We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ienergizer Limited | LSE:IBPO | London | Ordinary Share | GG00B54NMG96 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 59.80 | 57.80 | 59.60 | 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
TIDMIBPO
RNS Number : 1136H
iEnergizer Limited
13 November 2018
13 November 2018
iEnergizer Limited
("iEnergizer", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2018
iEnergizer, the technology services and media solutions leader for the digital age, reports interim results for the six months ended September 30, 2018.
Financial Highlights:
Sustained profitable growth and margin improvements achieved through deepening of existing customer relationships and accrual of new customers, alongside active cost management across all verticals of the company
-- Service Revenue up 9.5% to $82.4m (H1 2018: $75.2m) -- EBITDA up 39.1% to $24.3m (H1 2018: $17.4m) -- EBITDA margin at 29.1% (H1 2018: 23.0%) -- Operating profit increased to $23.4m (H1 2018: $15.0m) -- Operating profit margin at 27.5% (H1 2018: 19.8%) -- Profit before tax increased to $21.0m (H1 2018: $12.1m) -- Profit before tax margin at 24.6% (H1 2018: 15.9%) -- Profit after tax increased to $17.3m (H1 2018: $10.3m) -- Net debt of $18.5m (31 March 2018: $26.4m)
Operational Highlights
Continued focus on higher margin work and succeeding in securing further work with existing and new blue-chip customers, supported by new product launches in prior period,
-- Services: Revenue growth of 9.5% to $82.4m (H1 2018 $75.2)
-- Business Process Outsource ("BPO"): Strong revenue growth of over 18% outperforming expectations as key customers continued to increase workload volumes. The focus remains on recurring revenue streams from long-term customer relationships across all verticals. The division has added several new blue chip customers in gaming and ecommerce verticals adding to overall growth
-- Content Division: Sustainable long term growth prospects for content services with key focus on new markets within E Learning and Education sectors:
o After successful launch of new product line OTS (Off-The-Shelf) during H2 of 2018, more deals are under negotiation with new customers for development of courseware or LMS (Learning Management System) in Education sector.
o Growing its customer base in the product line launched in H1 of 2018 on Scientific Publishing and Remittance Integration Services ("SciPris") through ongoing negotiations with the existing and new customers within the publishing vertical.
o Steady work streams maintained from core customers despite structural pressures in the traditional publishing market. Revenue from services in content division has been at stable $34.3m in H1 2019 (H1 2018 $34.5m) through maintenance of cost effective service solutions for existing customers.
-- Focused cost saving initiatives:
o Improved overall efficiencies and minimised operational costs in the BPO division by switching from an outsourcing model to in-house delivery
o Increased proportion of division-specific higher margin work, particularly in non-voice based processes including content writing, financials, entertainment gaming support, content technology and digital solutions
o Effective use of technology to enable leaner operations, to handle greater volumes from key customers without notable additional human resource
-- US based sales team continued to focus on its three clear, concise strategies: to enhance and grow key accounts; to identify and win new business through new customers as well as target our existing accounts; and to cross-sell and generate leads for additional services.
-- The Company is pleased to announce that a number of offers have been received to refinance the Company's existing term loan on the back of our strong cash generation. Subject to the completion of satisfactory due diligence and the signing of one of these offers, the Board is very pleased to inform the market of its intention to return to the dividend list.
Marc Vassanelli, Chairman of iEnergizer, commented:
"We are pleased to report another strong performance by iEnergizer, demonstrating sustained increases in revenue and profit and further improvements in profit margin.
"This performance reflects the significant progress being made by colleagues across the Company, as we continue to focus on recurring revenue streams, as well as effectively offsetting pressure in the traditional publishing sector by capitalizing on our advantageous position to service existing and new customers' needs in the evolving digital technology landscape.
"The Company's healthy cash position, together with its cash generative business model, puts iEnergizer in a strong position to invest in both organic and inorganic growth opportunities in the periods ahead.
"We expect sustained business performance through the second half of the year and the Board looks forward to the remainder of the year with confidence."
