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| 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 |
TIDMGINV
RNS Number : 3533G
Global Invacom Group Limited
01 March 2018
Global Invacom Group Reports FY2017 Net Profit Of US$2.9 Million, Lifted By Recovery of U.S. and Israeli Operations and Improved Global Efficiencies
-- Turnaround to profit after two years of losses -- U.S. and Israeli units report first profit in over ten years -- Achieves fourth consecutive quarter of profitability in Q4 FY2017
-- A year after consolidating two China facilities into one, global manufacturing and supply chain efficiencies are kicking in
-- Administrative expenses for FY2017 down 20.6% to US$21.0 million
Singapore/London, 1 March 2018 - Global Invacom Group Limited ("Global Invacom" or "the Group"), a satellite communications ("Sat Comms") equipment provider listed on the Singapore Exchange and the U.K. AIM Market, announced today a net profit of US$2.9 million for the financial year ended 31 December 2017 ("FY2017"), reflecting turnarounds in the U.S. and Israeli units, as well as improved global efficiency after consolidating its China operations.
The FY2017 performance, with pre-tax profits of US$3.7 million, benefitted from the absence of one-off restructuring expenses amounting to US$2.3 million incurred a year earlier. Although overall turnover in FY2017 declined to US$115.7 million from US$127.3 million in FY2016, this reflects the cessation of contract manufacturing revenues from the Group's former, sub-contract only, facility in Shenzhen.
The consolidated operations in Shanghai contributed to Group-wide supply chain improvements while sharpening the focus on satellite ground equipment. The Group's U.S. operation, Global Skyware (acquired in 2015), and its Israeli operation, Foxcom (acquired in 2014), each recorded their first year of profitability in over a decade.
Global Skyware's main focus is the design and manufacture of antennas for broadband, satellite and Very Small Aperture Terminals ("VSAT") applications with Foxcom focusing on advanced radio frequencies over fibre solutions.
Reflecting the ongoing emphasis on R&D, Global Invacom launched several new products in the second half of FY2017, including the Western Arc Hybrid Low Noise Block ("LNB").
The Group will continue to develop and market products to support the once-in-a-decade technological shift towards digital channel stacking switch ("DCSS"), even as newer satellites are launched to support higher-resolution (4K and developing 8K) content. It is introducing new slimline products based on an improved designs and is widening its sales network across South America, Malaysia, Indonesia, Africa and Europe.
The Group expects to benefit from global sporting events such as the 2018 Football World Cup in Russia, 2019 Rugby World Cup and the 2020 Summer Olympics in Japan, which have garnered government and commercial attention and commitment to infrastructure development. In particular, the Japanese government is seeking to implement 8K in time for the 2020 Olympics.
For the VSAT market, the Group is observing rising demand in developing countries and increasing availability, at a lower price point, proving satellites to be a viable option compared to other communication technologies.
At the operating level, the Group will continue making capital investments to improve shop-floor productivity in all operations. It achieved improved efficiencies in the last two years from better resource allocation, lower overheads and a shift of the sales mix towards higher-margin products.
Mr Tony Taylor, Executive Chairman of Global Invacom, said, "Despite service bundling and competition from OTT (Over-The-Top) content delivery, the satellite ground equipment market remains healthy. As well as introducing new and innovative products during the shift to DCSS technology, we will continue to build up our product portfolio and expand into new markets."
"Our efforts this year have cemented our position as one of the world's leading manufacturer, distributor and innovator of Sat Comms equipment, and laid the foundation for the years ahead," he added.
On a geographical basis, revenue declined in the U.S., Europe and Asia by US$3.4 million (-4.1%), US$7.1 million (-23.0%) and US$1.6 million (-19.1%), partially offset by higher contributions from the Rest of the World ("RoW") by US$0.5 million (+11.3%).
Gross Profit ("GP") margin moved up 0.5% to 20.9%, underscoring Group-wide improved efficiencies in performance and margins although in line with the lower revenues, numeric GP decreased 7.0% to US$24.2 million in FY2017 from US$26.0 million in FY2016.
Administrative expenses for FY2017 fell 20.6% to US$21.0 million from US$26.4 million a year ago due to cost-saving initiatives that included automating lower-value activities, especially in the U.S., and improving staff productivity levels.
Earnings per share on a fully diluted basis increased to 1.08 US cents for FY2017 (FY2016: Loss of 1.00 US cent) and 0.29 US cent for Q4 FY2017 (Q4 FY2016: Loss of 1.09 US cents).
Net asset value per share increased to 20.42 US cents as at 31 December 2017 from 19.26 US cents as at 31 December 2016. The Group ended the year with cash and cash equivalents of US$7.2 million.
For the three months ended 31 December 2017 ("Q4 FY2017"), the Group recorded a net profit of US$0.8 million - its fourth consecutive quarter of profitability - reversing a net loss of US$3.0 million a year ago ("Q4 FY2016").
