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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 | 0.00 | 01:00:00 |
| 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 : 0735L
MobilityOne Limited
28 September 2016
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
28 September 2016
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Unaudited interim results for the six months ended 30 June 2016
MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider with its main operations in Malaysia, announces its unaudited interim results for the six months ended 30 June 2016.
Highlights:
-- Revenue grew by 7.26% to GBP33.59 million (H1 2015: GBP31.32 million) mainly contributed by growth in the Group's mobile phone prepaid airtime reload and bill payment business in Malaysia;
-- Operating profit of GBP0.29 million (H1 2015: operating profit of GBP0.22 million); -- Profit after tax of GBP0.14 million (H1 2015: profit after tax of GBP0.11 million);
-- The Group is acquiring 50% equity interest in Unique Change Sdn Bhd, which provides international remittance services from Malaysia, mainly to Nepal, Bangladesh and Indonesia; and
-- The Board of MobilityOne expects the trading performance in the second half of 2016 to remain positive as the Group continues to explore new opportunities and to expand its e-payment solutions and services in Malaysia.
For further information, contact:
MobilityOne Limited +6 03 89963600
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
Newgate +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
The revenue of the Group grew by 7.26% to GBP33.59 million in the first six months of 2016, 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. As a result of the increased revenue, the Group recorded an operating profit of GBP0.29 million (H1 2015: operating profit of GBP0.22 million) and the Group's profit after tax increased to GBP0.14 million in the first six months of 2016, as compared to a profit after tax of GBP0.11 million in the first six months of 2015.
The contribution from the Group's operations in the Philippines remained insignificant with a small revenue generated through the provision of an e-payment solution.
As at 30 June 2016, the Group had cash and cash equivalents of GBP2.57 million (30 June 2015: cash and cash equivalents of GBP1.71 million) and the secured loans and borrowings from financial institutions were GBP3.05 million (30 June 2015: GBP2.43 million).
Current trading and outlook
The Board of MobilityOne expects the trading performance in the second half of 2016 to remain positive notwithstanding the current economic situation in Malaysia which may present challenging business conditions.
Besides the Group's mobile phone prepaid airtime reload and bill payment business via its existing business channels, the Group will continue to explore new opportunities to expand its e-payment solutions and services in Malaysia to capitalise on the efforts of the Malaysian central bank to encourage switching from paper-based payments to e-payments.
In view of the Group's past experience in the international remittance business, the Group is acquiring 50% of the issued and paid-up share capital of Unique Change Sdn Bhd ("Unique Change") for a nominal purchase consideration of RM10.00 (c. GBP1.87). Unique Change is incorporated in Malaysia and provides international remittance services from Malaysia, mainly to Bangladesh, Nepal and Indonesia. It currently holds a remittance business license issued by the Central Bank of Malaysia and has 6 outlets in Malaysia. The acquisition provides a good opportunity for the Group to partner with the existing shareholders of Unique Change to grow the business. In 2015, there were more than 2.1 million foreign workers in Malaysia, mainly from Indonesia (39.2%), Nepal (23.5%) and Bangladesh (13.2%) who have the need to send money back to their home countries. Full details on the acquisition have been announced today.
Abu Bakar bin Mohd Taib
Chairman
28 September 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS PERIODED 30 JUNE 2016
Hot Features
Premium
Six months Six months Financial
year
Ended Ended Ended
30 June 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
CONTINUING OPERATIONS GBP GBP GBP
Revenue 33,591,365 31,317,005 65,161,080
Cost of sales (31,291,165) (29,424,516) (61,008,206)
------------- ------------- -------------
GROSS PROFIT 2,300,200 1,892,489 4,152,874
Other operating income 21,695 63,354 71,408
Administration expenses (1,778,599) (1,500,002) (3,228,126)
Other operating expenses (249,684) (237,177) (650,550)
------------- ------------- -------------
OPERATING PROFIT 293,612 218,664 345,606
Finance costs (86,066) (88,479) (153,286)
------------- ------------- -------------
PROFIT BEFORE TAX 207,546 130,185 192,320
Tax (63,528) (18,651) (29,100)
------------- ------------- -------------
PROFIT FOR THE PERIOD/YEAR 144,018 111,534 163,220
============= ============= =============
Attributable to:
Owners of the parent 144,761 113,165 165,678
Non-controlling interest (743) (1,631) (2,458)
144,018 111,534 163,220
=============
EARNINGS PER SHARE
Basic earnings per
share (pence) 0.136 0.106 0.156
Diluted earnings per
share (pence) 0.124 0.097 0.142
PROFIT FOR THE PERIOD 144,018 111,534 163,220
OTHER COMPREHENSIVE