-Ends-
iEnergizer Ltd. +44 (0)1481 242233 Chris de Putron Mark De La Rue FTI Consulting - Communications Adviser +44 (0)20 3727 1000 Jonathon Brill, Eleanor Purdon Arden Partners - Nominated adviser and Broker Steve Douglas Ciaran Walsh +44 (0)20 7614 5900
iEnergizer Limited and its subsidiaries
Unaudited Condensed Consolidated Interim Financial Statements
Prepared in accordance with International Financial Reporting Standards (IFRS)
Six months ended 30 September 2018 and 2017
Unaudited Condensed Consolidated Statements of Financial Position
(All amounts in United States Dollars, unless otherwise stated)
Hot Features
Premium
Notes As at As at
30 September 31 March 2018
2018
Unaudited Audited
------------------------------- ------ ----------------------------- ------------------------------
ASSETS
Non-current
Goodwill 5 102,251,613 102,265,086
Other intangible assets 6 13,293,455 14,770,468
Property, plant and equipment 7 5,187,140 4,650,688
Long- term financial asset 2,743,744 550,534
Non-current tax assets 818,303 1,119,175
Deferred tax asset 7,592,133 7,915,205
Other non current assets 28,284 -
Non-current assets 131,914,672 131,271,156
----------------------------- ------------------------------
Current
Trade and other receivables 30,997,595 27,346,367
Cash and cash equivalents 33,423,460 33,774,536
Short- term financial assets 8 5,329,699 7,674,666
Current tax assets 732,208 816,688
Other current assets 3,116,630 2,866,199
Current assets 73,599,593 72,478,456
----------------------------- ------------------------------
Total assets 205,514,265 203,749,612
============================= ==============================
EQUITY AND LIABILITIES
Equity
Share capital 3,776,175 3,776,175
Share compensation reserve 63,986 63,986
Additional paid in capital 15,451,809 15,451,809
Merger reserve (1,049,386) (1,049,386)
Retained earnings 117,458,918 100,201,260
Other components of equity (13,970,777) (8,512,552)
Total equity attributable to equity
holders of the parent 121,730,725 109,931,292
----------------------------- ------------------------------
Notes As at As at
30 September
2018 31 March 2018
Unaudited Audited
------ ------------- --------------
Liabilities
Non-current
Long term borrowings 280,594 46,038,369
Employee benefit obligations 3,878,639 4,200,708
Other non-current liabilities 218,250 269,038
Deferred tax liability 7,511,920 7,375,578
Non-current liabilities 11,889,403 57,883,693
------------------------------ ----------------------------
Current
Short term borrowings - 402,986
Trade and other payables 9,197,777 13,258,193
Employee benefit obligations 716,169 700,761
Current tax liabilities 393,606 246,560
Current portion of long term
borrowings 51,605,366 13,732,671
Other current liabilities 9,981,219 7,593,456
Current liabilities 71,894,137 35,934,627
------------------------------ ----------------------------
Total equity and liabilities 205,514,265 203,749,612
============================== ============================
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Income Statements
(All amounts in United States Dollars, unless otherwise stated)
Notes For the six months For the six months
ended ended
30 September 2018 30 September
2017
Unaudited Unaudited
------------------------------------- -------- -------------------------------- ------------------------------
Income from operations
Revenue from services 82,361,309 75,207,914
Other operating income 2,724,771 764,053
85,086,079 75,971,967
-------------------------------- ------------------------------
Cost and expenses
Outsourced service cost 17,959,356 23,499,165
Employee benefits expense 35,284,407 30,375,060
Depreciation and amortisation 2,680,368 2,412,253
Other expenses 5,735,424 4,660,133
61,659,555 60,946,611
-------------------------------- ------------------------------
Operating profit 23,426,525 15,025,356
Finance income 288,208 308,419
Finance cost (2,760,603) (3,236,393)
Profit before tax 20,954,130 12,097,382
-------------------------------- ------------------------------
Income tax expense 3,696,473 1,794,344
Profit for the year attributable to equity
holders of the parent 17,257,657 10,303,038
================================ ==============================
Earnings per share 9
Basic 0.09 0.05
Diluted 0.09 0.05
Par value of each share in GBP 0.01 0.01
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Other Comprehensive Income
(All amounts in United States Dollars, unless otherwise stated)
For the six months For the six months
ended ended
30 September 2018 30 September
2017
Unaudited Unaudited
--------------------------------------------- -------------------------------- ------------------------------
Profit after tax for the year 17,257,657 10,303,038
Exchange differences on translating foreign
operations (5,458,225) (409,276)
Total comprehensive income attributable
to equity holders 11,799,432 9,893,762
-------------------------------- ------------------------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Share capital Additional Share Merger Other components Retained Total
Paid in compensation reserve of equity earnings equity
Capital reserve
------------------------------
Foreign Net defined
currency benefit
translation liability
reserve
--------------- --------------- ---------------------- ------------------ -------------- -------------- ------------------------------------------------
