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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eservglobal Limited | LSE:ESG | London | Ordinary Share | AU000000ESV3 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.45 | 5.40 | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9174R eServGlobal Limited 27 February 2007 Appendix 4D eServGlobal Limited ABN 59 052 947 743 Half-year report and appendix 4D for the half-year ended 31 December 2006 The half-year financial report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the 2006 annual financial report. Half-year report and appendix 4D for the half year ended 31 December 2006 Contents Results for announcement to the market 1 Directors' Report 2 Auditor's Independence Declaration 4 Independent Review Report 5 Directors' Declaration 7 Consolidated Income Statement 8 Consolidated Balance Sheet 9 Consolidated Statement of Recognised Income and Expenses 10 Consolidated Cash Flow Statement 11 Notes to the Consolidated Financial Statements 12 eServGlobal Limited Half year ended 31 December 2006 Results for announcement to the market Results A$ '000 Revenues Up 127% to 74,202 Profit after tax attributable to members Up 1,047% to 2,203 Dividends (distributions) Amount per security Franked amount per security Current period Interim dividend declared Nilc -% Final dividend paid 1.2 c 100% Previous corresponding period Interim dividend declared Nil c -% Final dividend paid 1 c 100% Record date for determining entitlements to the N/A dividend. Brief explanation of revenue, net profit and dividends (distributions). The consolidated entity achieved sales revenue for the period of $74.202million (2005 $32.711million) - an increase of 127%. The gross profit realised was $26.400million (36%) (2005 $11.040million (34%)). EBITDA for the period was $9.022million (2005 EBITDA $1.69million). The net result of the consolidated entity for the half year ended 31 December 2006 was a profit after tax and minority interest for the period of $2,203,000 (2005 $192,000). Earnings per share were 1.3cents (2005 0.1cents) The operating cash flow for the period was a net inflow of $1.041million. Cash at 31 December 2006 was $6.076 million. 1 eServGlobal Limited Half year ended 31 December 2006 Directors' report The directors of eServGlobal Limited submit herewith the financial report for the half-year ended 31 December 2006. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Directors The names of the directors of the company during or since the end of the half year are: Ian Buddery Executive Chairman & Chief Executive Officer Francois Barrault Non Executive Director Anthony Gilbert Non Executive Director Graham Libbesson Non Executive Director Jim Pratt Non Executive Director David Smart Non Executive Director Roger Agniel (former Chief Executive Officer and Director) ceased 18 January 2007 Review of Operations This report is to be read in conjunction with other reports issued contemporaneously. eServGlobal Limited is a public company listed on the Australian Stock Exchange and the London Stock Exchange (AIM). With its Head Office in Sydney, Australia, the eServGlobal group has operations throughout the world. eServGlobal (LSE: ESG & ASX:ESV) specialises in enhanced multimedia communication services and real-time multi-networks control solutions. Our systems enable Service Providers to maximize today's proven revenue streams whilst ensuring service continuity and new revenue opportunities when evolving to next generation networks. eServGlobal solutions are designed for use in all types of networks from fixed to mobile to NGN/IMS. eServGlobal provides cost-effective and reliable multimedia messaging delivery from voice to video mail; from SMS routing, antispam control and value-added services to instant messaging and presence services. eServGlobal delivers the most advanced prepaid top-up methods and real-time rating enabling innovative marketing and prepaid-postpaid convergence eServGlobal has operations worldwide. More than 75 Service Providers in over 50 countries are taking advantage of our advanced solutions and multi-network expertise to successfully address their business challenges. In addition to its Sydney office, the group has offices in Paris (France), Wellington (NZ), Hong Kong, Ipswich (UK), Brussels (Belgium), the Netherlands, Denmark, India, Egypt, Singapore, Indonesia, Beijing, Romania and Poland. The consolidated entity achieved sales revenue for the period of $74.202million (2005 $32.711million) - an increase of 127%. The gross profit realised was $26.400million (36%) (2005 $11.040million (34%)). EBITDA for the period was $9.022million (2005 EBITDA $1.69million). The net result of the consolidated entity for the half year ended 31 December 2006 was a profit after tax and minority interest for the period of $2,203,000 (2005 $192,000). The operating cash flow for the period was a net inflow of $1.041million. Cash at 31 December 2006 was $6.076million. 