PROFIT/(LOSS)
Foreign currency translation 158,894 (144,135) (104,617)
TOTAL COMPREHENSIVE
PROFIT/(LOSS) FOR
THE PERIOD 302,912 (32,601) 58,603
Total comprehensive
profit/(loss) attributable
to:
Owners of the parent 301,259 (31,324) 61,061
Non-controlling interest 1,653 (1,277) (2,458)
302,912 (32,601) 58,603
============= ============= =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
At At At
30 June 31 Dec
2016 30 June 2015 2015
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Intangible assets 31,733 473,489 54,291
Property, plant
and equipment 545,204 542,999 497,567
576,937 1,016,488 551,858
------------ ------------- ------------
Current assets
Inventories 1,055,079 337,181 1,063,008
Trade receivables 602,820 1,558,053 2,697,809
Other receivables 858,235 399,375 649,979
Tax recoverable 1,029 - 3,016
Cash and cash
equivalents 2,571,104 1,705,062 2,216,715
------------ ------------- ------------
5,088,267 3,999,671 6,630,527
------------ ------------- ------------
Total Assets 5,665,204 5,016,159 7,182,385
============ ============= ============
Shareholders' equity
Equity attributable
to equity holders
of the Company
Called up share
capital 2,657,470 2,657,470 2,657,470
Share premium 909,472 909,472 909,472
Reverse acquisition
reserve 708,951 708,951 708,951
Foreign currency
translation reserve 845,744 649,374 689,246
Retained earnings (3,557,036) (3,754,310) (3,701,797)
------------ ------------- ------------
Shareholders' equity 1,564,601 1,170,957 1,263,342
Non-controlling
interest (3,970) (4,442) (5,623)
------------ ------------- ------------
Total Equity 1,560,631 1,166,515 1,257,719
------------ ------------- ------------
Liabilities
Non-current liabilities
Loans and borrowings
- secured 347,597 328,833 296,692
------------ ------------- ------------
Current liabilities
Trade payables 475,334 851,129 157,856
Other payables 552,741 546,447 3,769,912
Amount due to
Directors 6,439 6,146 118,603
Loans and borrowings
- secured 2,702,848 2,104,211 1,581,603
Tax Payable 19,614 12,878 -
------------ ------------- ------------
3,756,976 3,520,811 5,627,974
------------ ------------- ------------
Total Liabilities 4,104,573 3,849,644 5,924,666
------------ ------------- ------------
Total Equity and
Liabilities 5,665,204 5,016,159 7,182,385
============ ============= ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIODED 30 JUNE 2016
Non-Distributable Distributable
Foreign
Reverse Currency Non-
Share Share Acquisition Translation Retained Controlling
Capital Premium Reserve Reserve Earnings Total Interest Total
GBP GBP GBP GBP GBP GBP GBP GBP
As at 1 January
2016 2,657,470 909,472 708,951 689,246 (3,701,797) 1,263,342 (5,623) 1,257,719
Foreign
currency
translation - - - 156,498 - 156,498 2,396 158,894
Profit for
the period - - - - 144,761 144,761 (743) 144,018
---------- -------- ------------ ------------ ------------ ---------- ------------ ----------
As at 30
June 2016 2,657,470 909,472 708,951 845,744 (3,557,036) 1,564,601 (3,970) 1,560,631
========== ======== ============ ============ ============ ========== ============ ==========
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
Foreign
currency
translation - - - (144,489) - (144,489) 354 (144,135)
Profit for
the period - - - - 113,165 113,165 (1,631) 111,534
---------- -------- ------------ ------------ ------------ ---------- ------------ ----------
As at 30
June 2015 2,657,470 909,472 708,951 649,374 (3,754,310) 1,170,957 (4,442) 1,166,515
========== ======== ============ ============ ============ ========== ============ ==========
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 CASH FLOWS
FOR THE SIX MONTH PERIODED 30 JUNE 2016
Six months Six months Financial
year
Ended Ended ended
30 June 30 June 31 Dec
2016 2015 2015
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating
activities
Cash (used in)/generated
from operations (768,380) 779,714 1,972,724
Interest paid (86,066) (88,479) (153,286)
Interest received 21,668 22,600 51,395
Tax paid (52,012) (1,522) (44,948)
Tax refund - - 434
---------- ---------- -----------
Net cash (used in)/generated
from operating activities (884,790) 712,313 1,826,319
---------- ---------- -----------
Cash flows from investing
activities
Purchase of property,
plant and equipment (18,042) (74,656) (111,191)
Net cash used in investing
activities (18,042) (74,656) (111,191)
---------- ---------- -----------
Cash flows from financing
activities
Drawdown /(Repayment)
of term loan 40,011 (1,861) (46,355)
Drawdown /(Repayment)
of short term borrowings 1,161,488 (249,098) (938,577)
Repayment from finance
lease payables (29,348) (49,984) (114,717)
Net cash generated/(used
in) from financing activities 1,172,151 (300,943) (1,099,649)
---------- ---------- -----------
Increase in cash and cash
equivalents 269,319 336,714 615,479
Effect of foreign exchange
rate changes 85,070 (239,907) (7,019)
Cash and cash equivalents
at beginning of period/year 2,216,715 1,608,255 1,608,255
Cash and cash equivalents
at end of period/year 2,571,104 1,705,062 2,216,715
========== ========== ===========
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
The Group's interim financial statements for
the six months ended 30 June 2016 were authorised
for issue by the Board of Directors on 28 September
2016.
