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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| E-Pay Asia | LSE:EPY | London | Ordinary Share | AU000000EPY3 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0736D
e-pay Asia Limited
31 August 2007
ASX / AIM: EPY
e-pay Asia Limited
("e-pay," the "Company" or the "Group")
e-pay Asia Limited is a leading provider of electronic payment solutions
and top up services for prepaid mobile users in South East Asia
Interim Results for the six months ended 30 June 2007
Highlights:
* Interim results, although profitable, were affected by difficult trading
conditions in Indonesia in addition to a new strategy for China at the expense
of direct software licensing sales
* Core Malaysian business continues to perform well with good cash generation
* Management team restructured with reporting procedures and business metrics
improved
* Further announcements with regard to China expected shortly
* Good progress expected in second half with small profit for the year as a
whole
* Directors remain confident of prospects over the medium and longer term
John Croft, Non-executive Chairman, said:
"The first half has been exceptionally challenging due to the reported
difficulties in Indonesia. The adoption of a long term strategy in China to
operate via a joint venture in order to secure a permanent presence and
capitalise on the associated benefits at the expense of direct software
licensing sales has also adversely affected short term profitability in the
current year. Although a difficult decision to take, we expect significantly
better returns in this key market which by the end of April 2007 had 487 million
mobile subscribers.
"A management restructuring, in addition to operational improvements made across
the Group, have created a business which is streamlined and focused on growing
profitably. Steady progress is expected during the second half and we anticipate
reporting a small profit for the full year.
"The first half of 2007 has been challenging, but we have made the necessary
changes in order to drive the business forward. Our core Malaysian business
continues to perform well and, with continued good cash generation over the
period, we have the necessary funding in place to underpin the business in the
current planning period. We expect to make further announcements with regard to
China shortly and the Board remains very confident of prospects over the medium
and longer term."
For more information:
Australia
Jack Tan e-pay Asia Limited +614 1828 6266 / +612 9283 8835
Company Secretary jtan@epay-asia.com
Asia
Yap Chih Ming e-pay Asia Limited +601 7229 1616 / +603 5632 2488
Chief Financial Officer investor@epay-asia.com
UK / Europe
John Croft e-pay Asia Limited +44 7785 315 588
Non-executive Chairman jcroft@epay-asia.com
David Newton Seymour Pierce +44 20 7107 8000
Nominated Adviser davidnewton@seymourpierce.com
Shane Dolan Biddicks +44 20 7448 1000
Financial Public Relations shane.dolan@biddicks.co.uk
www.epay-asia.com
Review of operations
We experienced a challenging first half primarily due to the difficult trading
conditions encountered in Indonesia in tandem with a readjustment of our Chinese
strategy, where direct software licensing sales have been sacrificed in order to
pursue a long term presence in this territory via a joint venture.
Measures have been introduced to improve key business metrics and we expect more
to follow as our restructured management team focuses on addressing the
significant opportunities that exist for our services while growing the business
profitably. We expect to announce further news shortly with regards to our entry
into the Chinese market, which has over 487 million mobile subscribers and is
growing at circa 17% per annum (source: Business Monitor International's China
Telecommunications Report Q2 2007).
Group operating cashflow for the period continues to be strong at A$8.9m, an
increase of 103% on the same period last year.
Overall revenue for the period was A$7.6m (2006: A$9.7m) with EBITDA of A$2.2m
(2006: A$6.2m). Profit after tax was A$111,156 (2006: A$3.4m), after taking into
account exceptional costs of A$0.9m. Diluted earnings per share were 0.05 cents
(2006: 1.66 cents).
e-pay Malaysia
The business in Malaysia remains strong, benefiting from overall operating
cashflow increasing by 15% from January to June year on year, rising from A$3.9m
in 2006 to A$4.5m in 2007, and by the introduction of additional channels,
products and services. The Company has continued to expand its terminal base,
with numbers rising from 10,000 in January 2007 to 11,500 in June, as well as
offering services through ATMs. This is in line with the Company's strategy in
Malaysia of continuing to expand its presence around the country whilst
exploring the addition of new products and services to diversify revenue
streams, utilising e-pay's existing infrastructure. This allows immediate return
with minimal upfront investment required.
