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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Teliti | LSE:TEL | London | Ordinary Share | KYG8753W1042 | ORD USD0.10 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTEL
RNS Number : 4370G
Teliti International Ltd
29 June 2012
29 June 2012
Teliti International Ltd.
("Teliti" or the "Company")
Results for the six months ended 31 March 2012
Teliti International Ltd (AIM: TEL), the datacentre and IT business, announces its interim results for the six months ended 31 March 2012.
Financial Summary*
-- Revenues were RM38.2m -- Profit before tax was RM2.2m -- Gross profit was RM3.8m -- Total equity and liabilities at 31 March 2012 were RM141.6m
* As stated in the Company's Admission document, Teliti International Ltd was incorporated on 13 November 2009 as a Cayman Islands company to act as the holding company of Teliti Solutions Sdn. Bhd., Teliti Services Sdn. Bhd. and Teliti Datacentres Sdn. Bhd. (the "Subsidiaries") upon Teliti being admitted to AIM. Teliti was admitted to AIM, and the Subsidiaries became subsidiaries of the Company, on 3 November 2011. Prior to Teliti being admitted to AIM, the Subsidiaries were subsidiaries of Teliti Computers Sdn. Bhd. The Company was also a subsidiary of Teliti Computers during this period. As a result, the figures shown for the Company for the six months ended 31 March 2012 are consolidated on a pro forma basis.
Operational Summary
-- Teliti Datacentres Sdn. Bhd. ("Teliti Datacentres"):
o Marketing of the Company's state-of-the-art datacentre ("the Datacentre") continued in Malaysia, through Teliti Datacentres' regional marketing office in Singapore
-- Teliti Solutions Sdn. Bhd. ("Teliti Solutions ") and Teliti Services Sdn. Bhd. ("Teliti Services"):
o Completed a number of significant projects, such as for the Accountant General of Malaysia and the City Hall of Kuala Lumpur
o Awarded new contracts, including a further two-year project with the Accountant General of Malaysia and a five-month project worth RM7.4m with Integrasi Naluri Sdn Bgd, a Malaysian telecommunications company
-- Teliti was admitted to AIM with dealings in the Company's ordinary shares commencing 3 November 2011 ("Admission")
Post-period Summary
-- Raised GBP1 million (c.RM4.9m) via a subscription for 1,754,386 new ordinary shares, representing approximately 6.93% of the enlarged issued share capital
-- As announced on 19 June 2012, due to a delay in payments by the Company's debt provider to the Company's contractors, the construction of the Datacentre is now scheduled to complete in July 2012, but the initial 45,000 sq ft is not anticipated to be operational until the first quarter of calendar year 2013
Commenting on the results, Haji Mohamed Nasir, Chief Executive Officer of Teliti, said: "This has been a mixed period for the Company. Teliti Solutions and Teliti Services remain profitable and, excluding the funding issues for Teliti Datacentres, the Company is cash generative.
"Looking ahead, Teliti Solutions and Teliti Services have entered the second half of the year with a very strong order book, and are expected to grow over 130% year-on-year. There was continued demand in our co-location services and significant interest in our Datacentre. We are confident that as soon as the Datacentre commences operations, this interest will quickly convert into rental contracts. As a result, we believe that the fundamentals of the business are resilient and that Teliti's prospects remain strong."
Enquiries
Teliti International Ltd --------------------------------------- -------------------- Hj Mohamed Nasir Abdul Majid, Chief Executive Officer Rosmida Din, Chief Financial Officer +603 7873 7733 --------------------------------------- -------------------- Daniel Stewart and Company plc --------------------------------------- -------------------- Antony Legge, James Felix +44 (0)20 7776 6550 --------------------------------------- -------------------- Luther Pendragon --------------------------------------- -------------------- Harry Chathli, Claire Norbury +44 (0)20 7618 9100 --------------------------------------- --------------------
Operational Review
Teliti International Ltd was incorporated on 13 November 2009 to act as the holding company of Teliti Solutions Sdn. Bhd., Teliti Services Sdn. Bhd. and Teliti Datacentres Sdn. Bhd., which came into force upon the Company being admitted to AIM on 3 November 2011. Teliti's Admission represented an important step in the Company's development, and one that will facilitate its strategy of further market penetration in Malaysia and subsequently across Asia and the Middle East.