The interim financial statements are unaudited
and 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. It has been prepared in accordance
with IAS 34 "Interim Financial Reporting" and
does not include all of the information required
for full annual financial statements. The financial
statements have been prepared under the historical
cost convention.
Full details of the accounting policies adopted,
which are consistent with those disclosed in
the Company's 2015 Annual Report, will be included
in the audited financial statements for the
year ending 31 December 2016.
2. Basis of consolidation
The consolidated statement of comprehensive
income and statement of financial position include
financial statements of the Company and its
subsidiaries made up to 30 June 2016.
3. Nature of financial information
The unaudited interim financial information
for the six months ended 30 June 2016 does not
constitute statutory accounts under the meaning
of Section 435 of the Companies Act 2006. The
comparative figures for the year ended 31 December
2015 are extracted from the audited statutory
financial statements. Full audited financial
statements of the Group in respect of that financial
year prepared in accordance with IFRS, which
we received an unqualified audit opinion, have
been delivered to the Registrar of Companies.
4. Functional and presentation currency
(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/period-end exchange
rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the
statement of comprehensive income.
The financial information set out below has
been translated at the following rates:
Exchange rate (RM: GBP)
At Statement Average for
of Financial year/
Position Period
date
Period ended 30
June 2016 5.44 5.88
Period ended 30
June 2015 5.93 5.59
Year ended 31 December
2015 6.36 5.97
5. Segmental analysis
No segmental analysis of revenues, profits,
assets and liabilities are presented and no
geographical segment information is presented
as the Group mainly trades and provides services
in only one region - the Far East.
6. 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.
7. Earnings per share
The basic earnings per share is calculated by
dividing the profit in the six month period
ended 30 June 2016 of GBP144,761 (30 June 2015:
profit of GBP113,165 and year ended 31 December
2015: profit of GBP165,678) attributable to
ordinary shareholders by the number of ordinary
shares outstanding at 30 June 2016 of 106,298,780
(30 June 2015: 106,298,780 and 31 December 2015:
106,298,780).
The diluted earnings per share for the six month
period ended 30 June 2016 is calculated using
the number of shares adjusted to assume the
conversion of all dilutive potential ordinary
shares of 116,898,780 (on 5 December 2014, the
Company granted share options of 10,600,000
shares at 2.5p to directors and certain employees
of the Group).
8. Reconciliation of profit before tax to cash
generated from operations
Financial
Six months Six months year
ended ended ended
30 June 2016 30 June 2015 31 Dec 2015
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from
operating activities
Profit before
tax 207,546 130,185 192,320
----------- ------------- ------------
Adjustments for:
Depreciation 47,489 52,640 104,749
Amortisation
of development
costs 29,382 48,829 115,449
Property, plant
and equipment
written off - - 3,716
Impairment loss
on goodwill - - 366,591
Interest expenses 86,066 88,479 153,286
Interest income (21,668) (22,600) (51,395)
----------- ------------- ------------
Operating profit
before working
capital changes 348,815 297,533 884,716
Decrease/(Increase)
in inventories 7,929 163,904 (517,210)
Decrease/(Increase)
in receivables 1,886,733 237,519 (1,024,537)
Decrease/(Increase)
in amount due
to Directors (112,164) (66,729) 45,180
(Decrease)/Increase
in payables (2,899,693) 147,487 2,584,575
----------- ------------- ------------
Cash (used in)/generated
from operations (768,380) 779,714 1,972,724
=========== ============= ============
9. Contingent liabilities
In the period under review, corporate guarantees
of RM20.0 million (GBP3.68 million) were given
to a licensed bank by the Company for credit
facilities granted to a subsidiary company.
10. Significant accounting policies
The interim consolidated financial statements
have been prepared applying the same accounting
policies that were applied in the preparation
of the Company's published consolidated financial
statements for the year ended 31 December 2015
except for the adoption of new and amended
reporting standards, which are effective for
periods commencing on or after 1 January 2016.
Various amendments to standards and interpretations
of standards are effective for periods commencing
on or after 1 January 2016 as detailed in the
2015 Annual Report, none of which have any
impact on reported results.
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 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 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'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 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
5 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.
11. Dividends
The Company has not proposed or declared an
interim dividend.
12. Interim report
This interim financial statement will, in accordance
with Rule 20 of the AIM Rules for Companies,
be available shortly on the Company's website
at www.mobilityone.com.my.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KVLBLQKFZBBQ
(END) Dow Jones Newswires
September 28, 2016 06:00 ET (10:00 GMT)
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