GP for Q4 FY2017 increased to US$6.3 million (Q4 FY2016: US$5.8 million) representing a higher GP margin of 21.1% (Q4 FY2016: 18.8%) due to a more favourable product mix and cost control initiatives. Revenue for the quarter decreased to US$29.8 million (Q4 FY2016: US$31.0 million), reflecting the consolidation of its contract manufacturing segment.
**End of Press Release**
For media queries, please contact
Matthew Garner
Chief Financial Officer
Global Invacom Group Limited
8 Temasek Boulevard Freeman House #20-03 Suntec Tower John Roberts Business Three Park Singapore 038988 Canterbury CT5 3BJ +65 6884 3423 +44 203 053 3523
On behalf of Global Invacom Group Limited:
finnCap Ltd (Nominated Adviser and Joint Broker)
Christopher Raggett/Simon Hicks (Corporate Finance)
Rhys Williams (Corporate Broking and Sales)
+44 207 220 0500
Mirabaud Securities LLP (Joint Broker)
Peter Krens (Equity Capital Markets)
+44 207 878 3362
WeR1 Consultants Pte Ltd (Singapore Investor Relations)
Ian Lau, ianlau@wer1.net
Roshan Singh, roshansingh@wer1.net
+65 6737 4844
About Global Invacom Group Limited
Global Invacom Group Limited ("Global Invacom") is listed on the Singapore Exchange Securities Trading Limited Mainboard ("SGX-ST") and its shares are admitted to trading on the AIM Market of the London Stock Exchange in the U.K.
Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia, U.K. and the U.S. Its customers include satellite broadcasters such as BSkyB of the U.K. and Dish Network of the U.S.A.
On 24 August 2015, Global Invacom completed the acquisition of Global Skyware, a leading U.S.-based designer and supplier of satellite antennas products and services for C-band, Ku-band and Ka-band frequency platforms, positioning itself as the world's only full-service outdoor unit supplier.
Global Invacom provides a full range of dish antennas, LNB receivers, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications as well as manufacturing services in TV peripherals, computer peripherals, medical, and consumer electronics industries.
For more information, please refer to www.globalinvacom.com
FINANCIAL STATEMENT ANNOUNCEMENT FOR Q4 AND YEARED 31 DECEMBER 2017
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 Q4 and the year ended 31 December 2017. These figures have not been audited.
Hot Features
Premium
Group Group
------------------------------------------------------- --------------------------------------------
Q4 Q4 Increase/ Increase/
FY2017 FY2016 (Decrease) FY2017 FY2016 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Revenue 29,757 30,965 (3.9) 115,706 127,308 (9.1)
Cost of sales (23,493) (25,155) (6.6) (91,515) (101,283) (9.6)
Gross profit 6,264 5,810 7.8 24,191 26,025 (7.0)
Other income 335 358 (6.4) 1,335 375 256.0
Distribution
costs (27) (76) (64.5) (290) (308) (5.8)
Administrative
expenses (5,405) (7,869) (31.3) (20,950) (26,395) (20.6)
Other operating
expenses (47) (602) (92.2) (139) (689) (79.8)
Finance income 16 4 300.0 30 17 76.5
Finance costs (165) (21) 685.7 (483) (572) (15.6)
Profit/(Loss)
before
income tax(i) 971 (2,396) N.M. 3,694 (1,547) N.M.
Income tax
expense (187) (576) (67.5) (745) (1,156) (35.6)
------------- ------------------------ -------------- ------------- --------------- ------------
Profit/(Loss)
after
income tax
attributable
to equity
holders
of the
Company 784 (2,972) N.M. 2,949 (2,703) N.M.
------------- ------------------------ -------------- ------------- --------------- ------------
Other comprehensive
(loss)/income:
Items that may
be reclassified
subsequently to
profit or loss
* Exchange differences on translation of foreign
subsidiaries (38) 64 N.M. 114 295 (61.4)
Other comprehensive
(loss)/income for
the period, net
of tax (38) 64 N.M. 114 295 (61.4)
------------ ------------- ------------------ ------------ -------------- -----------------------
Total comprehensive
income/(loss) for
the period attributable
to equity holders
of the Company 746 (2,908) N.M. 3,063 (2,408) N.M.
------------ ------------- ------------------ ------------ -------------- -----------------------
N.M.: Not Meaningful
Note:
(i) Profit/(Loss) before income tax was determined after (charging)/crediting the following:
Group Group
------------------------------------------- -----------------------------------------------
Q4 Q4 FY2016 Increase/ Increase/
FY2017 (Decrease) FY2017 FY2016 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Interest income 16 4 300.0 30 17 76.5
Interest expense (165) (21) 685.7 (483) (572) (15.6)
Gain/(Loss) on foreign
exchange 325 (93) N.M. 599 (180) N.M.