2 eServGlobal Limited Half year ended 31 December 2006 Auditor's independence declaration The auditor's independence declaration is included on page 4 of the half-year financial report. Rounding off of amounts The company is a company of the kind referred to in ASIC Class Order 98/0100, dated 10 July 1998, and in accordance with that Class Order amounts in the directors' report and the financial report are rounded off to the nearest thousand dollars, unless otherwise indicated. Signed in accordance with a resolution of the directors, made pursuant to s.306 (3) of the Corporations Act 2001. On behalf of the directors Ian Buddery Executive Chairman & Chief Executive Officer Sydney, 26 February 2007 3 Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1220 Australia DX 10307SSE Tel: +61 (0) 2 9322 7000 Fax: +61 (0) 2 9322 7001 www.deloitte.com.au The Board of Directors eServGlobal Limited 10 Spring Street Sydney NSW 2000 26 February 2007 Dear Board Members eServGlobal 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 eServGlobal Limited. As lead audit partner for the review of the financial statements of eServGlobal Limited for the half-year ended 31 December 2006 I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. Yours sincerely DELOITTE TOUCHE TOHMATSU Catherine Hill Partner Chartered Accountants Sydney, 26 February 2007 Liability limited by a scheme approved under Professional Standards Legislation 4 Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1220 Australia DX 10307SSE Tel: +61 (0) 2 9322 7000 Fax: +61 (0) 2 9322 7001 www.deloitte.com.au Independent review report to the members of eServGlobal Limited Report on the Half-Year Financial Report We have reviewed the accompanying half-year financial report of eServGlobal Limited, which comprises the balance sheet as at 31 December 2006, and the income statement, cash flow statement, statement of recognised income and expense for the half-year ended on that date, selected explanatory notes and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half year as set out on pages 7 to 14. Directors' Responsibility for the Half-Year Financial Report The directors of the company 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 designing, implementing 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 not accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 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 eServGlobal Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. 5 A review of a half-year financial report consists of making inquiries, 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 eServGlobal 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 31 December 2006 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standards AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. DELOITTE TOUCHE TOHMATSU Catherine Hill Partner Chartered Accountants Sydney, 26 February 2007 Liability limited by a scheme approved under Professional Standards Legislation 6 eServGlobal Limited Half year ended 31 December 2006 Directors' declaration The directors declare that: a) in the directors' opinion, there are reasonable grounds to believe the company will be able to pay its debts as and when they become due and payable; and b) in the directors' opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity. Signed in accordance with a resolution of the directors made pursuant to s.303 (5) of the Corporations Act 2001. On behalf of the directors Ian Buddery Executive Chairman & Chief Executive Officer Sydney, 26 February 2007 7 eServGlobal Limited Half year ended 31 December 2006 Consolidated income statement for the half-year ended 31 December 2006 Consolidated Half-Year Half-Year Ended Ended 31 December 2006 31 December 2005 $'000 $'000 Revenue 74,202 32,711 Cost of sales (47,802) (21,671) Gross profit 26,400 11,040 Other income 3 193 Sales and marketing expenses (6,579) (4,747) Administration expenses (15,482) (5,533) Finance costs (133) (57) Profit before tax 4,209 896 Income tax expense (1,942) (719) Profit for the period 2,267 177 Attributable to: Equity holders of the parent 2,203 192 Minority interest 64 (15) 2,267 177 Earnings per share: Basic (cents per share) 1.3 0.1 Diluted (cents per share) 1.3 0.1 Notes to the Financial Statements are included on pages 12 to 14 8 eServGlobal Limited Half year ended 31 December 2006 Consolidated balance sheet as at 31 December 2006 Consolidated Note 31 December 30 June 2006 2006 $'000 $'000 Current Assets Cash and cash equivalents 6,076 7,471 Trade and other receivables 75,144 71,366 Inventories 1,300 2,569 Current tax assets 117 1,341 Total Current Assets 82,637 82,747 Non-Current Assets Property, plant and equipment 3,910 3,897 Deferred tax assets 7,984 9,234 Goodwill 46,282 45,685 Other intangible assets 33,327 35,784 Total Non-Current Assets 91,503 94,600 Total Assets 174,140 177,347 Current Liabilities Trade and other payables 32,268 31,159 Borrowings 2,750 2,000 Current tax payables 134 - Provisions 3,984 5,746 Other 2 8,608 11,684 Total Current Liabilities 47,744 50,589 Non-Current Liabilities Deferred tax liabilities 11,631 12,619 Provisions 1,366 1,288 Total Non-Current Liabilities 12,997 13,907 Total Liabilities 60,741 64,496 Net Assets 113,399 112,851 Equity Issued Capital 6 114,984 114,896 Reserves 7 2,050 1,769 Retained earnings (3,669) (3,832) Parent Entity Interest 113,365 112,833 Minority Interest 34 18 Total Equity 113,399 112,851 Notes to the Financial Statements are included on pages 12 to 14 9 eServGlobal Limited Half year ended 31 December 2006 Consolidated statement of recognised income and expense for the half-year ended 31 December 2006 Consolidated Half-year Half-year ended 31 ended 31 December 2006 December 2005 $'000 $'000 Exchange differences arising on the translation of foreign (248) 152 operations Employee equity-benefit reserve 168 312 Net income recognised directly in equity 80 464 Profit for the period 2,267 177 Total recognised income and expense for the period 2,347 641 Attributable to: Equity holders of the parent 2,283 656 Minority interest 64 (15) 2,347 641 Notes to the Financial Statements are included on pages 12 to 14 10 eServGlobal Limited Half year ended 31 December 2006 Consolidated cash flow statement for the half-year ended 31 December 2006 Consolidated Half-year ended Half-year ended 31 December 2006 31 December 