![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gmo | LSE:GMO | London | Ordinary Share | GB00B19Z0S04 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9898Q GMO Limited 09 February 2007 Press Release 9 February 2007 GMO Limited ("GMO" or the "Group") Unaudited Final Results GMO Limited (AIM:GMO), a leading provider of wireless value-added services ('WVAS') listed on AIM today announces its maiden unaudited Final Results, for the financial year ended 31st December 2006. Highlights * Raised #5.0 million during the IPO * Successfully completed the 20% acquisition of WCI for a consideration of USD23.8 million financed in part by the issue of USD20.235 million Murabahah Loan Notes * Achieved EBITDA of USD0.6 million (Pro forma: USD2.54 million) * Robust earnings per share of 2.47 US cents (Pro forma: 2.86 US cents) Commenting on the results, Tan Sri Datuk Dr Omar Rahman, Chairman of GMO Limited, said: "As demonstrated since joining AIM in September 2006, GMO has strong fundamentals in place and will continue to grow in tandem with the exponential growth of the telecommunications sector in China. GMO will continue to grow utilizing a combination of organic and acquisitive growth as evidenced through the recent acquisition of WCI." Eugene Goh, Chief Executive Officer of GMO Limited, added: "We are always confident of GMO's growth prospects in China. We are delighted that since the half-year end, the Company has completed a 20% equity acquisition of WCI. WCI has exceeded our expectations of its financial performance and we look forward to benefiting from its revenue and cost synergies as well as the growth opportunity for the Group to become a major media WVAS player in China. The success of the complementary acquisition reinforces our strong belief and confidence in the future development of GMO." For further information: GMO Limited Eugene Goh, Chief Executive Officer Tel: + (0)7786 787 005 eugene@gmoglobal.com www.gmoglobal.com Corporate Synergy Plc John Wakefield / Mike Coe, Corporate Finance Tel: +44 (0) 117 933 0020 Jwakefield@corporatesynergy.co.uk www.corporatesynergy.co.uk Media enquiries: Abchurch Chris Lane/ Georgina Bonham Tel: +44 (0) 20 7398 7700 georgina.bonham@abchurch-group.com www.abchurch-group.com Chairman's Statement Overview 2006 has been a successful year for GMO. On 6 September 2006, GMO successfully made its maiden debut on the AIM of the London Stock Exchange, raising gross proceeds of #5 million. Not resting on its laurels, GMO has made significant progress by completing the acquisition of a 20% equity in WCI, the exclusive service and technology provider for ColorComm Software Technology Group (" ColorComm"), a market leader in the WVAS and interactive media services in China. For the financial year ended 31 December 2006, GMO achieved an EBITDA of USD0.6 million (Pro forma: USD2.54 million) on the back of revenue of USD2.89 million (Pro forma: USD4.92 million). Basic earning per share ('EPS') was 2.47 US cents (Pro forma: 2.86 US cents). Operational Review The operating condition within the WVAS industry was difficult especially in the second half of 2006 due to the full implementation of the new regulations imposed by the Ministry of Information Industry of China. Despite the regulatory changes above, GMO performed satisfactorily. Current trading and prospects The new regulatory requirements imposed on the WVAS industry has resulted in the industry undergoing a challenging environment. Nevertheless, GMO will continue to expand its range of products and services to increase its revenue base and to improve its profitability margins. GMO has penetrated the interactive media industry in China via its recent acquisition of a 20% equity interest in WCI. WCI achieved audited EBITDA of approximately USD11.9 million in respect of the two (2) financial periods of six months ended 31 December 2005 and 30 June 2006. It is expected that the acquisition of WCI will increase the product and services offering of GMO and create synergistic benefits. CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) PERIOD FROM PERIOD FROM PERIOD FROM 20.6.2006 1.7.2006 20.6.2006 TO 30.6.2006 TO 31.12.06 TO 31.12.2006 Notes USD USD USD Revenue - 2,888,385 2,888,385 Cost of sales - (1,917,705) (1,917,705) Gross Profit - 970,680 970,680 Administrative expenses (5,319) (363,853) (369,172) EBITDA* (5,319) 606,827 601,508 Other income - 108,218 108,218 Amortisation - (333,909) (333,909) Profit before taxation (5,319) 381,136 375,817 Excess of Group's interest in the net fair value of acquiree's identifiable assets, liabilities and contingent liabilities over cost - 475,057 475,057 Taxation - - - Profit after taxation (5,319) 856,193 850,874 Minority interest - (184,089) (184,089) (Loss) / Profit for the period (5,319) 672,104 666,785 Earnings per share attributable to equity holders of the parent - Basic (cent) 5 NA 2.48 2.47 - Diluted (cent) NA NA NA *EBITDA - denotes "Earnings Before Interest, Taxation, Depreciation and Amortisation." This is the unaudited final report on the consolidated results for the financial period from 20 June 2006 (Date of Incorporation) to 31 December 2006 announced by the Company in compliance with AIM requirements. As this is the first financial period, there are no comparative figures for the preceding year. The unaudited consolidated income statement should be read in conjunction with the companying explanatory notes attached to the interim financial statements. