
The Group's cash flow projections include estimates of sales. However, if the projected sales do not materialise there is a risk that the value of goodwill would be impaired.
The Directors have carried out a detailed impairment review in respect of goodwill. The Group assesses at each reporting date whether there is an indication that an asset may be impaired, by considering the cash flows forecasts. The cash flow projections are based on the assumption that the Group can realise projected sales. A prudent approach has been applied with no residual value being factored. At the period end, based on these assumptions there was no indication of impairment of the value of goodwill or of development costs.
Research and development costs
All research costs are recognised in the income statement as incurred.
Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditures which do not meet these criteria are expensed when incurred.
Development costs, considered to have finite useful lives, are stated at cost less any impairment losses and are amortised through other operating expenses in the income statement using the straight-line basis over the commercial lives of the underlying products not exceeding five years. Impairment is assessed whenever there is an indication of impairment and the amortisation period and method are also reviewed at least at each Statement of Financial Position date.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKKDQDBKDCAN
(END) Dow Jones Newswires
June 30, 2016 08:00 ET (12:00 GMT)
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