2005 $'000 $'000 Cash Flows from Operating Activities Receipts from customers 69,128 33,417 Payments to suppliers and employees (66,614) (31,231) Interest received 3 193 Interest and other costs of finance paid (133) (58) Income tax paid (1,343) (4) Net cash provided by operating activities 1,041 2,317 Cash Flows From Investing Activities Payment for property, plant and equipment (1,170) (838) Payment for business - (63,007) Proceeds from sale of property, plant and equipment - 7 Net cash used in investing activities (1,170) (63,838) Cash Flows From Financing Activities Proceeds from issues of equity securities 57 62,954 Payment for share issue costs - (2,809) Proceeds from borrowings 750 1,000 Dividends paid to members of parent company (2,040) (1,099) Net cash provided by financing activities (1,233) 60,046 Net Decrease In Cash and Cash Equivalents (1,362) (1,475) Cash At The Beginning Of The Period 7,471 11,742 Effects of exchange rate changes on the balance of cash held in (33) 383 foreign currencies Cash and Cash Equivalents At The End Of The Period 6,076 10,650 Notes to the Financial Statements are included on pages 12 to 14 11 eServGlobal Limited Half year ended 31 December 2006 Notes to the consolidated financial statements 1. Significant accounting policies Statement of compliance The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report. Basis of preparation The condensed financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company's 2006 annual financial report for the financial year ended 30 June 2006. 2. Other Current Liabilities Consolidated 31 December 2006 30 June 2006 $'000 $'000 Deferred income 8,608 11,684 3. Dividends Half Year ended Half Year ended 31 December 2006 31 December 2005 Cents Total Cents Total per share $'000 per share $'000 Fully paid ordinary shares Recognised amounts Final dividend paid in respect of prior financial year 1.2 2,040 1.0 1,099 12 eServGlobal Limited Half year ended 31 December 2006 4. Segment Information The consolidated entity operates in one business segment, the Telecommunications Software Solutions business, and in the following geographical segments: Information on geographical segments (primary reporting format) Segment Revenues EXTERNAL SALES INTER SEGMENT TOTAL GEOGRAPHICAL 2006 2005 2006 2005 2006 2005 $'000 $'000 $'000 $'000 $'000 $'000 Asia Pacific 499 6,282 - 834 499 7,116 Europe 73,703 25,595 - - 73,703 25,595 Total of all segments 74,202 32,711 Other Income 3 193 Consolidated 74,205 32,904 5. Issuances, repurchases and repayment of securities During the half-year eServGlobal Limited issued 271,331 ordinary shares for $57 thousand on exercise of 271,331 share options issued under its executive and employee share option plans. As a result of this share issue, $31 thousand was transferred from the equity-settled employee benefits reserve of $632 thousand to issued capital. There were no other movements in the ordinary share capital or other issued share capital of the company in the current half-year. eServGlobal Limited issued 1,550,000 share options (6 months to 31 December 2005: 100,000) over ordinary shares under its executive and employee share option plan during the half-year reporting period. These share options had an average fair value at grant date of $0.30 per share option (6 months to December 2005: $0.44). 13 eServGlobal Limited Half year ended 31 December 2006 6. Issued Capital Consolidated 31 December 30 June 2006 2006 $'000 $'000 170,014,142 fully paid ordinary shares (30 June 2006: 169,742,811) 114,984 114,896 31 December 2006 30 June 2006 No. '000 $ '000 No. '000 $ '000 Fully Paid Ordinary Shares 169,743 114,896 109,800 53,076 Shares issued in the period 271 57 59,943 63,781 Share issue costs - - - (2,038) Transfer from employee equity-benefit reserve - 31 - 77 Balance at the end of the financial period 170,014 114,984 169,743 114,896 In accordance with the executive and employee share option plan employees are entitled to purchase shares in the company. The exercise of such share options in the period resulted in the ordinary share capital increasing by 271,331 (note 5). 7. Reserves 31 December 2006 30 June 2006 $'000 $'000 Employee equity-benefit 632 495 Foreign currency translation 1,418 1,274 2,050 1,769 14 eServGlobal Limited Half year ended 31 December 2006 Other information required to be given to ASX under listing rule 4.2A.3 Net tangible assets per security Current period Previous corresponding period Net tangible assets per security 19.9 cents 20.1cents Dividends Amount Amount per Franked amount Amount per Date paid security per security at security of / payable 30% tax foreign source dividend Interim dividend: Current year Nil N/A N/A N/A N/A Previous year Nil N/A N/A N/A N/A Final dividend paid in respect of previous financial year: Current period: Final dividend 2,039,890 1.2c Fully Franked N/A N/A Previous corresponding period: Special dividend Final dividend 1,099,423 1.0c Fully Franked N/A The dividend or distribution plans shown below are in operation. N/A. The last date(s) for receipt of election notices for the +dividend or distribution plans N/A 15 eServGlobal Limited Half year ended 31 December 2006 Details of associates and joint venture entities Name of entity Percentage of ownership interest held Aggregate share of net profit (loss) at end of period contributed to the reporting entity Current Previous Current Previous period corresponding period period corresponding period $A'000 $A'000 Total N/A N/A N/A N/A 16 This information is provided by RNS The company news service from the London Stock Exchange END IR DGGZZVNMGNZG
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