Balance as at
01 April
2017 3,776,175 15,451,809 63,986 (1,049,386) (8,950,271) 437,785 79,760,048 89,490,146
--------------- --------------- ---------------------- ------------------ -------------- -------------- -------------- ------------- -----------------
Profit for the
year - - - - - - 20,441,212 20,441,212
Other
comprehensive
gain/(loss) - - - - (269,138) 269,072 - (66)
---------------
Total
comprehensive
income for
the period - - - - (269,138) 269,072 20,441,212 20,441,146
--------------- --------------- ---------------------- ------------------ -------------- -------------- -------------- ------------- -----------------
Balance as at
31 March
2018 3,776,175 15,451,809 63,986 (1,049,386) (9,219,409) 706,857 100,201,260 109,931,292
--------------- --------------- ---------------------- ------------------ -------------- -------------- -------------- ------------- -----------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Share Additional Share Merger Other components Retained Total
capital Paid in compensation reserve of equity earnings equity
Capital reserve
--------------------------------
Foreign Net defined
currency benefit
translation liability
reserve
--------------- ----------------- ---------------------- ----------------- ---------------- -------------- -----------------------------------------------
Balance as at
01 April
2018 3,776,175 15,451,809 63,986 (1,049,386) (9,219,409) 706,857 100,201,260 109,931,292
--------------- ----------------- ---------------------- ----------------- ---------------- -------------- ---------------- ------------- -------------- Profit for the year - - - - - - 17,257,657 17,257,657 Other comprehensive loss - - - - (5,458,225) - - (5,458,225) --------------- Total comprehensive income for the period - - - - 5,458,225) - 17,257,657 11,799,433 --------------- ----------------- ---------------------- ----------------- ---------------- -------------- ---------------- ------------- -------------- Balance as at 30 September 2018 3,776,175 15,451,809 63,986 (1,049,386) (14,677,634) 706,857 117,458,917 121,730,724 --------------- ----------------- ---------------------- ----------------- ---------------- -------------- ---------------- ------------- --------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in United States Dollars, unless otherwise stated)
For the six For the six
months ended months ended
30 September 30 September
2018 2017
(A) Cash flow from operating activities
Profit before tax 20,954,130 12,097,382
Adjustments
Depreciation and amortisation 2,680,368 2,412,253
Loss/(Profit) on disposal of property,
plant and equipment (9,312) (1,377)
Trade receivables written-off/provision
for doubtful debts (1) 3
Sundry balances written back (410) -
Foreign exchange gain (2,398,514) (379,861)
Finance income (288,208) (308,419)
Finance cost 2,760,603 3,236,393
------------------------------- ------------------------------
23,698,655 17,056,375
Changes in operating assets and liabilities
(Increase)/ Decrease in trade and other
receivables (4,050,098) (7,515,195)
(Increase)/ Decrease in other assets (current
and non-current) (305,985) 1,080,807
Increase / (Decrease) Non-current liabilities,
trade payables & other current liabilities (3,685,214) 5,735,238
(Decrease)/ Increase in employee benefit
obligations (657,949) (369,580)
------------------------------- ------------------------------
Cash generated from operations 14,999,410 15,987,645
Income taxes paid (2,704,661) (1,226,520)
------------------------------- ------------------------------
Net cash generated from operating activities 12,294,749 14,761,125
------------------------------- ------------------------------
(B) Cash flow for investing activities
Payments for purchase of property plant
and equipment (2,005,663) (313,491)
Investment in fixed deposit (Net) 40,211 (1,216,468)
Proceeds from disposal of property, plant
& equipment 9,312 1,553
Payments for purchase of other intangible
assets (196,939) (203,135)
Interest received 263,654 392,764
Net cash used in investing activities (1,889,425) (1,338,778)
------------------------------- ------------------------------
For the six months For the six months
ended ended
30 September 30 September
2018 2017
(C ) Cash flow from financing activities
Interest paid (2,371,072) (2,800,764)
Repayment of long-term borrowings (8,274,611) (9,079,964)
Net cash used in financing activities (10,645,683) (11,880,728)
--------------------------- ---------------------------
Net increase/(decrease) in cash and cash
equivalents (240,358) 1,541,619
Cash and cash equivalents at the beginning
of the year 33,371,550 18,234,525
Effect of exchange rate changes on cash 292,269 162,777
Cash and cash equivalents at the end
of the year 33,423,460 19,938,921
--------------------------- ---------------------------
Cash and cash equivalents comprise
Cash in hand 12,681 24,939
Balances with banks in current account 33,410,779 19,913,982
33,423,460 19,938,921
--------------------------- ---------------------------
(The accompanying notes are an integral part of these Consolidated Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in United States Dollars, unless otherwise stated)
1. INTRODUCTION
iEnergizer Limited (the 'Company' or 'iEnergizer ') was incorporated in Guernsey on 12 May 2010.
