We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Global Invacom Group Limited | LSE:GINV | London | Ordinary Share | SG2E91982768 | 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% | 3.00 | 2.50 | 3.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGINV
RNS Number : 6449G
Global Invacom Group Limited
07 November 2018
Global Invacom Group Limited
(Global Invacom, the "Company" or the "Group")
Results for nine months ended 30 September 2018
("9M FY2018")
Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment, is pleased to announce its results for the nine months ended 30 September 2018 ("9M FY2018") and the three months ended 30 September 2018 ("Q3 FY2018").
Key financial highlights:
-- The Company announced a seventh consecutive quarter of profitability in Q3 FY2018 -- Revenue increased 7.0% to US$30.5m (Q3 FY2017: US$28.5m) -- Gross profit remained constant at US$6.0m (Q3 FY2017: US$6.1m) -- Cash and cash equivalents of US$9.8m (31 December 2017: US$7.2m)
Key operational highlights:
-- Announced the acquisition of assets and development team from Skyware Technologies Group ("Skyware Technologies"), a designer and manufacturer of integrated transmitter/receivers for data over satellite ("DOS") applications, extended its capabilities in the DOS market
-- Strong new product sales to the Group's major satellite broadcasting customers amidst shift to Digital Channel Stacking Switch ("DCSS") technology
-- Continued leverage of technological expertise to launch complementary products
o Fully converted antenna supply to its new design for a major customer
o Launched an innovative indoor avionics testing solution
-- New slimline and low-cost LNBs based on new chip design now in production, with revenue contribution expected from Q1 2019
-- DOS contributed 38.3% of Q3 FY2018 revenues
The Group's financial performance reflected global demand for its products, with sales in Europe leading other geographies.
The transition to DCSS technology continues to provide good opportunities for the Group, as it responds to growing demand for such products. Following the traditionally quieter summer period for sales in the U.S., the Group is already seeing a pick-up in demand for satellite broadcast products from a major U.S. customer ahead of the American football season.
The DOS business continues to be a strong contributor, accounting for nearly 40% of revenue in 9M FY2018, and we expect to see continued growth in demand from emerging markets with the addition of new high-bandwidth, low-cost products.
The Group also expects to see contributions from the acquisition of Skyware Technologies, which completed in September. The products have a strong customer base and will benefit from integration into solutions with compatible antennas from Global Skyware in the U.S.
The Group continues to focus on maximising productivity gains from shop floor and supply chain improvements in the period, together with the roll out of a new design antenna, developed for a major U.S. customer.
Gross profit for Q3 FY2018 remained steady at US$6.0m compared with corresponding quarter in 2017 of US$6.1m, despite the shortage of key components in the market where demand, particularly from manufacturers of electric and autonomous vehicles, has outstripped supply.
Following a 10% increase in duties on imports from China caused by the US-imposed tariffs, the Group is working with its customers to mitigate this ahead of the full 25% import duty, which is anticipated to come into effect from January 2019.
As part of its efforts to diversify the business and enhance shareholder value, the Group has announced a proposal to acquire Tactilis Sdn. Bhd. ("Tactilis"), a manufacturer and distributor of biometric system-on-card solutions which, if completed, will constitute a reverse takeover. Subject to the completion of full due diligence, necessary regulatory and shareholder approvals, the Group expects the acquisition to be completed in the third quarter of 2019. The Group will continue to provide updates to shareholders in due course.
Tony Taylor, Executive Chairman of Global Invacom, commented:
"Global Invacom is well positioned to benefit from the satellite broadcasting industry's technological shift to DCSS, along with increased demand for data and internet delivered by satellite.
Our core satellite business will continue to remain our focus as we roll out new, innovative products, strive to increase market share and extend our reach to new markets. As one of only seven companies capable of delivering integrated satellite communication solutions, we are well-placed to capitalise on the shifting technology and growing opportunity.
The proposed acquisition of Tactilis will allow the Group to extend its business into the high-value biometric card sector so as to enhance shareholder value."