During the period, e-pay announced a strategic alliance with AmBank (M) Berhad
("AmBank") to recruit new retailers throughout Malaysia for AmBank's credit card
transaction services. Under the partnership, e-pay Malaysia will expand its
network of terminals to support both pre-paid and AmBank credit card
transactions. While this roll-out process is still continuing, it has been
subject to some delay. e-pay Asia is pursuing a number of similar business
opportunities as part of its strategy to offer new services and build revenue
streams. We will report on progress in due course.
e-pay Malaysia was also selected during the period by the Malaysian Ministry of
Electricity, Water and Communication as a technology partner to participate in a
programme to develop IT and digital communication infrastructure in rural areas.
The Ministry plans to set up 250 Community Service and Knowledge Centres
("CSKC") initially, with the aim of rolling out a further 250 centres in due
course. These sites will provide the local community with access to a range of
IT and communication services, such as the internet, as well as access to e-pay
Asia's prepay mobile services.
This is a significant development for e-pay Asia with the potential to generate
significant net fee incomes as the contract allows the Company to install its
terminals across all CSKC sites, and begin targeting a valuable new customer
base.
Higher margin products, such as prepaid diesel top-ups and credit card
transactions, continue to grow. We are continuing to explore opportunities to
offer services like the collection of TV subscriptions, road charges and debit
card transactions and expect to make announcements about these in due course.
e-pay Indonesia
As reported, we faced challenging trading conditions in Indonesia due to changes
in market conditions. As a result, we are reporting operating losses here for
the half year including a one-off accounting charge of A$926,797 for the
impairment of goodwill. The carrying amount of the business including goodwill
exceeded the recoverable amount thus necessitating an impairment write off of
the goodwill. The result from this division, as already announced, has had a
significant impact on the results for the Group as a whole. The Board is
currently reviewing the viability of this business from a strategic point of
view and will report on this in due course.
New markets
As already announced, the Board has reviewed the Chinese market opportunity and
has decided to enter China via a joint venture with a licensed operator with a
further update expected shortly. Although this strategy will secure better long
term returns for the business, in the short term the Group will sacrifice direct
software licensing sales which as announced previously generated A$3.6m of net
profit in 2006. This decision was reached after considering the need to balance
short term growth prospects against potential risks as well as the desire to
establish a long term presence in a market which is growing rapidly
In March, we announced that we had decided not to continue the strategic
alliance discussions with India's E-Charge Tech Pvt Ltd. The Company's strategy
regarding India remains unchanged and we are currently in discussions with
existing Indian prepaid mobile airtime distributors about creating a new
business venture.
The Board remains convinced that significant opportunities exist in China and
India. India is one of the largest and fastest growing e-payment markets in the
world with mobile subscribers growing by 97% from 75.94 million at end 2005 to
149.5 million at end 2006 (source: Telecom Regulatory Authority of India). At
the end of April 2007, China had 487 million mobile subscribers, representing a
penetration rate of 36.6% compared to 34.9% at the end of 2006. Penetration in
rural areas is estimated at only 15% (source: Business Monitor International's
China Telecommunications Report Q2 2007). Good progress is being made on new
initiatives to exploit these opportunities and announcements will be made in due
course.
Board Strengthened
During the period Jack Tan was appointed Non-executive Director and Company
Secretary. He has over 20 years' experience as an investment adviser with
leading stockbroking firms in Sydney and is a Member of the Australian Institute
of Company Directors. He replaces Jonathan Soon, who left the Company in order
to pursue other business interests.
As part of the review of its operations conducted by the Board following the
period end, Wong Yin Ching was appointed Chief Executive Officer, succeeding
Simon Loh who stepped down as Managing Director. Mr Wong joined the Company in
2002 and prior to this appointment was Group Chief Operating Officer. He
previously spent 10 years working with Ericsson Malaysia where his last role was
General Manager. Simon Loh remains on the Board as a Non-executive Director with
specific responsibility for assessing new market opportunities.
At the same time Yap Chih Ming, a Chartered Accountant who joined the business
in 1999 and who until recently acted as Director of Finance, was appointed to
the Board as Chief Financial Officer. In addition, John Croft was appointed
Non-executive Chairman following the resignation of Michael Lee.