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AT 31 DECEMBER 2006 USD Non - current assets Intellectual property 12,643,328 Current assets Trade and other receivables 3,708,368 Deposit for acquisition 5,000,000 Deferred expenses 190,068 Cash and bank balances 6,322,610 15,221,046 Current liabilities Trade payables 1,851,464 Accruals and provisions 2,594,541 Amount owing to related parties 4,019,193 8,465,198 Net current liabilities 6,755,848 19,399,176 Financed by: Capital and reserves Equity attributable to equity holders of the parent Share capital 7,541,655 Share premium 9,911,506 Foreign exchange reserve 72,283 Retained profits 666,785 18,192,229 Minority Interest 1,206,947 Total equity 19,399,176 Non-current liability - 19,399,176 Net assets per share attributable to ordinary equity holders of the parent (cent) 45.37 This is the unaudited final report on the consolidated results for the financial period from 20 June 2006 (Date of Incorporation) to 31 December 2006 announced by the Company in compliance with AIM requirements. As this is the first financial period, there are no comparative figures for the preceding year. The unaudited consolidated balance sheet should be read in conjunction with the companying explanatory notes attached to the interim financial statements. CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (UNAUDITED) PERIOD FROM 20.6.2006 TO 31.12.2006 USD Cash flows from operating activities Profit before taxation 850,875 Adjustments for non-cash item: Amortisation of intellectual property 333,909 Excess of Group's interest in the net fair value of acquiree's Identifiable assets, liabilities and contingent liabilities over cost (475,057) Interest income (36,599) Other non-cash items (71,619) Profit before working capital changes 601,509 Changes in working capital: Increase in trade and other receivables (1,681,441) Decrease in deferred expenses 180,415 Increase in trade payables and accruals 2,081,958 Increase in amount owing by related parties 1,388,571 Cash generated from operations 2,571,012 Net cash generated from operating activities 2,571,012 Cash flows from investing activities Acquisition of subsidiary 629,457 Acquisition of associate (5,000,000) Interest received 36,559 Net cash used in investing activities (4,333,984) Cash flows from financing activities Proceeds from issuance of shares 9,506,839 Listing expenses (1,565,199) Net cash generated from financing activities 7,941,640 Net increase in cash and cash equivalents 6,178,668 Cash and cash equivalents at 20 June 2006 - Effect of foreign exchange rate changes 143,942 Cash and cash equivalents at end of period 6,322,610 This is the unaudited final report on the consolidated results for the financial period from 20 June 2006 (Date of Incorporation) to 31 December 2006 announced by the Company in compliance with AIM requirements. As this is the first financial period, there are no comparative figures for the preceding year. The unaudited consolidated cash flow should be read in conjunction with the companying explanatory notes attached to the interim financial statements. NOTES TO THE INTERIM FINANCIAL REPORT 1. Basis of Preparation The preliminary final financial statements are unaudited and have been presented in accordance to International Financial Reporting Standards and the requirements of AIM rules for the financial period from the date of incorporation to 31 December 2006. 2. Accounting Convention The financial statements are prepared under the historical cost convention and on the going concern basis. 3. Basis of Consolidation The consolidated financial statements include the financial statement of the Company and its subsidiary as at the balance sheet date. A subsidiary is defined as a company in which the Group has the power, directly or indirectly, to exercise control over the financial and operating policies so as to obtain benefits from its activities. All subsidiaries are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the results of subsidiaries acquired or disposed of are included from the date of acquisition or up to the date of disposal. At the date of acquisition, the fair values of the subsidiaries' net assets are determined and these values are reflected in the consolidated financial statements. Intra-group transactions, balances and unrealized gains on transactions are eliminated; unrealized losses are also eliminated unless cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is measured at the minorities' share of the fair values of the identifiable assets and liabilities of the acquired. 