**End of Press Release**
For further information, please contact:
Hot Features
Premium
Global Invacom Group Limited www.globalinvacom.com
Matthew Garner, Chief Financial Officer Tel: +65 6431 0782
Tel: +44 203 053 3523
finnCap Ltd (Nominated Adviser and Joint www.finncap.com
Broker)
Christopher Raggett / Matthew Radley (Corporate Tel: +44 207 220 0500
Finance)
Mirabaud Securities LLP (Joint Broker) www.mirabaud.com
Peter Krens (Equity Capital Markets) Tel: +44 207 878 3362
WeR1 Consultants Pte Ltd (Singapore Investor www.wer1.net
Relations)
Lai Kwok Kin Tel: +65 6737 4844
ginv@wer1.net
Vigo Communications (UK Media & Investor www.vigocomms.com
Relations)
Jeremy Garcia / Fiona Henson / Charlie Tel: +44 207 390 0238
Neish
ginv@vigocomms.com
About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia, UK and the US. Its customers include satellite broadcasters such as BSkyB of the UK and Dish Network of the USA.
Global Invacom provides a full range of antennas, LNB receivers, fibre distribution equipment, transmitters, switches and video distribution components and electronics manufacturing servicesin satellite communications as well as manufacturing services in military, medical, and consumer electronics industries. Following the acquisition in 2015 of Global Skyware, a leading US--based designer and supplier of satellite antennas products and services, the Company became the world's only full--service outdoor unit supplier.
Global Invacom is listed on the Mainboard of the Singapore Exchange Securities Trading Limited and its shares are admitted to trading on the AIM Market of the London Stock Exchange.
For more information, please refer to www.globalinvacom.com
FINANCIAL STATEMENT ANNOUNCEMENT FOR Q3 AND NINE MONTHSED 30 SEPTEMBER 2018
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS
1(a) A statement of comprehensive income (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.
Consolidated Statement of Comprehensive Income for Q3 and nine months ended 30 September 2018. These figures have not been audited.
Group Group
------------------------------------------------ ------------------------------------------------
Q3 Q3 FY2017 Increase/ 9 Months 9 Months Increase/
FY2018 (Decrease) FY2018 FY2017 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Revenue 30,530 28,525 7.0 85,926 85,949 (0.0)
Cost of sales (24,516) (22,427) 9.3 (68,141) (68,022) 0.2
Gross profit 6,014 6,098 (1.4) 17,785 17,927 (0.8)
Other income 76 99 (23.2) 99 1,007 (90.2)
Distribution
costs (73) (34) 114.7 (253) (263) (3.8)
Administrative
expenses (5,789) (5,230) 10.7 (16,399) (15,545) 5.5
Other operating
expenses - - 0.0 (5) (99) (94.9)
Finance income 6 4 50.0 50 14 257.1
Finance costs (130) (111) 17.1 (377) (318) 18.6
Profit before
income
tax(i) 104 826 (87.4) 900 2,723 (66.9)
Income tax
credit/(expense) 5 (139) N.M. (259) (558) (53.6)
--------------- --------------- -------------- -------------- ---------------- --------------
Profit after
income
tax
attributable to
equity holders
of the
Company 109 687 (84.1) 641 2,165 (70.4)
--------------- --------------- -------------- -------------- ---------------- --------------
Other comprehensive
(loss)/income:
Items that may be reclassified
subsequently to profit
or loss
* Exchange differences on translation of foreign
subsidiaries (127) 44 N.M. 66 152 (56.6)
Other comprehensive
(loss)/income for the
period, net of tax (127) 44 N.M. 66 152 (56.6)
------------- -------------- ------------------ ------------------- ----------------------- -----------------------
Total comprehensive
(loss)/income for the
period attributable
to equity holders of
the Company (18) 731 N.M. 707 2,317 (69.5)
------------- -------------- ------------------ ------------------- ----------------------- -----------------------
N.M.: Not Meaningful
Note:
(i) Profit before income tax was determined after (charging)/crediting the following:
Group Group
---------------------------------------------- --------------------------------------------
Q3 Q3 FY2017 Increase/ 9 Months 9 Months Increase/
FY2018 (Decrease) FY2018 FY2017 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Interest income 6 4 50.0 50 14 257.1
Interest expense (130) (111) 17.1 (377) (318) 18.6
Gain on foreign
exchange 8 90 (91.1) 28 274 (89.8)
Write-back of payables 73 - N.M. 73 578 (87.4)
Gain/(Loss) on disposal
of property, plant and
equipment 8 7 14.3 (5) (13) (61.5)
Impairment of property,
plant and equipment - - - - (86) (100.0)
Depreciation of
property, plant and
equipment (696) (648) 7.4 (2,099) (1,870) 12.2
Amortisation of
intangible assets (176) (166) 6.0 (527) (474) 11.2
(Allowance)/Write-back
for inventory
obsolescence, net (140) (72) 94.4 (294) 191 N.M.