These appointments will underpin the Company's ability to drive the business
forward. Mr Wong's appointment as CEO capitalises on his significant operational
experience both within the Company as well as with Ericsson Malaysia. At the
same time it also enables Simon Loh to concentrate on his key strength of
identifying and commercialising business opportunities, in particular in China
and India. The appointment of Yap Chih Ming as Chief Financial Officer
strengthens both the Company's financial and business controls.
Outlook
While the first half has been challenging, e-pay's core business in Malaysia
continues to perform well. The Company has installed measures to improve
operational efficiencies across the Group and, with continued good cash
generation over the period, has the necessary funding in place to underpin its
steady progress. A small profit is expected for the full year with significant
opportunities for the Group existing both in Malaysia as well as in new markets
such as China and India. Although 2007 will be a challenging year, the Board is
confident of significant prospects over the medium and longer term and looks
forward to updating shareholders on progress in due course.
John Croft
Chairman
London, 31 August 2007
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Grosvenor Place
225 George Street
Sydney NSW 2000
PO Box N250 Grosvenor Place
Sydney NSW 1219 Australia
DX 10307SSE
Tel: +61 (0) 2 9322 7000
Fax: +61 (0) 2 9322 7001
www.deloitte.com.au
31 August 2007
The Board of Directors
e-pay Asia Limited
Suite 2402, Level 24
St Martins Tower
31 Market Street
SYDNEY NSW 2000
Dear Directors
e-pay Asia Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to
provide the following declaration of independence to the directors of e-pay Asia
Limited.
As lead audit partner for the review of the financial statements of e-pay Asia
Limited for the half-year ended 30 June 2007, I declare that to the best of my
knowledge and belief, there have been no contraventions of:
* the auditor independence requirements of the Corporations Act 2001 in
relation to the review; and
* any applicable code of professional conduct in relation to the review.
Yours faithfully,
Deloitte Touche Tohmatsu
WENG W CHING
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Grosvenor Place
225 George Street
Sydney NSW 2000
PO Box N250 Grosvenor Place
Sydney NSW 1219 Australia
DX 10307SSE
Tel: +61 (0) 2 9322 7000
Fax: +61 (0) 2 9322 7001
www.deloitte.com.au
Independent Auditor's Review Report to the Members of e-pay Asia Limited
We have reviewed the accompanying half-year financial report of e-pay Asia
Limited (the consolidated entity), which comprises the balance sheet as at 30
June 2007, and the income statement, cash flow statement, statement of changes
in equity, for the half-year ended on that date, selected explanatory notes and
the directors' declaration of the consolidated entity comprising the e-pay Asia
Limited and the entities it controlled at the end of the half-year or from time
to time during the half-year.
Directors' Responsibility for the Half-Year Financial Report
The directors of the consolidated entity are responsible for the preparation and
fair presentation of the half-year financial report in accordance with
Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Act 2001. This responsibility includes
establishing and maintaining internal control relevant to the preparation and
fair presentation of the half-year financial report that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report
based on our review. We conducted our review in accordance with Auditing
Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report
Performed by the Independent Auditor of the Entity, in order to state whether,
on the basis of the procedures described, we have become aware of any matter
that makes us believe that the financial report is not in accordance with the
Corporations Act 2001 including: giving a true and fair view of the consolidated
entity's financial position as at 30 June 2007 and its performance for the
half-year ended on that date; and complying with Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations 2001. As the
auditor of e-pay Asia Limited, ASRE 2410 requires that we comply with the
ethical requirements relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Auditor's Independence Declaration
In conducting our review, we have complied with the independence requirements of
the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half-year financial report of e-pay Asia
Limited is not in accordance with the Corporations Act 2001, including:
(a) giving a true and fair view of the consolidated entity's financial
position as at 30 June 2007 and of its performance for the half-year ended on
that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting
and the Corporations Regulations 2001.