iEnergizer Limited is a 'Company limited by shares' and is domiciled in Guernsey. The registered office of the Company is located at Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4 LH. iEnergizer was listed on the Alternative Investment Market ('AIM') of London Stock Exchange on 14 September 2010.
iEnergizer through its subsidiaries iEnergizer Holdings Limited, iEnergizer Group FZ - LLC, iEnergizer IT Services Private Limited, iEnergizer Management Services Limited, iEnergizer BPO Limited, iEnergizer Aptara Limited and Aptara Inc and subsidiaries. (together the 'Group') is engaged in the business of call centre operations, providing business process outsourcing (BPO) and content delivery services, and back office services to their customers, who are primarily based in the United States of America and India, from its operating offices in Mauritius and India.
2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IFRS
These Unaudited Condensed Consolidated Interim Financial Statements are for the six months ended 30 September 2018 and 2017. They have been prepared in accordance with IAS 34 Interim Financial Reporting as developed and published by the International Accounting Standards Board ('IASB'), on a going concern basis. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the annual financial statements for the years ended 31 March 2018 and 2017.
The Unaudited Condensed Consolidated Interim Financial Statements have been prepared and presented in United States Dollar (US$) which is the Company's functional currency.
These Unaudited Condensed Consolidated Interim Financial Statements were approved by the Board on 12 November, 2018
The Group has applied the same accounting policies in preparing these unaudited management financial information as adopted in the most recent annual audited financial information of the Group.
3. SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the years ended 31 March 2018 and 2017.
Standards issued but not yet effective
-- IFRS 16 Leases
On 13 January 2016, the International Accounting Standards Board issued the final version of IFRS 16, Leases. IFRS 16 will replace the existing leases Standard, IAS 17 Leases, and related interpretations. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. The effective date for adoption of IFRS 16 is annual periods beginning on or after 1 January 2019, though early adoption is permitted for companies applying IFRS 15 Revenue from Contracts with Customers.
4. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY
When preparing the Unaudited Condensed Consolidated Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the Unaudited Condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty were the same as those applied in the Group's last audited financial statements for the year ended 31 March 2018.
5. GOODWILL
The net carrying amount of goodwill can be analysed as follows:
Particulars Amount ----------------------------- -------------------- Balance as at 01 April 2017 102,265,472 Impairment loss recognized - Translation adjustment (386) Balance as at 31 March 2018 102,265,086 ----------------------------- -------------------- Particulars Amount --------------------------------- ------------ Balance as at 01 April 2018 102,265,086 Translation adjustment (13,473) Balance as at 30 September 2018 102,251,613 --------------------------------- ------------ 6. OTHER INTANGIBLE ASSETS
The Intangible assets comprise of computer software, customer contracts.
Particulars Customer contracts* Computer Patent Trade mark Intangibles Total
softwares under development
--------------- ------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
Cost
Balance as at
01 April 2017 24,122,664 3,241,435 100,000 12,000,000 132,490 39,596,589
------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
Additions - 357,658 357,658
Disposals - - - - - -
Translation
adjustment (432) (9,655) - - - (10,087)
Balance as at
31 March 2018 24,122,232 3,589,438 100,000 12,000,000 132,490 39,944,160
------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
Accumulated
amortisation
Balance as at
01 April 2017 19,027,100 2,868,051 - - 132,490 22,027,641
------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
Amortisation/
impairment
for
the period 2,779,416 378,239 - - - 3,157,655
Disposals - - - - - -
Translation
adjustment (432) (11,172) - - - (11,604)
Balance as at
31 March 2018 21,806,084 3,235,118 - - 132,490 25,173,692
------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
Carrying
values as at
31 March
2018 2,316,148 354,320 100,000 12,000,000 - 14,770,468
--------------- ------------------------ -------------------- ----------------------- ----------------------- ------------------- ----------------------
*Customer contracts are intangible assets created for long standing customer relationships in content delivery segment. Once the relationship is established the work continues to flow on a year to year basis. The carrying amount of such contracts is US$ 2,316,148 and remaining amortization period is 1.8 years.