Teliti Datacentres
Teliti Datacentres was established to construct and operate state-of-the-art datacentre facilities. Its first facility, a state-of-the-art 'green' Datacentre that is being constructed on the outskirts of Kuala Lumpur, Malaysia, will have a total net lettable area of 120,000 sq ft, with installation of equipment occurring modularly - beginning with an intial 45,000 sq ft. It will offer full datacentre services, including communications connectivity, uninterruptable power supply, distribution building utilities and environmental services, that are all necessary to ensure a continuous environment for customers' equipment.
In January 2012, the Company announced that the opening of the Datacentre would be delayed until July 2012 due to a delay in the delivery and receipt of key equipment (being the generator sets from Europe and chiller equipment). However, as announced on 19 June 2012, delayed payments by the Company's debt provider to the Company's contractors will mean that the Datacentre will not be operational from July 2012 as previously indicated. The Company still expects the Datacentre superstructure to be completed in July, but the initial 45,000 sq ft is not anticipated to be operational until the first quarter of calendar year 2013. As a result, Teliti Datacentres will not generate any significant revenues in the year to 30 September 2012. The Company has currently drawndown RM75.5m of the RM111m debt and is in discussions regarding the release of the remaining funds, which are required to bring the Datacentre into operation. The Board is confident that the matter will be resolved in the near future.
Marketing of the Datacentre has continued in Malaysia and through Teliti Datacentres' regional marketing office in Singapore (covering Singapore and Hong Kong), and interest in the facility remains strong. As of 28 June 2012, Teliti was in advanced discussions to sign rental agreements for approximately 20,000 sq ft, or c.44% of the initial 45,000 sq ft of net lettable area.
In addition, Teliti signed a Memorandum of Understanding in June 2012 with Computer Recovery Facility Sdn. Bhd. ("CRF") to accommodate its potential clients' requirements for co-location space at CRF's datacentre in Petaling Jaya, Malaysia. Teliti is also in discussions with a datacentre provider based in Singapore to rent space in its facility. This will enable Teliti to service customers ahead of the opening of the Datacentre.
The Company is continuing to progress discussions with its partners for the provision of cloud computing services and expects this offering to be ready for when the Datacentre is opened.
Teliti Services and Teliti Solutions
During the period Teliti Services and Teliti Solutions were active in completing existing projects and winning new contracts. In particular, the Accountant General of Malaysia's Government awarded a two-year extension contract, worth RM22.4m, for the maintenance of Financial Management and Accounting System ("GFMAS") to be carried out by Teliti Solutions and Teliti Services, which followed the successful completion in November 2011 of the previous three-year project.
Other significant projects completed during the six months ended 31 March 2012 included server supply, installation and maintenance for Lembaga Hasil Dalam Negeri, the City Hall of Kuala Lumpur, which had a value of RM41.7m for the three-year contract. In addition, Teliti Services was awarded a contract by Integrasi Naluri Sdn Bhd, a Malaysian telecommunications company, worth RM7.4m for a five-month project for the delivery, installation and server maintenance for the Malaysian National Archives, part of Malaysia's Ministry of Information, Communications and Culture.
Financial Review
The Company
Teliti was incorporated on 13 November 2009 as a Cayman Islands company to act as the holding company of Teliti Solutions, Teliti Services and Teliti Datacentres upon the Company's admission to AIM. Teliti listed on AIM on 3 November 2011. Prior to the Company being admitted to AIM, Teliti Solutions, Teliti Services and Teliti Datacentres were subsidiaries of Teliti Computers, the parent company of Teliti. As a result, for the half-year ended 31 March 2012, the Subsidiaries made a five-month financial contribution to the Company. In addition, Teliti incurred RM0.37m in administrative expenses.