Deloitte Touche Tohmatsu
WENG W CHING
Partner
Chartered Accountants
Sydney, 31 August 2007
e-pay Asia Limited
Consolidated Income Statement
For the half-year ended 30 June 2007
Half-year
2007 2006
Notes A$ A$
Revenue 7,627,276 9,730,821
Other income 228,100 459,065
Employee benefits (2,146,303) (1,647,927)
Impairment of goodwill 4 (926,797) -
Other operating expenses (2,546,847) (2,338,884)
----------- -----------
Profit before finance costs, depreciation,
and income tax 2,235,429 6,203,075
Finance costs (882,740) (365,032)
Depreciation & amortisation (1,111,923) (747,763)
----------- -----------
Profit before income tax 240,766 5,090,280
Income tax expense (25,844) (234,689)
----------- -----------
Net profit after income tax 214,922 4,855,591
Net profit attributable to outside equity
interests (103,766) (1,474,196)
----------- -----------
Net profit attributable to members of the
parent entity 111,156 3,381,395
=========== ===========
Earnings per share for profit from
continuing operations attributable to the
ordinary equity holders of the company:
Basic earnings per share (cents) 0.05 cents 1.76 cents
Diluted earnings per share (cents) 0.05 cents 1.66 cents
The above consolidated income statement should be read in conjunction with the
accompanying notes.
e-pay Asia Limited
Consolidated Balance Sheet
As at 30 June 2007
30 June 2007 31 December 2006
Notes A$ A$
Current Assets
Cash & cash equivalents 5 18,183,930 10,505,432
Receivables 6,217,786 11,139,480
Prepaid airtime top-ups 7,701,294 10,192,144
Others 610,006 282,432
----------- --------------
Total Current Assets 32,713,016 32,119,488
----------- --------------
Non-Current Assets
Property, plant and equipment 3,532,064 4,479,523
Intangible assets 2,684,772 3,945,163
Available-for-sale financial assets 126,504 126,504
Other financial assets 21,418 90,273
Deferred tax assets 23,440 41,709
----------- --------------
Total Non-Current Assets 6,388,198 8,683,172
----------- --------------
Total Assets 39,101,214 40,802,660
----------- --------------
Current Liabilities
Payables 6,542,415 11,519,133
Borrowings 18,538,594 12,441,408
Current tax liabilities 3,316 61,444
Provisions 97,354 117,776
Others-deferred income 291,894 322,000-
----------- --------------
Total Current Liabilities 25,473,573 24,461,761
----------- --------------
Non-Current Liabilities
Borrowings 1,426,671 2,002,783
Deferred tax liability 73,315 77,314
Provisions 160,880 205,209
----------- --------------
Total Non-Current Liabilities 1,660,866 2,285,306
----------- --------------
Total Liabilities 27,134,439 26,747,067
----------- --------------
Net Assets 11,966,775 14,055,593
----------- --------------
Equity
Contributed equity 12,042,636 11,187,177
Reserves 1,205,048 1,463,437
Accumulated losses (3,191,918) (522,818)
----------- --------------
Parent Entity Interest 10,055,766 12,127,796
Minority Interest 1,911,009 1,927,797
----------- --------------
Total Equity 11,966,775 14,055,593
----------- --------------
The above consolidated balance sheet should be read in conjunction with the
accompanying notes.
e-pay Asia Limited
Consolidated Statement of Changes in Equity
For the half-year ended 30 June 2007
Half-year
2007 2006
Notes A$ A$
Total equity at the beginning of
financial year 14,055,593 1,576,686
Exchange differences on translation
of foreign operations (378,943) 122,008
----------- -----------
Net income and (expenses) recognised
directly in equity (378,943) 122,008
Profit for the half-year 214,922 4,855,591
----------- -----------
Total recognised income and (expense)
for the year (164,021) 4,977,598
----------- -----------
Transactions with equity holders in their
capacity as equity holders:
- Purchase of minority interest in
subsidiary - (405,173)
- Contributions of equity, net of
transaction costs 56,734 90,165
- Conversion of convertible notes
by way of issue of equity 798,725 882,242
- Interim dividend declared (2,780,256) -
----------- -----------
(1,924,797) 567,234
----------- -----------
Total equity at the end of the half-year 11,966,775 7,121,519
Total recognised income and expense for
the half-year is attributable to:
Members of e-pay Asia Limited 111,156 3,381,395
Minority interest 103,766 1,474,196
----------- -----------
214,922 4,855,591
----------- -----------
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes.