Operating lease expense (789) (651) 21.2 (2,506) (2,262) 10.8
Research and
development expense (827) (390) 112.1 (2,140) (1,193) 79.4
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Group Company
------------------------------------------ -----------------------------------------
30 Sep 31 Dec 30 Sep 31 Dec
2018 2017 2018 2017
US$'000 US$'000 US$'000 US$'000
ASSETS
Non-current Assets
Property, plant and
equipment 12,639 12,393 94 7
Investments in
subsidiaries - - 44,888 44,874
Goodwill 9,352 9,352 - -
Equity instruments 3,866 2,172 - -
Available-for-sale
financial assets 8 8 - -
Deferred tax assets 198 198 - -
Other receivables and
prepayments 55 55 9,488 9,154
26,118 24,178 54,470 54,035
------------------- --------------------- -------------------- -------------------
Current Assets
Due from subsidiaries - - 987 1,895
Inventories 28,785 29,022 - -
Trade receivables 20,787 19,268 - -
Other receivables and
prepayments 1,964 3,361 5,405 5,263
Tax receivables - 11 - -
Cash and cash equivalents 9,772 7,152 165 733
------------------- --------------------- -------------------- -------------------
61,308 58,814 6,557 7,891
------------------- --------------------- -------------------- -------------------
Total assets 87,426 82,992 61,027 61,926
------------------- --------------------- -------------------- -------------------
EQUITY AND LIABILITIES
Equity
Share capital 60,423 60,423 74,240 74,240
Treasury shares (1,656) (1,656) (1,656) (1,656)
Reserves (2,576) (3,297) (13,985) (13,320)
Total equity 56,191 55,470 58,599 59,264
------------------- --------------------- -------------------- -------------------
Non-current Liabilities
Other payables 103 111 - -
Deferred tax liabilities 489 489 - -
592 600 - -
------------------- --------------------- -------------------- -------------------
Current Liabilities
Due to subsidiaries - - 2,146 2,140
Trade payables 16,284 12,206 - -
Other payables 4,326 6,528 214 454
Borrowings 9,895 8,025 - -
Provision for income
tax 138 163 68 68
------------------- --------------------- -------------------- -------------------
30,643 26,922 2,428 2,662
------------------- --------------------- -------------------- -------------------
Total liabilities 31,235 27,522 2,428 2,662
------------------- --------------------- -------------------- -------------------
Total equity and
liabilities 87,426 82,992 61,027 61,926
------------------- --------------------- -------------------- -------------------
1(b)(ii) Aggregate amount of group's borrowings and debt securities.
Amount repayable in one year or less, or on demand
As at 30 Sep 2018 As at 31 Dec 2017
Secured Unsecured Secured Unsecured
----------- --------- -----------
US$'000 US$'000 US$'000 US$'000
----------- --------- -----------
9,895 - 8,025 -
----------- --------- -----------
Amount repayable after one year
As at 30 Sep 2018 As at 31 Dec 2017
Secured Unsecured Secured Unsecured
----------- --------- -----------
US$'000 US$'000 US$'000 US$'000
----------- --------- -----------
- - - -
----------- --------- -----------
Details of any collateral
The revolving credit loans of US$9,895,000 were secured over the assets of the subsidiaries and corporate guarantees provided by the Company and the subsidiaries.