4. Review of Performance For the financial year ended 31 December 2006, GMOL registered revenue of approximately USD2.89 million and achieved an EBITDA of approximately USD0.6 million. GMOL was principally set up as an investment holding company to facilitate the listing of GMO Global and its subsidiaries ("GMO Global") on AIM. The acquisition of GMO Global by GMOL was completed on 18.8.2006. Therefore, approximately 4.5 months of GMO Global financial results were included in the consolidated results of GMOL for the financial year ended 31 December 2006. The proforma results of GMOL for the financial year ended 31 December 2006, assuming the acquisition of GMO Global had been completed on 1 January 2006, are as follows:- Proforma Proforma Proforma First Half Year Second Half Year Financial Year Ended Ended Ended 30.6.2006 31.12.2006 31.12.2006 USD USD USD Revenue 1,621,135 3,294,177 4,915,312 Cost of sales (10,066) (1,986,873) (1,996,939) Gross Profit 1,611,069 1,307,304 2,918,373 Administrative expenses (11,709) (368,864) (380,573) EBITDA* 1,599,360 938,440 2,537,800 Other income - 108,218 108,218 Amortisation (453,336) (453,336) (906,672) Profit before taxation 1,146,024 593,322 1,739,346 Taxation - - - Profit after taxation 1,146,024 593,322 1,739,346 Minority interest (342,814) (249,755) (592,569) Profit for the period 803,210 343,567 1,146,777 Earnings per share attributable to equity holders of the parent - Basic (cent) # 2.68 0.86 2.86 - Diluted (cent) NA NA NA # Basic EPS has been calculated based on the net profit attributable to ordinary shareholders of GMO Limited divided by the number of ordinary shares of 10 pence each in issue for the year of 40,100,000. 5. Earnings per share Basic earnings per share is calculated by dividing the net profit for the period by the weighted average number of ordinary shares in issue during the financial period. Period Period from from 1.7.2006 to 20.6.2006 to 31.12.2006 31.12.2006 Net profit for the period (USD) 672,104 666,785 Weighted average number of ordinary shares in Issue 27,050,000 27,050,000 Basic earnings per share (cent) 2.48 2.47 6. Material Events during the Financial Year Ended 31 December 2006 Acquisition of GMO Global Limited ("GMO") and Share Exchange Agreement On 18 August 2006, pursuant to the Share Exchange Agreement ("SEA"), GMOL acquired the entire issued and paid-up share capital of GMO Global Limited ("GMO "), a company incorporated in the British Virgin Islands, from the JV Partners namely Green Packet Berhad ("GPB"), mTouche Technology Berhad ("MTB") and OSK Ventures International Berhad ("OSKVI") for a total consideration of #5,069,830 ("Consideration") to be satisfied by way of a share swap which will entail the issuance of 2,999,900 ordinary shares of #1.00 each in GMOL ("GMOL Shares") at an issue price of #1.69 per GMOL Share, to be credited as fully paid-up. Subsequent to the SEA, the JV Partners acquired the remaining 100 GMOL Shares, at par from the existing shareholders, namely Monitor Holdings Limited and Primary Holdings Limited, in the proportion of their respective shareholdings in GMOL. On the same date, GMOL implemented a share split on the basis of every one (1) ordinary share of #1.00 each in GMOL into ten (10) new shares of 10 pence each ("New GMOL Shares"). Listing of GMO Limited on Alternative Investment Market ("AIM") of the London Stock Exchange On 6 September 2006, GMOL undertook a public issue of 10,000,000 New GMOL Shares, representing approximately 25% of the enlarged issued and paid-up share capital of GMOL, at an indicative issue price of 50 pence each. The public issue raised a total gross proceeds amounted to #5,000,000, and the issued and paid-up share capital of GMOL increase from #3,000,000 comprising 30,000,000 New GMOL Shares to #4,000,000 comprising 40,000,000 New GMOL Shares. On the same date, the entire issued and paid-up share capital of GMO Limited ("GMOL") of #4,000,000 comprising 40,000,000 ordinary shares of 10 pence each was admitted to the AIM of the London Stock Exchange. Proposed conditional acquisition of 20% equity interest in Wisdom Choice Investments Ltd ("WCI") On 29 September 2006, GMOL entered into a Shares Sale Agreement ("SSA") with WCI and conditionally agreed to acquire an interest in 20 per cent of WCI for a total consideration of up to USD16.15 million to be satisfied by a mixture of cash and debt. WCI is the exclusive service and technology provider of ColorComm, a market leader in wireless value-added services and interactive TV communication in China. In addition, GMOL has been granted a call option to acquire the remaining 80 per cent shares in WCI. The exercise period expires on 15 February 2007 and payment on exercise is dependent on WCI having achieved an audited EBITDA of USD9.5m for the year ending 31 December 2006. Proposed acquisition of 20% equity interest in Wisdom Choice Investments Ltd ("WCI") On 22 January 2007, the Group announced that all the conditions precedent in the SSA entered into between GMOL and WCI on 29 September 2006 has been fulfilled. The remaining consideration (net of the USD5m deposit already paid) has been funded via internally generated funds and the issuance of Murabahah loan notes arranged in accordance with Islamic principles. The subscribers of the Murabahah loan notes comprise, amongst others, Green Packet Berhad, mTouche Technology Berhad, OSK Ventures International Berhad, , and Eugene Goh, Chief Executive Officer. The loan notes will be redeemed by GMOL two years from the date of issue and may be redeemed earlier at GMOL's option. Proposed extension of Call Option On 8 February 2007, the Company and the Vendors of WCI have mutually agreed to extend the exercise date of the call option from 15 February 2007 to 31 March 2007. - Ends - This information is provided by RNS The company news service from the London Stock Exchange END FR ILFSTFAITIID
1 Year Gmo Chart |
1 Month Gmo 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