e-pay Asia Limited
Consolidated Cash Flow Statement
For the half-year ended 30 June 2007
Half-year
2007 2006
Notes A$ A$
Cash flows from operating activities
Receipts from customers 286,028,847 259,478,744
Payments to suppliers and employees (276,511,758) (254,465,800)
Interest paid (531,738) (365,032)
Tax paid (83,972) (275,318)
----------- -----------
Net cash inflow from operating
activities 8,901,379 4,372,594
----------- -----------
Cash flows for investing activities
Additional investment in subsidiary - (1,381,418)
Payment for plant and equipment (271,411) (1,203,298)
Proceeds on disposal of plant and
equipment 70,600 121,902
----------- -----------
Net cash outflow for investing
activities (200,811) (2,462,814)
----------- -----------
Cash flows from financing activities
Proceeds from issuance of shares 56,734 587,104
Capital raising expenses - (537,115)
Dividend paid (2,780,256) -
Borrowings 8,774,458 5,784,555
Loan repayments (4,995,668) (2,140,315)
----------- -----------
Net cash inflow from investing
activities 1,055,268 3,694,229
----------- -----------
Net increase in cash held 9,755,836 5,604,009
Cash at the beginning of financial year 8,882,440 3,469,223
Currency translation difference (780,596) 83,615
----------- -----------
Cash at the end of the half-year 5 17,857,680 9,156,847
----------- -----------
The above consolidated cash flow statement should be read in conjunction with
the accompanying notes.
e-pay Asia Limited
Notes to the Financial Statements
30 June 2007
1 Basis of preparation of half-year report
This general purpose financial report for the interim half-year reporting period
ended 30 June 2007 has been prepared in accordance with Accounting Standard AASB
134 Interim Financial Reporting and the Corporations Act 2001.
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report is to
be read in conjunction with the annual report for the year end 31 December 2006
and any public announcements made by e-pay Asia Limited during the interim
reporting period in accordance with the continuous disclosure requirements of
the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous
financial year.
2 Segment information
Business Segment Information Half Year 2007
Prepaid Tele Software Corporate/ Total
Top-up communications Solutions unallocated
Segment revenue Half Year Half Year Half year Half Year Half Year
2007 2007 2007 2007 2007
A$ A$ A$ A$ A$
-------------- ---------- ---------- --------- --------- ---------
Sales to
external
customers 5,225,697 - 2,401,579 - 7,627,276
Other revenue 134,020 - - 94,080 228,100
---------- ---------- --------- --------- ---------
Total revenue 5,359,717 - 2,401,579 94,080 7,855,376
---------- ---------- --------- --------- ---------
Segment result 178,422 - 1,329,576 (1,267,233) 240,766
---------- ---------- --------- --------- ---------
Profit from
ordinary
activities
before related
income tax
expense 240,766
Income tax
expense (25,844)
---------- ---------- --------- --------- ---------
Net profit 214,922
Segment assets 30,817,769 20,000 4,526,163 3,737,282 39,101,214
Segment
liabilities 23,857,920 - 291,894 2,984,625 27,134,439
Acquisition of
property, plant
and equipment
and intangibles 271,411 - - - 271,411
Depreciation
and amortisation
expenses 805,872 - 293,665 12,386 1,111,923
Business Segment Information Half Year 2006
Prepaid Tele Software Corporate/ Total
Top-up communications Solutions unallocated
Segment revenue Half Year Half Year Half year Half Year Half Year
2007 2007 2007 2007 2007
A$ A$ A$ A$ A$
-------------- ---------- ---------- --------- --------- ---------
Sales to
external
customers 7,337,493 - 2,291,023 102,305 9,730,821
Other revenue 455,315 - - 3,750 459,065
---------- ---------- --------- --------- ---------
Total revenue 7,792,808 - 2,291,023 106,055 10,189,886
---------- ---------- --------- --------- ---------
Segment result 3,971,421 - 2,291,023 (1,172,164) 5,090,280
---------- ---------- --------- --------- ---------
Profit from
ordinary
activities
before
related income
tax expense 5,090,280
Income tax
expense (234,689)
---------- ---------- --------- --------- ---------
Net profit 4,855,591
Segment assets 29,115,944 - 2,000,002 1,192,733 32,308,679
Segment
liabilities 22,950,608 - - 2,236,552 25,187,160
Acquisition of
property, plant
and equipment
and intangibles 1,203,298 - - - 1,203,298
Depreciation
and amortisation
expenses 672,529 - - 75,234 747,763
Geographical Segment
The consolidated entity operates mainly in Asia in prepaid mobile top-up
services in Malaysia, Indonesia, Thailand and Pakistan, prepaid diesel top-up
services in Malaysia, and software solutions businesses throughout the Asian
region.