1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Group Group
------------------------------------ -------------------------------------
Q3 FY2018 Q3 FY2017 9 Months 9 Months
FY2018 FY2017
US$'000 US$'000 US$'000 US$'000
Cash Flows from Operating Activities
Profit before income tax 104 826 900 2,723
Adjustments for:
Depreciation of property, plant and
equipment 696 648 2,099 1,870
Amortisation of intangible assets 176 166 527 474
(Gain)/Loss on disposal of property,
plant and equipment (8) (7) 5 13
Impairment of property, plant and
equipment - - - 86
Allowance/(Write-back) for inventory
obsolescence, net 140 72 294 (191)
Unrealised exchange (gain)/loss (55) 9 155 26
Interest income (6) (4) (50) (14)
Interest expense 130 111 377 318
Share-based payments 3 10 14 85
Write-back of payables (73) - (73) (578)
Operating cash flow before working
capital changes 1,107 1,831 4,248 4,812
Changes in working capital:
Inventories (393) (1,275) (57) (2,005)
Trade receivables (4,041) (1,112) (1,533) (1,140)
Other receivables and prepayments (250) (1,311) 1,390 813
Trade and other payables 2,682 811 1,580 (2,606)
------------------ ---------------- ------------------ -----------------
Cash (used in)/generated from
operating activities (895) (1,056) 5,628 (126)
Interest paid (52) (58) (171) (275)
Income tax (paid)/refund (61) 85 (140) (50)
Net cash (used in)/generated from
operating activities (1,008) (1,029) 5,317 (451)
------------------ ---------------- ------------------ -----------------
Cash Flows from Investing Activities
Interest received 4 4 48 14
Purchase of property, plant and
equipment (1,661) (469) (2,372) (1,330)
Proceeds from disposal of property,
plant and equipment 8 5 36 32
Acquisition of intangible assets (2,250) - (2,250) -
Decrease in restricted cash - 200 - 1,200
Net cash used in investing activities (3,899) (260) (4,538) (84)
------------------ ---------------- ------------------ -----------------
Cash Flows from Financing Activities
Proceeds from borrowings 14,323 12,435 38,593 40,977
Repayment of borrowings (13,023) (12,225) (36,723) (38,363)
------------------ ---------------- ------------------ -----------------
Net cash generated from financing
activities 1,300 210 1,870 2,614
------------------ ---------------- ------------------ -----------------
Net (decrease)/increase in cash and
cash equivalents (3,607) (1,079) 2,649 2,079
Cash and cash equivalents at the
beginning of the period 13,386 9,933 7,152 6,742
Effect of foreign exchange rate
changes on the balance of cash held
in foreign currencies (7) 19 (29) 52
------------------ ---------------- ------------------ -----------------
Cash and cash equivalents at the end
of the period(i) 9,772 8,873 9,772 8,873
------------------ ---------------- ------------------ -----------------
Note:
(i) For the purpose of presentation in the consolidated statement of cash flows, the consolidated cash and cash equivalents comprise the following:
Q3 Q3 9 Months 9 Months
FY2018 FY2017 FY2018 FY2017
US$'000 US$'000 US$'000 US$'000
Cash and bank
balances 9,742 8,843 9,742 8,843
Fixed deposits 30 30 30 30
--------------------- --------------------- --------------------- ---------------------
9,772 8,873 9,772 8,873
Less: Restricted
cash - - - -
--------------------- --------------------- --------------------- ---------------------
Cash and cash
equivalents per the
consolidated
statement of cash
flows 9,772 8,873 9,772 8,873
--------------------- --------------------- --------------------- ---------------------
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Foreign
Capital Share currency
Share Treasury Merger redemption options Capital translation Retained
Group capital shares reserves reserves reserve reserve reserve profits Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at
1 Jan 2018 60,423 (1,656) (10,150) 6 706 (3,695) (872) 10,708 55,470
Share-based
payments - - - - 8 - - - 8
Profit for the
period - - - - - - - 326 326
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - - 124 - 124
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the
period - - - - - - 124 326 450
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
31 Mar 2018 60,423 (1,656) (10,150) 6 714 (3,695) (748) 11,034 55,928
Share-based
payments - - - - 3 - - - 3
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Profit for the
period - - - - - - - 206 206
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - - 69 - 69
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the
period - - - - - - 69 206 275
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
30 Jun 2018 60,423 (1,656) (10,150) 6 717 (3,695) (679) 11,240 56,206
Share-based
payments - - - - 3 - - - 3
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Profit for the
period - - - - - - - 109 109
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - (127) - (127)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