Particulars Customer contracts* Computer Patent Trade mark Intangibles Total
softwares under development
--------------- ----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
Cost
Balance as at
01 April 2018 24,122,232 3,589,438 100,000 12,000,000 132,490 39,944,160
----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
Additions - 196,939 196,939
Disposals - - - - - -
Translation
adjustment (15,068) (326,949) - - - (342,017)
Balance as at
30 Sept 2018 24,107,164 3,459,428 100,000 12,000,000 132,490 39,799,082
----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
Accumulated
amortisation
Balance as at
01 April 2018 21,806,084 3,235,118 - - 132,490 25,173,692
----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
Amortisation/
impairment
for
the period 1,389,708 262,903 - - - 1,652,611
Disposals - - - - - -
Translation
adjustment (15,068) (305,608) - - - (320,676)
Balance as at
30 Sept 2018 23,180,724 3,192,413 - - 132,490 26,505,627
----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
Carrying
values as at
30 Sept
2018 926,440 267,015 100,000 12,000,000 - 13,293,455
--------------- ----------------------- ------------------- ------------------ -------------------- ------------------ ------------------
*Customer contracts are basically intangible assets created for long standing customer relationships in content delivery segment. Once the relationship is established the work continues to flow on a year to year basis. The carrying amount of such contracts is US$ 926,440 and remaining amortization period is 0.3 years.
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Particulars Computer Office Furniture Air Vehicle Leasehold Plant Capital Total
and data Equipment and conditioner improvements and machinery work in
equipment fixtures and progress
generator
-------------- ------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Cost
Balance as at
01 April
2017 5,078,296 860,778 1,261,393 360,346 30,181 4,380,935 2,175,170 - 14,147,099
------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Additions 1,100,919 18,077 2,263 22,700 6,930 34,913 96,240 122,531 1,404,573
Disposals
(Net) (48,009) (2,222) (12,944) (3,716) - (2,238) (9,569) - (78,698)
Translation
and other
adjustment (21,385) (2,340) (3,427) (1,093) (45) (13,012) (5,787) - (47,089)
Balance as at
31 March
2018 6,109,821 874,293 1,247,285 378,237 37,066 4,400,598 2,256,054 122,531 15,425,885
------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Accumulated
depreciation
Balance as at
01 April
2017 3,928,259 584,284 669,944 170,828 29,289 2,081,895 1,510,606 - 8,975,105
------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Depreciation
for the
year 918,222 139,744 85,720 39,026 1,534 475,450 252,932 - 1,912,628
Disposals
(Net) (45,243) (2,222) (12,944) (375) - (2,238) (9,569) - (72,591)
Translation
and other
adjustments (18,714) (2,502) (2,363) (822) (55) (9,704) (5,785) - (39,945)
Balance as at
31 March
2018 4,782,524 719,304 740,357 208,657 30,768 2,545,403 1,748,184 - 10,775,197
------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Carrying
values as
at 31 March
2018 1,327,297 154,989 506,928 169,580 6,298 1,855,195 507,870 122,531 4,650,688
-------------- ------------------- ---------- ----------- ------------ ------------------- -------------------- -------------- -------------------- -----------
Particulars Computer Office Furniture Air conditioner Vehicle Leasehold Plant Capital Total
and data Equipment and fixtures and generator improvements and machinery work in
equipment progress
-------------- ------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
Cost
Balance as at
01 April
2018 6,109,821 874,293 1,247,285 378,237 37,066 4,400,598 2,256,054 122,531 15,425,885
------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
Additions 1,538,608 14,489 114,747 154,624 - 131,768 125,276 (62,329) 2,017,182
Disposals
(Net) (825) (4,300) - - (14,885) - (4,699) - (24,709)
Translation
and other
adjustment (631,067) (74,899) (118,250) (44,058) (2,228) (420,373) (191,023) - (1,481,898)
Balance as at
30 Sept
2018 7,016,537 809,583 1,243,782 488,803 19,953 4,111,993 2,185,608 48,683 15,924,942
------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
Accumulated
depreciation
Balance as at
01 April