Write-back of payables - - N.M. 578 - N.M.
Gain/(Loss) on disposal
of property, plant and
equipment 7 (7) N.M. (6) (7) (14.3)
Impairment of property,
plant and equipment - (139) (100.0) (86) (139) (38.1)
Depreciation of
property, plant and
equipment (693) (603) 14.9 (2,563) (2,478) 3.4
Amortisation of
intangible assets (154) (198) (22.2) (628) (314) 100.0
Write-back/(Allowance)
for inventory
obsolescence, net 160 28 471.4 351 (455) N.M.
(Allowance)/Write-back
for impairment of
trade receivables, net (46) 355 N.M. (46) 355 N.M.
Write-off of trade
receivables - (363) (100.0) - (363) (100.0)
Operating lease expense (595) (486) 22.4 (2,857) (2,987) (4.4)
Research and
development expense (453) (475) (4.6) (1,646) (1,652) (0.4)
Restructuring costs - (2,316) (100.0) - (2,316) (100.0)
Provision for
litigation - (241) (100.0) - (241) (100.0)
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Group Company
------------------------------------------ -----------------------------------------
31 Dec 31 Dec 31 Dec 31 Dec
2017 2016 2017 2016
US$'000 US$'000 US$'000 US$'000
ASSETS
Non-current Assets
Property, plant
and equipment 12,393 13,177 7 4
Investments in
subsidiaries - - 44,874 53,415
Goodwill 9,352 9,352 - -
Intangible assets 2,172 2,828 - -
Available-for-sale
financial assets 8 8 - -
Deferred tax assets 198 355 - -
Other receivables
and prepayments 55 55 9,154 -
24,178 25,775 54,035 53,419
------------------- --------------------- -------------------- -------------------
Current Assets
Due from
subsidiaries - - 1,895 867
Inventories 29,022 28,841 - -
Trade receivables 19,268 16,934 - -
Other receivables
and prepayments 3,361 3,110 5,263 11,202
Tax receivables 11 1,002 - -
Cash and cash
equivalents 7,152 7,942 733 1,251
------------------- --------------------- -------------------- -------------------
58,814 57,829 7,891 13,320
------------------- --------------------- -------------------- -------------------
Total assets 82,992 83,604 61,926 66,739
------------------- --------------------- -------------------- -------------------
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 (3,297) (6,453) (13,320) (12,929)
Total equity 55,470 52,314 59,264 59,655
------------------- --------------------- -------------------- -------------------
Non-current
Liabilities
Other payables 111 1,222 - -
Deferred tax
liabilities 489 681 - -
600 1,903 ? - -
------------------- --------------------- -------------------- -------------------
Current Liabilities
Due to subsidiaries - - 2,140 6,820
Trade payables 12,206 16,602 - -
Other payables 6,528 6,323 454 196
Borrowings 8,025 6,108 - -
Provision for
income tax 163 354 ? 68 68
------------------- --------------------- -------------------- -------------------
26,922 29,387 2,662 7,084
------------------- --------------------- -------------------- -------------------
Total liabilities 27,552 31,290 2,662 7,084
------------------- --------------------- -------------------- -------------------
Total equity and
liabilities 82,992 83,604 61,926 66,739
------------------- --------------------- -------------------- -------------------
1(b)(ii) Aggregate amount of group's borrowings and debt securities.
Amount repayable in one year or less, or on demand
As at 31 Dec As at 31 Dec
2017 2016
------------------ ------------------
Secured Unsecured Secured Unsecured
------- --------- ------- ---------
US$'000 US$'000 US$'000 US$'000
------- --------- ------- ---------
8,025 - 6,108 -
------- --------- ------- ---------
Amount repayable after one year
As at 31 Dec As at 31 Dec
2017 2016
------------------ ------------------
Secured Unsecured Secured Unsecured
------- --------- ------- ---------
US$'000 US$'000 US$'000 US$'000
------- --------- ------- ---------
- - - -
------- --------- ------- ---------
Details of any collateral
The revolving credit loans of US$8,025,000 were secured over the assets of the subsidiaries and corporate guarantees provided by the Company and the subsidiaries.