loss for the
period - - - - - - (127) 109 (18)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
30 Sep 2018 60,423 (1,656) (10,150) 6 720 (3,695) (806) 11,349 56,191
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
1 Jan 2017 60,423 (1,656) (10,150) 6 613 (3,695) (986) 7,759 52,314
Share-based
payments - - - - 40 - - - 40
Profit for the
period - - - - - - - 605 605
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - (113) - (113)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the
period - - - - - - (113) 605 492
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
31 Mar 2017 60,423 (1,656) (10,150) 6 653 (3,695) (1,099) 8,364 52,846
Share-based
payments - - - - 35 - - - 35
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Profit for the
period - - - - - - - 873 873
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - - 221 - 221
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the
period - - - - - - 221 873 1,094
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
30 Jun 2017 60,423 (1,656) (10,150) 6 688 (3,695) (878) 9,237 53,975
Share-based
payments - - - - 10 - - - 10
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Profit for the
period - - - - - - - 687 687
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - - 44 - 44
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the
period - - - - - - 44 687 731
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as at
30 Sep 2017 60,423 (1,656) (10,150) 6 698 (3,695) (834) 9,924 54,716
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Foreign
Share currency
Share Treasury options Capital translation Accumulated
Company capital shares reserve reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at
1 Jan 2018 74,240 (1,656) 706 (4,481) (1,927) (7,618) 59,264
Share-based
payments - - 7 - - - 7
Loss for the
period - - - - - (234) (234)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (234) (234)
Balance as at
31 Mar 2018 74,240 (1,656) 713 (4,481) (1,927) (7,852) 59,037
Share-based
payments - - 4 - - - 4
Loss for the
period - - - - - (240) (240)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (240) (240)
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as at
30 Jun 2018 74,240 (1,656) 717 (4,481) (1,927) (8,092) 58,801
Share-based
payments - - 3 - - - 3
Loss for the
period - - - - - (205) (205)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (205) (205)
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as at
30 Sep 2018 74,240 (1,656) 720 (4,481) (1,927) (8,297) 58,599
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as at
1 Jan 2017 74,240 (1,656) 613 (4,481) (2,067) (6,994) 59,655
Share-based
payments - - 38 - - - 38
Loss for the
period - - - - - (85) (85)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - 140 - 140
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
income for
the
period - - - - 140 (85) 55
Balance as at
31 Mar 2017 74,240 (1,656) 651 (4,481) (1,927) (7,079) 59,748
Share-based
payments - - 37 - - - 37
Loss for the
period - - - - - (56) (56)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (56) (56)
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as at
30 Jun 2017 74,240 (1,656) 688 (4,481) (1,927) (7,135) 59,729
Share-based
payments - - 10 - - - 10
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Loss for the
period - - - - - (371) (371)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (371) (371)
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as at
30 Sep 2017 74,240 (1,656) 698 (4,481) (1,927) (7,506) 59,368
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on.
State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.
9 Months FY2018 No. of shares US$'000
Balance as at 1 Jan 2018 and 30 Sep 2018 271,662,227 72,584
--------------------- -------------
9 Months FY2017 No. of shares US$'000
Balance as at 1 Jan 2017 and 30 Sep 2017 271,662,227 72,584
--------------------- -------------
There were 10,740,072 treasury shares held by the Company as at 30 September 2018 and 30 September 2017 and there was no subsidiary holdings.
1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.
30 Sep 2018 31 Dec 2017
Total number of issued shares excluding treasury shares 271,662,227 271,662,227
------------ ------------
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
9 Months FY2018 No. of shares US$'000
Balance as at 1 Jan 2018 and 30 Sep
2018 10,740,072 1,656
-------------- --------
1(d)(v) A statement showing all sales, transfers, cancellation and/or use of subsidiary holdings as at the end of the current financial period reported on.
9 Months FY2018 No. of shares US$'000
Balance as at 1 Jan 2018 and 30 Sep - -
2018
-------------- --------
2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.
These figures have not been audited or reviewed.