Teliti Solutions
Revenue almost doubled to RM13.3m compared with RM6.7m for the six months ended 31 March 2011. However, gross profit was broadly similar at RM1.8m and profit before tax decreased to RM1.5m (H1 2011: RM2.6m) due to a significant proportion of revenue for the first half of 2012 being derived from a lower margin contract. This trend is expected to reverse in the second half, with some high margin contracts being undertaken, and Teliti Solutions is anticipated to achieve its targets for the full year.
Teliti Services
Revenue increased by 61% to RM24.6m compared with RM15.2m for the same period in the prior year, and profit before tax was RM1.0m as opposed to RM0.6m. This growth was primarily due to an increase in revenue and decrease in administrative expenses compared to the same period in the prior year. However, the growth was lower than expected as a result of a delay in the completion of a number of significant projects resulting in the billing for those contracts being pushed into the second half of 2012. Gross profit declined to RM1.9m compared with RM2.2m for the prior period due to a large proportion of revenue for the first half of 2012 being derived from a lower margin contract. Overall, the picture for the year remains strong with contracted revenues for the second half of over RM40.0m. In addition, Teliti Services has a pipeline of potential projects of over RM100m.
Teliti Datacentres
During the six months ended 31 March 2012, Teliti Datacentres earned RM0.28m from the rental income from its first customer at the Customer Experience Centre, which is contracted for 386 sq ft on a two-year term. The gross profit for the period was RM0.12m and profit before tax was RM0.02m. This is significantly behind market expectations due to the delay in the opening of the Datacentre.
Outlook
The delay in the completion of the Datacentre will have an adverse material impact on the Company's results for the full year 2012. Despite the Company expecting overall growth for the full year 2012, and Teliti Solutions and Teliti Services on track to meet expectations, the pre-tax profits for the Company will be less than half market expectations. This is due to the loss of any significant revenue contribution from Teliti Datacentres for the year, although this is partially offset by the reduced interest charges resulting from the delay in drawing down on the Company's banking facility. The Board is in discussions with the bank regarding the release of the remaining funds, which are required to bring the Datacentre into operation. The Board is confident that the matter will be resolved in the near future, however further delays would result in the Datacentre not being opening until 2013.
Teliti Solutions and Teliti Services remain profitable and, excluding the funding issues for Teliti Datacentres, the Company is cash generative. There continues to be significant interest in the Datacentre and the Board is confident that as soon as the Datacentre commences operations, this demand will quickly convert into rental contracts. Teliti Solutions and Teliti Services have entered the second half of the year with a robust order book, and are expected to grow over 130% year-on-year. Whilst the Board is disappointed by the delay to the Datacentre and the impact on the 2012 financial results, they believe that the fundamentals of the business are resilient and that Teliti's prospects remain strong.