1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Group Group
------------------------------------- --------------------------------------------
Q4 FY2017 Q4 FY2016 FY2017 FY2016
US$'000 US$'000 US$'000 US$'000
Cash Flows from Operating
Activities
Profit/(Loss) before income
tax 971 (2,396) 3,694 (1,547)
Adjustments for:
Depreciation of property,
plant and equipment 693 603 2,563 2,478
Amortisation of intangible
assets 154 198 628 314
(Gain)/Loss on disposal of
property, plant and
equipment (7) 7 6 7
Impairment of property,
plant and equipment - 139 86 139
(Write-back)/Allowance of
inventory obsolescence (160) (28) (351) 455
Impairment/(Write-back) of
allowance for trade
receivables 46 (355) 46 (355)
Write-off of trade
receivables - 363 - 363
Provision for litigation - 241 - 241
Unrealised exchange
(gain)/loss (230) 210 (203) 140
Interest income (16) (4) (30) (17)
Interest expense 165 21 483 572
Share-based payments 8 42 93 260
Write-back of payables - - (578) -
Operating cash flow before
working capital changes 1,624 (959) 6,437 3,050
Changes in working capital:
Inventories 2,176 365 171 (1,437)
Trade receivables (1,101) 743 (2,242) 4,224
Other receivables and
prepayments (1,056) 341 (242) 857
Trade and other payables (2,260) (1,543) (4,867) (2,011)
------------------ ----------------- --------------------- -----------------
Cash (used in)/generated
from operating activities (617) (1,053) (743) 4,683
Interest paid (58) (128) (333) (662)
Income tax refund/(paid) 255 (312) 205 (825)
Net cash (used in)/generated
from operating activities (420) (1,493) (871) 3,196
------------------ ----------------- --------------------- -----------------
Cash Flows from Investing
Activities
Interest received 16 10 30 23
Purchase of property, plant
and equipment (593) (517) (1,923) (1,888)
Proceeds from disposal of
property, plant and
equipment 23 - 55 -
Decrease in restricted cash - 213 1,200 218
Net cash used in investing
activities (554) (294) (638) (1,647)
------------------ ----------------- --------------------- -----------------
Group Group
------------------------------------ -------------------------------------
Q4 FY2017 Q4 FY2016 FY2017 FY2016
US$'000 US$'000 US$'000 US$'000
Cash Flows from Financing
Activities
Proceeds from borrowings 8,216 10,554 49,193 45,757
Repayment of borrowings (8,913) (11,928) (47,276) (44,997)
Repayment of shareholders' loan - - - (2,850)
Net cash (used in)/generated from
financing activities (697) (1,374) 1,917 (2,090)
----------------- ----------------- ------------------- ---------------
Net (decrease)/increase in cash
and cash equivalents (1,671) (3,161) 408 (541)
Cash and cash equivalents at the
beginning of the period 8,873 10,044 6,742 7,448
Effect of foreign exchange rate
changes on the balance of cash
held in foreign currencies (50) (141) 2 (165)
----------------- ----------------- ------------------- -------------
Cash and cash equivalents at the
end of the period(i) 7,152 6,742 7,152 6,742
----------------- ----------------- ------------------- -------------
Note:
(i) For the purpose of presentation in the consolidated statement of cash flows, the consolidated cash and cash equivalents comprise the following:
Q4 Q4
FY2017 FY2016 FY2017 FY2016
US$'000 US$'000 US$'000 US$'000
Cash and bank
balances 7,122 7,500 7,122 7,500
Fixed deposits 30 442 30 442
--------------------- --------------------- --------------------- ---------------------
7,152 7,942 7,152 7,942
Less: Restricted
cash* - (1,200) - (1,200)
--------------------- --------------------- --------------------- ---------------------
Cash and cash
equivalents per the
consolidated
statement of cash
flows 7,152 6,742 7,152 6,742
--------------------- --------------------- --------------------- ---------------------
* Restricted cash in Q4 FY2016 included cash collateral of US$1,000,000 and fixed deposits amounted to US$200,000 pledged with the banks for banker's guarantee and loans granted to the Group. As at 31 December 2017, the Group had utilised US$8,025,000 of the facilities and loans granted.