3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).
Not applicable.
4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.
The accounting policies and methods of computation have been applied consistently for the current financial period ended 30 September 2018 as those used in the audited financial statements for the year ended 31 December 2017, except for the adoption of the new or revised International Financial Reporting Standards ("IFRS") applicable for the financial period beginning 1 January 2018.
5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
The Group has adopted all of the new or revised IFRS that are effective for the financial period beginning 1 January 2018 and are relevant to its operations. The adoption of these IFRS does not have financial impact on the Group's financial position or results.
6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
Earnings per ordinary share of the Group, after deducting any Group Group
provision for preference dividends
Q3 Q3 9 Months 9 Months
FY2018 FY2017 FY2018 FY2017
US$ US$ US$ US$
------------ ------------ ------------ ------------
(a) Based on weighted average number of ordinary shares on 0.04 cent 0.25 cent 0.24 cent 0.80 cent
issue; and
(b) On a fully diluted basis 0.04 cent* 0.25 cent 0.24 cent* 0.80 cent
Weighted average number of ordinary shares used in
computation of basic earnings per share 271,662,227 271,662,227 271,662,227 271,662,227
Weighted average number of ordinary shares used in
computation of diluted earnings per share 271,662,227 272,247,261 271,662,227 272,092,244
------------ ------------ ------------ ------------
* Diluted earnings per share for Q3 FY2018 and 9 Months FY2018 are the same as the basic earnings per share because the potential ordinary shares to be converted are anti-dilutive as the effect of the share conversion would be to increase the earnings per share.
7. Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the:
(a) current financial period reported on; and
(b) immediately preceding financial year.
Group Company
30 Sep 2018 31 Dec 2017 30 Sep 2018 31 Dec 2017
US$ US$ US$ US$
------------ ------------ ------------ ------------
Net asset value per ordinary share based on issued share 20.68 cents 20.42 cents 21.57 cents 21.82 cents
capital
Total number of issued shares 271,662,227 271,662,227 271,662,227 271,662,227
------------ ------------ ------------ ------------
8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:
(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
Review of Financial Performance
Revenue
The Group's revenue for the nine months ended 30 September 2018 ("9M FY2018") was US$85.9 million against a similar US$85.9 million in the prior year ("9M FY2017"). Although the Group has seen increased revenues with some key customers, it has seen a quiet nine months in relation to project-driven Very Small Aperture Terminal ("VSAT")/Data over Satellite ("DOS") revenues generally from which it benefitted in 9M FY2017. Revenue for the quarter ended ("Q3 FY2018") amounted to US$30.5 million against US$28.5 million in the prior year quarter ("Q3 FY2017") benefitting from good revenues to its major customers arising from new product sales.
Geographically, Group revenue for 9M FY2018 increased in Europe by US$3.1 million (+18.1%) although offset by reductions in America, Asia and Rest of the World ("RoW") by US$0.5 million (-0.9%), US$1.0 million (-18.0%) and US$1.6 million (-45.1%), respectively. Revenue for Q3 FY2018 increased in America and RoW by US$2.9 million (+15.2%) and US$0.1 million (+8.0%), respectively but declined in Europe and Asia by US$0.6 million (-9.0%) and US$0.4 million (-21.4%), respectively compared to the earlier year.
The Group saw a pickup in demand from one of its major customers following the traditionally quieter summer period as the end consumers prepares for the new United States ("US") football season and earlier evenings. For another one of its major customers, the Group has fully converted its supply to its new design antenna which gives significant benefits to the customer.
The DOS business of the Group continues to contribute well making up 38.3% of Q3 FY2018 revenue and it is expected that this will continue to grow with the addition of electronics to go with the antennas for which the Group already has a strong market.
Gross Profit
Gross profit margin decreased 0.2 percentage points from 20.9% to 20.7% with gross profit for 9M FY2018 at US$17.8 million against US$17.9 million for 9M FY2017.