2018 4,782,524 719,304 740,357 208,657 30,768 2,545,403 1,748,185 - 10,775,198
------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
Depreciation
for the
year 484,564 56,011 132,558 23,675 902 212,018 118,029 - 1,027,757
Disposals
(Net) (825) (4,300) - - (14,885) - (4,699) - (24,709)
Translation
and other
adjustments (488,649) (61,822) (70,652) (22,884) (1,672) (245,108) (149,657) - (1,040,444)
Balance as at
30 Sept
2018 4,777,614 709,193 802,263 209,448 15,113 2,512,313 1,711,858 - 10,737,802
------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
Carrying
values as
at 30 Sept
2018 2,238,923 100,390 441,519 279,355 4,840 1,599,680 473,750 48,683 5,187,140
-------------- ------------------------ ------------------- ------------------- -------------------- ------------------ ------------------- -------------- ----------------- --------------
8. SHORT TERM FINANCIAL ASSETS
Particulars 30 September 31 March 2018
2018
---------------------------------------- ------------------- --------------------
Security deposits 32,007 122,122
Restricted cash 2,934,228 3,037,622
Short term investments (fixed deposits
with maturity less than 12 months) 2,308,178 4,461,187
Derivative financial instruments - 13,304
Due from officers and employees 28,526 38,225
Others 26,760 2,206
---------------------------------------- ------------------- --------------------
5,329,699 7,674,666
---------------------------------------- ------------------- --------------------
Short term investments comprise of investment through banks in deposits denominated in various currency units bearing fixed rate of interest.
9. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
Calculation of basic and diluted profit per share for the period ended 30 September 2018 is as follows:
Basic earnings per share
Particulars 30 September 30 September
2018 2017
---------------------------------------------- ------------- ----------------------------
Profit attributable to shareholders 17,257,657 10,303,038
Weighted average numbers shares outstanding 190,130,008 190,130,008
Basic earnings per share (US$) 0.09 0.05
---------------------------------------------- ------------- ----------------------------
Diluted earnings per share
Particulars 30 September 30 September
2018 2017
---------------------------------------------- ---------------- ------------------------
Profit attributable to
shareholders 17,257,657 10,303,038
Weighted average numbers shares outstanding 190,130,008 190,130,008
Diluted earnings per
share (US$) 0.09 0.05
---------------------------------------------- ---------------- ------------------------
10. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised in the table below:
Nature of the relationship Related Party's Name
------------------------------ -------------------------------------------
I. Ultimate controlling Mr. Anil Aggarwal
party
II. Entities directly
or indirectly through EICR (Cyprus) Limited (Parent of
one or more intermediaries, iEnergizer Limited)
control, are controlled
by, or are under common
control with, the reported
enterprises
III. Key management personnel Mr. Anil Aggarwal (Ultimate Shareholder,
("KMP") and significant EICR Limited)
shareholders
Mr. Chris de Putron (Director, iEnergizer
Limited)
Mr. Mark De La Rue (Director, iEnergizer
Limited)
Mr. Marc Vassanelli (Director, iEnergizer
Limited)
Mr. Ashish Madan (Director, iEnergizer
Limited) w.e.f. 16 August 2018
Disclosure of transactions between the Group and related parties and the outstanding balances is as under:
Transactions with KMP and relative of KMP
Particulars 30 September 30 September
2018 2017
-------------------------------- ------------- ------------------
Transactions during the period
ended
Short term employee benefits
Remuneration paid to directors
Chris de Putron 6,559 6,204
Mark De La Rue 6,559 6,204
Marc Vassanelli 19,678 18,613
Balances at the end of
Total remuneration payable 71,678 30,764
-------------------------------- ------------- ------------------
11. SEGMENT REPORTING
Management currently identifies the Group's two service lines business process outsourcing and content delivery as operating segments on the basis of operations. These operating segments are monitored and operating and strategic decisions are made on the basis of operating segment results.