3 Equity securities issued
2007 2006 2007 2006
Shares Shares A$ A$
Issues of ordinary shares during
the half-year
Exercise of options issued 283,670 450,825 56,734 90,165
Deferred Consideration of
acquisition of e-pay Asia
Holdings Ltd 72,500,000 - -* -
Issued as a result of conversion
of convertible note during the
period 2,732,349 2,915,566 798,725 882,242
--------- -------- ------- -------
75,516,019 3,366,391 855,459 972,407
--------- --------- -------- --------
* the issue of 72,500,000 shares to e-pay Asia Holdings Limited has been
accounted for as an adjustment to the initial accounting for the cost of
combination arising from the reverse takeover of e-pay Asia Limited by e-pay
Asia Holdings Limited in the 2005 financial year. For further details, see Note
2 to the 31 December 2006 Annual Report.
4 Profit for the half-year
Profit for the half-year includes the following items that are unusual because
of their nature, size or incidence:
Half-year
2007 2006
A$ A$
Expenses
Impairment of goodwill 926,797 -
Less: Applicable income tax revenue - -
----------- -----------
926,797 -
----------- -----------
5 Cash and Cash Equivalents
June 2007 Dec 2006
A$ A$
Cash on hand and at bank 5,359,690 6,699,876
Term deposits a 12,824,240 3,805,556
----------- -----------
b 18,183,930 10,505,432
----------- -----------
a) Included in term deposits are deposits
amounting to $9,404,098 (2006 : $1,798,000)
pledged to the Group's bankers as security for
credit facilities granted to the Group.
June 2007 Jun 2006
b) Reconciliation of Cash A$ A$
Cash and cash equivalent 18,183,930 10,568,439
Bank overdraft (326,250) (1,411,592)
----------- -----------
Total cash and cash equivalent in Cash Flow
Statement 17,857,680 9,156,847
----------- -----------
6 Events occurring after the balance sheet date
a) During the period, Sooncorp Pty Limited ("Sooncorp"), a company related to
Jonathan Soon, a former director of e-pay Asia Limited, claimed reimbursements
of certain expenditure, consultancy fees and an amount due to Sooncorp. This
claim was settled on 13 July 2007 for a sum of $650,000 which has been
recognised in full at the balance sheet date.
b) As part of the process of streamlining operations, during the period the
Group initiated the liquidation of its Serbian subsidiary, Mobiepay DOO. This
process was completed on 30 August 2007 with all liabilities in relation to the
liquidation recognised in full at the balance sheet date. Mobiepay DOO was set
up on the acquisition of Mobiepay LLC in July 2006. The Company has transferred
all Intellectual Property to Mobiepay Sdn Bhd, a company incorporated in
Malaysia.
e-pay Asia Limited
Directors' Declaration
Half year report ended 30 June 2007
In the directors' opinion:
(a) the financial statements and notes set out above are in accordance with the
Corporations Act 2001, including:
(i) complying with Accounting Standards, the Corporations Regulations 2001 and
other mandatory professional reporting requirements; and
(ii) giving a true and fair view of the consolidated entity's financial position
as at 30 June 2007 and of its performance, as represented by the results of
its operations, changes in equity and its cash flows, for the half-year
ended on that date; and
(b) there are reasonable grounds to believe that e-pay Asia Limited will be able
to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the directors.
John Croft
Chairman
London, 31 Aug 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDMFSFSWSEFA
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