However, for Q3 FY2018, gross profit margin decreased by 1.7 percentage points from 21.4% to 19.7% with gross profit remaining on a level with previous year at US$6.0 million from US$6.1 million on lower revenues. Gross margins have been heavily impacted following the shortage of key components in the market where demand, particularly from automotive manufacturers, has outstripped supply. As a result, the Group has had to make spot buys at pricing in excess of the market norm to ensure continuity of supply. The Group has also seen the impact of increased duty charges for products manufactured in China which are being supplied to the US as part of the Trade War actions from President Trump.
Other Income
Other income in Q3 FY2018 relate to write-back of payables, foreign exchange gains and gain on disposal of machinery and equipment.
Administrative Expenses
Administrative expenses for 9M FY2018 increased 5.5% to US$16.4 million compared to US$15.5 million in 9M FY2017, representing 19.1% and 18.1% of revenue, respectively, with continued spending on research and development on new initiatives and projects (Q3 FY2018 - US$0.8 million; Q3 FY2017 - US$0.4 million; 9M FY2018 US$2.1 million; 9M FY2017 - US$1.2 million) and a drive to strengthen the Group sales teams. Administrative expenses for Q3 FY2018 increased to US$5.8 million from US$5.2 million compared to the previous year.
Profit Before Tax & Net Profit
The Group posted a profit before tax of US$0.9 million in 9M FY2018, compared to US$2.7 million the year earlier, representing margins of 1.0% and 3.2%, respectively. Excluding a one-off write-back of payables amounting to US$0.6 million following the closure of the non-core subcontracting site in 9M FY2017, margins would be 1.0% and 2.5%, respectively.
For Q3 FY2018, the Group recorded US$0.1 million profit before tax compared to US$0.8 million in the prior year quarter, representing margins of 0.3% and 2.9%, respectively.
Overall, the Group posted a net profit of US$0.6 million in 9M FY2018, compared to US$2.2 million in 9M FY2017, representing net margins of 0.7% and 2.5%, respectively. Excluding the write-back of payables amounting to US$0.6 million in 9M FY2017, margins would be 0.7% and 1.8%, respectively.
The Group recorded a net profit of US$0.1 million in Q3 FY2018 compared to US$0.7 million the prior year quarter, representing net margins of 0.4% and 2.4%, respectively.
Review of Financial Position
Non-current assets increased by US$1.9 million to US$26.1 million as at 30 September 2018, primarily due to the intangibles acquired in Q3 2018.
Net current assets decreased by US$1.2 million to US$30.7 million as at 30 September 2018 compared to US$31.9 million as at 31 December 2017. Inventories decreased by US$0.2 million owing to tighter inventory control. Trade and other receivables, and trade and other payables increased US$0.1 million and US$1.8 million, respectively due to more stringent payments to the trade suppliers. Borrowings increased by US$1.9 million to US$9.9 million, offset by an increase in cash and cash equivalents of US$2.6 million to US$9.8 million as at 30 September 2018 compared to US$7.2 million as at 31 December 2017.
The Group's net asset value stood at US$56.2 million as at 30 September 2018, compared to US$55.5 million as at 31 December 2017.
Review of Cash Flows
In Q3 FY2018, net cash used in operating activities amounted to US$1.0 million, comprising US$1.1 million cash inflow from operating activities (before working capital changes), US$2.0 million net working capital outflow and US$0.1 million payment of interest and income tax.
In 9M FY2018, net cash generated from operating activities amounted to US$5.3 million, comprising US$4.2 million cash inflow from operating activities (before working capital changes), US$1.4 million net working capital inflow and US$0.3 million payment of interest and income tax.
Net cash used in investing activities in Q3 FY2018 and 9M FY2018 amounted to US3.9 million and US$4.5 million, respectively, relating predominately to purchase of machinery and the increase in capitalised development cost.
Net cash generated from financing activities amounted to US$1.3 million in Q3 FY2018 and US$1.9 million in 9M FY2018, attributable to the net proceeds of borrowings.
Overall, the Group recorded a net decrease in cash and cash equivalents amounting to US$3.6 million in Q3 FY2018 and a net increase in cash and cash equivalents amounting to US$2.6 million in 9M FY2018, bringing cash and cash equivalents per the consolidated statement of cash flows to US$9.8 million as at 30 September 2018.
9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.
No prospect statement was made.
10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.