The Chief Operating Decision Maker ("CODM") evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by reportable segments. The Group's reportable segments are as follows:
1. Business Process Outsourcing 2. Content delivery 3. Others
The measurement of each segment's revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Unaudited Condensed Consolidated Interim Financial Statements. In addition, two minor operating segments, for which the quantitative thresholds have not been met, are currently combined below under 'Others'. Segment information can be analysed as follows for the reporting periods under review:
30 September 2018
----------------------------------
Business Content delivery Others Total
Process Outsource
------------------------------------ ---------------------- -------------------- --------------- -----------------
Revenue from external customers 48,093,184 34,268,125 - 82,361,309
Other income ( including
realized foreign exchange
gains ) 409,617 471,386 850 881,853
Segment revenue 48,502,801 34,739,511 850 83,243,162
------------------------------------ ---------------------- -------------------- --------------- -----------------
Cost of outsourced Services 13,506,125 4,453,231 - 17,959,356
Employee benefit expense 15,973,780 19,310,627 - 35,284,407
Other expenses 1,749,646 3,515,201 470,577 5,735,424
------------------------------------ ---------------------- -------------------- --------------- -----------------
Earning before interest,
tax, depreciation and amortisation 17,273,250 7,460,453 (469,727) 24,263,976
------------------------------------ ---------------------- -------------------- --------------- -----------------
Unrealized Foreign Exchange
gain/(loss) - 1,842,918 - 1,842,918
Depreciation and amortisation 605,108 2,075,260 - 2,680,368
Segment operating profit 16,668,142 7,228,110 (469,727) 23,426,526
------------------------------------ ---------------------- -------------------- --------------- -----------------
Other Income/expense :
Finance income 138,957 126,948 22,303 288,208
Finance costs 16,061 1,139,625 1,604,916 2,760,603
Profit before tax 16,791,038 6,215,433 2,052,340 20,954,131
------------------------------------ ---------------------- -------------------- --------------- -----------------
Income tax expense 2,526,676 1,169,797 - 3,696,473
Profit after tax 14,264,361 5,045,637 2,052,340) 17,257,658
------------------------------------ ---------------------- -------------------- --------------- -----------------
Segment assets 43,431,117 75,456,382 86,626,765 205,514,264
Segment liabilities 15,147,228 46,029,831 22,606,489 83,783,548
Capital expenditure 1,874,708 339,414 - 2,214,122
------------------------------------ ---------------------- -------------------- --------------- -----------------
30 September 2017
--------------------------------------
Business Content delivery Others Total
Process Outsource
---------------------------- ---------------------- ------------------------ ---------------- --------------------
Revenue from external
customers 40,646,819 34,561,096 - 75,207,914
Other income (including
realized foreign exchange
gains) 46,347 712,954 6,862 766,163
Segment revenue 40,693,166 35,274,050 6,862 75,974,078
---------------------------- ---------------------- ------------------------ ---------------- --------------------
Cost of outsourced Services 18,635,430 4,863,735 - 23,499,165
Employee benefit expense 10,532,067 19,842,993 - 30,375,060
Other expenses 1,024,197 3,392,233 243,703 4,660,133
---------------------------- ---------------------- ------------------------ ---------------- --------------------
Earning before interest,
tax, depreciation and
amortisation 10,501,472 7,175,089 (236,841) 17,439,720
---------------------------- ---------------------- ------------------------ ---------------- --------------------
Unrealized Foreign Exchange
gain/(loss) - (2,110) - (2,110) Depreciation and amortisation 383,260 2,028,993 - 2,412,253 Segment operating profit 10,118,212 5,143,986 (236,841) 15,025,357 ---------------------------- ---------------------- ------------------------ ---------------- -------------------- Other Income/expense: Finance income 171,167 135,911 1,341 308,419 Finance costs 36,623 1,331,584 1,868,186 3,236,393 Profit before tax 10,252,756 3,948,313 (2,103,686) 12,097,383 ---------------------------- ---------------------- ------------------------ ---------------- -------------------- Income tax expense 1,074,326 720,016 - 1,794,342 Profit after tax 9,178,430 3,228,297 (2,103,686) 10,303,041 ---------------------------- ---------------------- ------------------------ ---------------- -------------------- Segment assets 33,959,838 81,481,417 79,609,989 195,051,244 Segment liabilities 14,622,231 51,443,613 29,601,494 95,667,338 Capital expenditure 220,419 296,208 - 516,627 ---------------------------- ---------------------- ------------------------ ---------------- --------------------
Revenue from the following customer's amounts to more than 10% of consolidated revenue during the period presented.