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Foreign
Capital Share currency
Share Treasury Merger redemption options Capital translation Retained
Group capital shares reserves reserves reserve reserve reserve profits Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as
at 1 Jan 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
Share-based
payments - - - - 8 - - - 8
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Profit for
the period - - - - - - - 784 784
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - (38) - (38)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Total other
comprehensive
income for
the period - - - - - - (38) 784 746
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
Balance as
at 31 Dec
2017 60,423 (1,656) (10,150) 6 706 (3,695) (872) 10,708 55,470
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- -----------------
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 2016 60,423 (1,656) (10,150) 6 353 (3,786) (1,281) 10,553 54,462
Share-based
payments - - - - 87 - - - 87
Loss for the
period - - - - - - - (654) (654)
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - 578 - 578
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Total other
comprehensive
loss for the
period - - - - - - 578 (654) (76)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Balance as
at 31 Mar
2016 60,423 (1,656) (10,150) 6 440 (3,786) (703) 9,899 54,473
Share-based
payments - - - - 86 - - - 86
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Profit for
the period - - - - - - - 225 225
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - (99) - (99)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Total other
comprehensive
income for
the period - - - - - - (99) 225 126
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Balance as
at 30 Jun
2016 60,423 (1,656) (10,150) 6 526 (3,786) (802) 10,124 54,685
Share-based
payments - - - - 45 - - - 45
Transfer to
capital
reserve
in accordance
with
statutory
requirements - - - - - 91 - (91) -
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Profit for
the period - - - - - - - 698 698
Other
comprehensive
loss:
Exchange
differences
on
translating
foreign
operations - - - - - - (248) - (248)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Total other
comprehensive
income for
the period - - - - - - (248) 698 450
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Balance as
at 30 Sep
2016 60,423 (1,656) (10,150) 6 571 (3,695) (1,050) 10,731 55,180
Share-based
payments - - - - 42 - - - 42
Loss for the
period - - - - - - - (2,972) (2,972)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - - 64 - 64
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Total other
comprehensive
loss for the
period - - - - - - 64 (2,972) (2,908)
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
Balance as
at 31 Dec
2016 60,423 (1,656) (10,150) 6 613 (3,695) (986) 7,759 52,314
------------------ ------------------ ------------------ ---------------------- ------------------ ------------------- ---------------------- -------------------- ----------------
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 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
Share-based
payments - - 8 - - - 8
Loss for the
period - - - - - (112) (112)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Total other
comprehensive
loss for the
period - - - - - (112) (112)
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
Balance as
at 31 Dec
2017 74,240 (1,656) 706 (4,481) (1,927) (7,618) 59,264
------------------------ ------------------------ ------------------------ ------------------------ --------------------------- ----------------------------- ----------------------
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 2016 74,240 (1,656) 353 (4,481) (2,067) (5,007) 61,382
Share-based
payments - - 87 - - - 87
Loss for the
period - - - - - (527) (527)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Total other
comprehensive
loss for the
period - - - - - (527) (527)
Balance as
at 31 Mar
2016 74,240 (1,656) 440 (4,481) (2,067) (5,534) 60,942
Share-based
payments - - 86 - - - 86
Loss for the
period - - - - - (996) (996)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Total other
comprehensive
loss for the
period - - - - - (996) (996)
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Balance as
at 30 Jun
2016 74,240 (1,656) 526 (4,481) (2,067) (6,530) 60,032
Share-based
payments - - 45 - - - 45
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Profit for
the period - - - - - 50 50
Other
comprehensive
income:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Total other
comprehensive
income for
the period - - - - - 50 50
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Balance as
at 30 Sep
2016 74,240 (1,656) 571 (4,481) (2,067) (6,480) 60,127
Share-based
payments - - 42 - - - 42
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Loss for the
period - - - - - (514) (514)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Total other
comprehensive
loss for the
period - - - - - (514) (514)
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
Balance as
at 31 Dec
2016 74,240 (1,656) 613 (4,481) (2,067) (6,994) 59,655
------------------------ ------------------------ ------------------------ ------------------------ ------------------------ ----------------------------- --------------------
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.
No. of
FY2017 shares US$'000
Balance as at 1 Jan 2017 and
31 Dec 2017 271,662,227 72,584
------------------ -----------
No. of
FY2016 shares US$'000
Balance as at 1 Jan 2016 and
31 Dec 2016 271,662,227 72,584
------------------ -----------
There were 10,740,072 treasury shares held by the Company as at 31 December 2017 and 31 December 2016 and there were no subsidiary holdings.
1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.
31 Dec 2017 31 Dec 2016
--------------------------------------------------------- ------------ ------------
Total number of issued shares excluding treasury shares 271,662,227 271,662,227
--------------------------------------------------------- ------------ ------------
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
No. of
FY2017 shares US$'000
Balance as at 1 Jan 2017
and 31 Dec 2017 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.
No. of
FY2017 shares US$'000
Balance as at 1 Jan 2017 - -
and 31 Dec 2017
-------- --------
2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.
These figures have not been audited or reviewed.
3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).
Not applicable.
4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.
The accounting policies and methods of computation have been applied consistently for the current financial period ended 31 December 2017 as those used in the audited financial statements for the year ended 31 December 2016, except for the adoption of the new or revised International Financial Reporting Standards ("IFRS") applicable for the financial period beginning 1 January 2017.
5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
The Group has adopted all of the new or revised IFRS that are effective for the financial period beginning 1 January 2017 and are relevant to its operations. The adoption of these IFRS does not have financial impact on the Group's financial position or results.