The global satellite communications equipment market is expected to grow to US$47.0 billion by 2026, due to ongoing expansion in the IT and telecommunication sectors worldwide. Sat comms technology continues to be an integral part of modern technology, amid the emerging trends of 5G convergence, UHD/4K transmission, autonomous self-navigating vehicles and interconnected electronic devices.
The traditional pay television market remains heavily reliant on sat comms technology to distribute content, even amidst the growing popularity of Over-the-Top ("OTT") streaming services. This supports the view that OTT will complement and co-exist - instead of directly competing - with traditional pay TV which is itself undergoing a migration to DCSS technology. This migration benefits the Group which has a strong suite of patents and continues to invest in research and development. The Group will continue to roll out DCSS products worldwide such as the new Western Arc Hybrid LNB, launched in 2H FY2017. Other new products - including slimline products and low-cost LNBs based on a new chip design will reach production throughout the rest of FY2018 and into early FY2019.
The quarter ending 31 December 2018 ("Q4 FY2018") coincides with the resumption of the American football season, which will support demand for satellite-based sporting content over the next few months.
The data over internet segment, which accounted for approximately 40% of the Group's revenue in 1H FY2018, is expected to continue grow steadily due to greater demand from emerging markets to provide a high-bandwidth, low-cost solution. The Group's US subsidiary, Global Skyware, is benefiting from productivity gains that include shop floor and supply chain improvements in the three years since it was acquired in FY2015 together with their new design antenna for their major customer which has boosted revenue and profit.
The Group is watching closely the ongoing trade tensions between the US and its key international trading partners, and the implications it will have for import duties of key materials and components for the sat comms industry. For example, extra revenue from the high-margin HNS antenna business has been offset by the US tax on steel.
Despite an increase in duty of 10% on imports from China to the United States and the overall uncertainty in the world economy caused by the US-imposed tariffs, revenue has not taken a hit, even improving by 15% quarter to quarter. In anticipation of the 25% import duty expected to go into force in January 2019, the Group has been working with its customers to explore cheaper alternative methods to mitigate the increase.
As part of its efforts to diversify the business and enhance shareholder value, the Group has announced a proposal to acquire Tactilis Sdn. Bhd. ("Tactilis"), a manufacturer and distributor of biometric system-on-card solutions, in a proposed US$200 million transaction which, if completed, will constitute a reverse takeover. Subject to the completion of full due diligence, necessary regulatory and shareholder approvals, the Group expects the acquisition to be completed in the third quarter of 2019.
11. Dividend (a) Current Financial Period Reported On
Any dividend declared for the current financial period reported on?
None.
(b) Corresponding Period of the Immediately Preceding Financial Year
Any dividend declared for the corresponding period of the immediately preceding financial year?
None.
(c) Date payable
Not applicable.
(d) Books closure date
Not applicable.
12. If no dividend has been declared/recommended, a statement to that effect.
No dividend has been declared or recommended for the nine months ended 30 September 2018.
13. If the Group has obtained a general mandate from shareholders for Interested Person Transactions ("IPTs"), the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPTs mandate has been obtained, a statement to that effect.
The Company does not have a shareholders' mandate for IPTs and there were no IPTs for the nine months ended 30 September 2018.
14. Confirmation that the Company has procured undertaking from all its directors and executive officers pursuant to Rule 720(1).
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual of the Singapore Exchange Securities Trading Limited.
CONFIRMATION BY THE BOARD OF DIRECTORS (THE "BOARD") PURSUANT TO RULE 705(5) OF THE LISTING MANUAL
We do hereby confirm, for and on behalf of the Board of Global Invacom Group Limited (the "Company"), that to the best of our knowledge, nothing has come to the attention of the Board of the Company which may render the financial results for the nine months ended 30 September 2018 to be false or misleading in any material aspect.
On behalf of the Board
Anthony Brian Taylor Matthew Jonathan Garner
Director Director
BY ORDER OF THE BOARD
Anthony Brian Taylor
Executive Chairman
8 November 2018
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
QRTEAFFXEENPFFF
(END) Dow Jones Newswires
November 07, 2018 06:23 ET (11:23 GMT)
1 Year Global Invacom Chart |
1 Month Global Invacom Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