30 September 2018
Revenue from Segment Amount -------------- ---------------------------- --------------------- Customer 1 Business Process Outsource 9,763,189 -------------- ---------------------------- ---------------------
30 September 2017
Revenue from Segment Amount -------------- ---------------------------- ---------- Customer 1 Business Process Outsource 8,255,436 -------------- ---------------------------- ----------
12. FINANCIAL ASSETS AND LIABILITIES
Fair value of carrying amounts of assets and liabilities presented in the statement of financial position relates to the following categories of assets and liabilities:
Financial assets 30 September 31 March 2018
2018
----------------------------------------- ------------------------- -----------------------
Non-current assets
Loans and receivables
Security deposits 455,273 416,167
Restricted cash 1,544,927 72,279
Fixed deposit 743,544 62,088
Current assets
Loans and receivables
Trade receivables 30,997,595 27,346,367
Cash and cash equivalents 33,423,460 33,774,536
Restricted cash 2,934,228 3,037,622
Security deposits 32,007 122,122
Short term investments 2,308,178 4,461,187
Due from officers and employees 28,526 38,225
Other short term financial assets 26,760 2,206
Fair value through profit and loss:
Derivative financial instruments - 13,304
72,494,498 69,346,103
----------------------------------------- ------------------------- -----------------------
Financial liabilities 30 September 31 March 2018
2018
----------------------------------------- ------------------------- -----------------------
Non-current liabilities
Financial liabilities measured
at amortized cost:
Long term borrowings 280,594 46,038,369
Current liabilities
Financial liabilities measured
at amortized cost:
Short term borrowings - 402,986
Trade payables 9,197,777 13,258,193
Current portion of long term borrowings 51,605,366 13,732,671
Other current liabilities 9,981,219 7,593,456
Fair value through profit and loss:
Derivative financial instruments 1,456,158 -
72,521,114 81,025,675
----------------------------------------- ------------------------- -----------------------
These non-current financial assets and liabilities, current financial assets and liabilities have been recorded at their respective carrying amounts as the management considers the fair values to be not materially different from their carrying amounts recognised in the statement of financial positions as these are expected to realise within one year from the reporting dates. Derivative financial instruments, recorded at fair value through profit and loss, are recorded at their respective fair values on the reporting dates.
13. FAIR VALUE HIERARCHY
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
No financial assets/liabilities have been valued using level 1 and 3 fair value measurements.
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
Fair value measurements
at reporting date
using
----------------------------- ------------- ------------------------
30 September 2018 Total Level 2
----------------------------- ------------- ------------------------
(Notional
Liabilities amount)
Derivative instruments
Forward contracts (currency
- US$/INR) 19,100,000 1,456,158
----------------------------- ------------- ------------------------
Fair value measurements
at reporting date
using
----------------------------- ------------- ------------------------
31 March 2018 Total Level 2
----------------------------- ------------- ------------------------
(Notional
Assets amount)
Derivative instruments
Forward contracts (currency
- US$/INR) 14,000,000 13,304
----------------------------- ------------- ------------------------
14. COMMITMENT AND CONTINGENCIES
As at 30 September 2018 and 31 March 2018, the Group had a capital commitment of US$42,952 and US$14,810 respectively for acquisition of property, plant and equipment.
The contingent liability in respect of claims filed by erstwhile employees against the group companies amounts to US$122,522 and US$125,336 as on 30 September 2018 and 31 March 2018 respectively and in respect of interest on VAT amounts to US$9,744 as on 30 September 2018 (US$10,755 as on 31 March 2018).
The contingent liability in respect of bonus based on pending litigations at various jurisdictions amounting to US$223,388 as on 30 September 2018 (US$249,903 as on 31 March 2018).
Guarantees: As at 30 September 2018 and 31 March 2018, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately US$81,229 and US$82,036 respectively.
15. ESTIMATES
The preparation of interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these Unaudited Condensed Consolidated Interim Financial Statements, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the years ended 31 March 2018 and 2017.
16. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the years ended 31 March 2018 and 2017.
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
IR LLFVDLLLFLIT
(END) Dow Jones Newswires
November 13, 2018 02:00 ET (07:00 GMT)
1 Year Ienergizer Chart |
1 Month Ienergizer 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