6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
Earnings per ordinary share of the Group, after deducting Group Group
any provision for preference dividends
------------------------------------------------------------- --------------------------- --------------------------
Q4 Q4
FY2017 FY2016 FY2017 FY2016
US$ US$ US$ US$
------------------------------------------------------------- ------------ ------------- ------------ ------------
(a) Based on weighted average number of ordinary shares on 0.29 cent (1.09) cents 1.09 cents (1.00) cent
issue; and
(b) On a fully diluted basis 0.29 cent* (1.09) cents 1.08 cents (1.00) cent
Weighted average number of ordinary shares used in
computation of basic earnings per share 271,662,227 271,482,055 271,662,227 271,482,055
Weighted average number of ordinary shares used in
computation of diluted earnings per share 224,888,356 272,078,632 271,915,839 271,724,745
------------------------------------------------------------- ------------ ------------- ------------ ------------
* Diluted earnings per share for Q4 FY2017 is 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
-------------------------------------------------------------- -------------------------- --------------------------
31 Dec 2017 31 Dec 2016 31 Dec 2017 31 Dec 2016
US$ US$ US$ US$
-------------------------------------------------------------- ------------ ------------ ------------ ------------
Net asset value per ordinary share based on issued share 20.42 cents 19.26 cents 21.82 cents 21.96 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 twelve months ended 31 December 2017 ("FY2017") decreased by US$11.6 million to US$115.7 million from US$127.3 million in the prior year ("FY2016") primarily driven by the anticipated US$11.0 million reduction following the consolidation of the non-core Contract Manufacturing segment in the People's Republic of China ("PRC"). Revenue for the quarter ended ("Q4 FY2017") amounted to US$29.8 million, US$1.2 million lower than US$31.0 million in the prior quarter ("Q4 FY2016"), again mainly attributed to the US$2.0 million reduction from the consolidation of operations in Shenzhen.
Geographically, and again largely impacted by the cessation of the Contract Manufacturing operation, Group revenue for FY2017 declined in America, Europe and Asia by US$3.4 million (-4.1%), US$7.1 million (-23.0%) and US$1.6 million (-19.1%), respectively, partially offset by contributions in Rest of the World ("RoW") by US$0.5 million (+11.3%). Revenue for Q4 FY2017 declined in Europe, Asia and RoW by US$0.3 million (-4.8%), US$1.6 million (-56.7%) and US$0.1 million (-10.4%), respectively, offset by an increase in America by US$0.8 million (+4.1%) compared to the earlier year.
Gross Profit
Although gross profit for FY2017 decreased by US$1.8 million to US$24.2 million compared to US$26.0 million in FY2016 due to reduced revenue, the gross profit margin improved 0.5% to 20.9%.
For Q4 FY2017, gross profit increased by US$0.5 million to US$6.3 million from US$5.8 million on lower revenues driven by a gross margin improvement of 2.3% to 21.1% from process improvements and a more favourable product mix.
Other Income and Other Operating Expenses
Other income in Q4 FY2017 derived primarily from foreign exchange gains while other operating expenses were made up from allowances for impairment of trade receivables.
Administrative Expenses
Administrative expenses for FY2017 decreased 20.6% to US$21.0 million compared to US$26.4 million in FY2016, representing 18.1% and 20.7% of revenue respectively, relating to cost-saving initiatives and the absence in FY2017 of employee compensation payments amounting to approximately US$2.3 million relating to the PRC restructuring. The absence of these latter costs together with the consolidation of the two PRC operations into one (in Shanghai) resulted in administrative expenses decreasing 31.3% to US$5.4 million in Q4 FY2017 from US$7.9 million the year earlier, representing 18.2% and 25.4% of revenue, respectively.
Profit Before Tax & Net Profit
The Group posted a profit before tax of US$3.7 million in FY2017, reversing a US$1.5 million loss before tax the year earlier. Underlying profit before tax also improved by US$1.9 million year-on-year taking into account the FY2016, one-off expense of US$2.5 million for restructuring and impairment of the Shenzhen subsidiary and US$0.8 million relating to associated professional fees. Correspondingly, FY2017 margins improved to 3.2%, overturning the 1.2% adverse contribution in FY2016.
For the quarter ended Q4 FY2017, the Group recorded US$1.0 million profit before tax compared to US$2.4 million loss before tax in the prior year quarter, representing margins of 3.3% and negative 7.7%, respectively.
Overall, the Group posted a net profit of US$2.9 million in FY2017, contrasting to a US$2.7 million net loss in FY2016, representing net margins improved to 2.5% from negative 2.1% respectively.
The Group recorded a net profit of US$0.8 million in Q4 FY2017 compared to a net loss of US$3.0 million the prior year quarter, representing a positive net margin of 2.6% against a negative net margin of 9.6%, respectively.
Review of Financial Position
Non-current assets decreased, primarily due to the depreciation of property, plant and equipment, amortisation of intangible assets as well as a reduction in deferred tax assets.
Net current assets increased by US$3.5 million to US$31.9 million as at 31 December 2017 compared to US$28.4 million as at 31 December 2016. Inventories increased marginally by US$0.2 million and trade and other receivables increased by US$2.6 million owing to late quarter revenues and slower customer payments at the year end. Trade and other payables decreased by US$4.2 million following the continuing rectification of trade supplier payments primarily in the US operation. Borrowings increased by US$1.9 million to US$8.0 million as part of these rectifications and cash and cash equivalents reduced marginally to US$7.1 million as at 31 December 2017 compared to US$7.9 million as at 31 December 2016. Net tax receivables decreased by US$0.8 million to net tax payables of US$0.2 million as at 31 December 2017.
Non-current liabilities reduced with the reclassification of payables to current payables and the contraction of deferred tax liabilities.
The Group's net asset value stood at US$55.5 million as at 31 December 2017, compared to US$52.3 million as at 31 December 2016.
Review of Cash Flows
In Q4 FY2017, net cash used in operating activities amounted to US$0.4 million, comprising US$1.6 million cash inflow from operating activities (before working capital changes), US$2.2 million net working capital outflow and US$0.1 million payment of interest, offset by US$0.3 million refund of income tax.
In FY2017, net cash used in operating activities amounted to US$0.9 million, comprising US$6.4 million cash inflow from operating activities (before working capital changes), US$7.2 million net working capital outflow and US$0.3 million payment of interest, offset by US$0.2 million refund of income tax.
Net cash used in investing activities in Q4 FY2017 and FY2017 amounted both to US$0.6 million, relating predominately to purchase of machinery.
Net cash used in financing activities amounted to US$0.7 million in Q4 FY2017 and net cash generated from financing activities amounted to US$1.9 million in FY2017, attributable to the net repayment and proceeds of borrowings, respectively.
Overall, the Group recorded a net decrease in cash and cash equivalents amounting to US$1.7 million in Q4 FY2017 opposed to a net increase of US$0.4 million in FY2017, bringing cash and cash equivalents per the consolidated statement of cash flows to US$7.2 million as at 31 December 2017.
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.
In the face of the continuous newsflow regarding the increase in Over-The-Top (OTT) viewing and the reduction in satellite subscribers in the developed markets, it is interesting to note that the market for satellite ground equipment, according to the Satellite Industry Association's 2017 State of the Satellite Industry Report(1) , grew 2% to US$260.5 billion, attributed mainly to increasing consumer appetite for higher quality video (4K and developing 8K) and commercial viability in remote areas. Moreover, the inherent cost-effectiveness of satellite provision over its cable alternative reflects shifting avenues of media dissemination of an ever-growing library of video content.
Against the backdrop of this market, the Group has positioned itself for future growth through i) the turnaround of its US operation (acquisition completed in August 2015) and Israeli operation (acquisition completed in November 2014) both of which have just achieved their first year of profitability in over ten years; ii) the consolidation of its PRC manufacturing activities and the reduction of activities in contract manufacturing; and iii) enhancing its product pipeline. These have the potential to improve operational efficiency and Group-wide supply chain improvements while sharpening the Group's focus on its satellite ground equipment business.
The Group as a whole will continue to emphasise on R&D to strengthen its product offerings. New products launched in the second half of FY2017 included the Western Arc Hybrid LNB. For FY2018, new products to be launched include slimline products, new satellite antennas as well as low-cost Low Noise Blocks based on a new chip design. For the VSAT market, the Group continues to observe rising demand in developing countries and increasing availability, at a lower price point, proving satellites as a viable option over traditional avenues.
Despite OTT and service bundling, broadcasters will continue to offer new services and enter into new markets, leveraging on the latest innovations and technologies.
Global sporting events such as 2018 Football World Cup in Russia, 2019 Rugby World Cup and the 2020 Summer Olympics in Japan have garnered significant government and commercial attention and commitment to developing the infrastructure. The Japanese government is seeking to implement 8K in time for the 2020 Olympics. While 4K testing has already begun through the SKY Perfect JSAT satellite service, private and public architecture have accelerated the provision of the 7680 x 4320 (8K) resolution, 4 and 16 times as sharp as 4K and 1080p, respectively.
TV-makers Panasonic and Sony have partnered with broadcaster NHK and others to develop technology and TV sets capable of viewing the 8K video. On 31 January 2018, the Group incorporated an office in Japan which will utilise the sales and distribution services of our hub based in Malaysia that is looking to develop business opportunities in Asia and Australasia.
(1) https://www.sia.org/wp-content/uploads/2017/07/SIA-SSIR-2017.pdf
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 year ended 31 December 2017.
PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)
13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year.
13(a) Reportable Operating Segments
The business of the Group is organised into the following product segments:
-- Satellite Communications ("Sat Comms")
-- Contract Manufacturing ("CM")
For management purposes, the Group is organised into business segments based on their products as the Group's risks and rates of return are affected predominantly by differences in the products produced. Each product segment represents a strategic business unit and management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.
Segment results represent the profit earned by each segment without allocation of finance income/costs and taxation. Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprised mainly corporate assets and liabilities, borrowings and income taxes. Segment revenue includes transfers between operating segments. Such transfers are accounted for at competitive market prices charged to unaffiliated customers for similar goods. The transfers are eliminated on consolidation. No operating segments have been aggregated to form the following reportable operating segments.
FY2017 Sat Comms CM Group
US$'000 US$'000 US$'000
Revenue 109,314 6,392 115,706
Operating profit 3,494 653 4,147
--------------------- -------------------
Finance income 30
Finance costs (483)
Income tax expense (745)
--------------------
Profit for the year 2,949
--------------------
Amortisation of intangible
assets 628 - 628
Depreciation of property,
plant and equipment 2,479 84 2,563
Addition to property,
plant and equipment 1,816 107 1,923
Impairment of property,
plant and equipment - 86 86
Write-back for inventory
obsolescence, net (351) - (351)
Allowance for impairment
of trade receivables,
net 46 - 46
Assets and liabilities
Segment assets 73,930 7,857 81,787
Unallocated assets
- Non-current assets 9
- Other receivables 254
- Deferred tax assets 198
- Cash and cash equivalents 733
- Tax receivables 11
Total assets 82,992
--------------------
FY2017 Sat Comms CM Group
US$'000 US$'000 US$'000
Segment liabilities 16,641 1,711 18,352
Unallocated liabilities
- Other payables 493
- Provision for income
tax 163
- Deferred tax liabilities 489
- Borrowings 8,025
Total liabilities 27,522
--------------------
FY2016
Revenue 109,869 17,439 127,308
Operating profit/(loss) 1,318 (2,310) (992)
--------------------- -------------------
Finance income 17
Finance costs (572)
Income tax expense (1,156)
--------------------
Loss for the year (2,703)
--------------------
Amortisation of intangible
assets 314 - 314
Depreciation of property,
plant and equipment 2,297 181 2,478
Addition to property,
plant and equipment 1,856 32 1,888
Impairment of property,
plant and equipment - 139 139
Allowance/(Write-back)
for inventory obsolescence,
net 794 (339) 455
Write-back of allowance
for impairment of trade
receivables, net (20) (335) (355)
Write-off of trade receivables 28 335 363
Provision of litigation 241 - 241
Assets and liabilities
Segment assets 74,671 7,120 81,791
Unallocated assets
- Non-current assets 4
- Other receivables 201
- Deferred tax assets 355
- Cash and cash equivalents 251
- Tax receivables 1,002
Total assets 83,604
--------------------
Segment liabilities 21,170 2,781 23,951
Unallocated liabilities
- Other payables 196
- Provision for income
tax 354
- Deferred tax liabilities 681
- Borrowings 6,108
Total liabilities 31,290
--------------------
13(b) Geographical Information
Revenue and non-current assets information based on the geographical location of customers and assets respectively are as follows:
Rest
of the
FY2017 America Europe Asia World Group
US$'000 US$'000 US$'000 US$'000 US$'000
------------- --------------- ------------- --------------- ---------------- -------------
Revenue 81,066 23,687 6,569 4,384 115,706
------------- --------------- ------------- --------------- ---------------- -------------
Non-current
assets 5,256 15,941 2,661 114 23,972
------------- --------------- ------------- --------------- ---------------- -------------
Rest
of the
FY2016 America Europe Asia World Group
US$'000 US$'000 US$'000 US$'000 US$'000
------------- --------------- ------------- --------------- ---------------- -------------
Revenue 84,505 30,745 8,119 3,939 127,308
------------- --------------- ------------- --------------- ---------------- -------------
Non-current
assets 5,500 12,949 6,854 109 25,412
------------- --------------- ------------- --------------- ---------------- -------------
14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.
Please refer to Note 8.
15. A breakdown of sales.
FY2017 FY2016 % increase/
US$'000 US$'000 (decrease)
----- -------------------------- --------------- --------------- ----------------
Sales reported for
(a) first half year 57,424 64,275 (10.7)
----- -------------------------- --------------- --------------- ----------------
Operating profit/(loss)
after income tax before
deducting minority
interests reported
(b) for first half year 1,478 (429) N.M.
----- -------------------------- --------------- --------------- ----------------
Sales reported for
(c) second half year 58,282 63,033 (7.5)
----- -------------------------- --------------- --------------- ----------------
Operating profit/(loss)
after income tax before
deducting minority
interests reported
(d) for second half year 1,471 (2,274) N.M.
----- -------------------------- --------------- --------------- ----------------
16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year.
FY2017 FY2016
US$'000 US$'000
Ordinary - -
Preference - -
--------- ---------
Total Annual Dividend - -
--------- ---------
17. 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 year ended 31 December 2017.
18. 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.
19. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13) in the format below. If there are no such persons, the issuer must make an appropriate negative statement.
Neither Global Invacom Group Limited nor any of its principal subsidiaries have any person occupying a managerial position who is related to a director, chief executive officer or substantial shareholder.
BY ORDER OF THE BOARD
Anthony Brian Taylor
Executive Chairman
1 March 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 company news service from the London Stock Exchange
END
FR SSISMFFASEID
(END) Dow Jones Newswires
March 01, 2018 02:02 ET (07:02 GMT)
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