TELITI INTERNATIONAL LTD
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the 6 months ended 31 March 2012
6 months ended 6 months ended Notes 31 March 2012 31 March 2012* (unaudited) (unaudited) RM'000 GBP'000 Revenue 3 38,172 7,799 Cost of sales (34,325) (7,013) --------------- ---------------- Gross profit 3,847 786 Other operating income 10 2 Administrative expenses 5 (1,697) (347) Operating profit 2,160 441 Finance costs - - --------------- ---------------- Profit before tax 2,160 441 Tax 6 (636) (130) --------------- ---------------- Total comprehensive income for the period 1,524 311 =============== ================ Earnings per share - Basic and Diluted (sen) 4 6.47 1.32
* The pro forma balances in pounds Sterling are included solely for convenience. The pro forma balances in pounds Sterling are stated, as a matter of arithmetical computation only, on the basis of all current and prior year balances being translated from Malaysian Ringgits into pounds Sterling at the rate prevailing on 31 March 2012 of RM4.8945 : GBP1.00. This translation should not be construed as meaning that the Malaysian Ringgit amounts actually represent, have been, or could be converted into the stated number of pounds Sterling. CONDENSED CONSOLIDATED BALANCE SHEET As at 31 March 2012
As at As at As at As at 31 March 30 Sept 31 March 30 Sept Notes 2012 2011 2012 2011 (unaudited) (pro forma**) (unaudited) (pro forma**) RM'000 RM'000 GBP'000 GBP'000 NON-CURRENT ASSETS Land, property, plant and equipment 7 106,508 57,535 21,760 11,755 Fixed deposit 759 500 155 102 Development costs 8 3,874 1,432 792 293 Total non-current assets 111,141 59,467 22,707 12,150 CURRENT ASSETS Trade receivables 53 53 11 11 Other receivables, deposits & prepayments 9 9,114 9,224 1,862 1,885 Amount due from related parties 10 21,319 19,129 4,356 3,908 Cash and cash equivalents 4 4 1 1 Total current assets 30,490 28,410 6,230 5,805 Total assets 141,631 87,877 28,937 17,955 ============ ============== ============ ============== EQUITY Share capital 11 7,130 7,130 1,457 1,457 Share premium 1,354 1,354 277 277 Merger deficit 12 (3,060) (3,060) (625) (625) Retained earnings 17,832 16,308 3,643 3,332 Total shareholders' equity 23,256 21,732 4,752 4,441 ------------ -------------- ------------ -------------- NON-CURRENT LIABILITIES Borrowings 13 70,995 35,218 14,505 7,195 Finance lease payables 1,232 1,232 252 252 Total non-current liabilities 72,227 36,450 14,757 7,447 CURRENT LIABILITIES Other payables and accruals 14 19,563 6,934 3,997 1,417 Trade payables - - - - Amount due to directors 2 2 * * Taxation 2,229 1,925 455 393 Amount due to related parties 10 23,019 19,229 4,703 3,929 Borrowings 15 15 3 3 Finance lease payables 1,320 1,590 270 325 Total current liabilities 46,148 29,695 9,428 6,067 Total equity and liabilities 141,631 87,877 28,937 17,955 ============ ============== ============ ==============
Note:
* Amount less than GBP1,000
** The comparative financial information has been prepared on a pro forma basis, please see Note 1 General Information for further details.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 31 March 2012
6 months ended 6 months ended Notes 31 March 2012 31 March 2012 (unaudited) (unaudited) RM'000 GBP'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 2,160 1 Adjustment for :- Depreciation 9 * Operating profit before working capital changes 2,169 1 Changes in working capital :- Increase in receivables (2,314) (1) Increase in tax payables (649) * Decrease in net amounts owed to related parties 1,600 * Increase in payables 12,951 4 --------------- --------------- Net cash from operating activities 13,757 4 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of land, property, plant and equipment (48,974) (10) Placement of fixed deposit (259) * Capitalisation of development costs (2,442) (1) Investment in subsidiary (6,060) (1) Net cash used in investing activity (57,735) (12) CASH FLOWS FROM FINANCING ACTIVITIES Issuance of ordinary shares 7,130 1 Issuance of share premium 1,355 * Interest paid (15) * Payment of finance lease payables (270) * Drawdown of term loan 35,778 7 Net cash flow in financing activities 43,978 8 CASH AND CASH EQUIVALENTS Net changes - - At beginning of financial period 4 * At end of financial period 4 * =============== ===============
Note:
* Amount less than GBP1,000
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the 6 months ended 31 March 2012
Share Retained capital Share premium Merger deficit earnings Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) RM'000 RM'000 RM'000 RM'000 RM'000 Balance as at 1 October 2011 7,130 1,354 (3,060) 16,308 21,732 Total comprehensive loss for the period - - - 1,524 1,524 ------------ -------------- --------------- ------------ ------------ Balance as at 31 March 2012 7,130 1,354 (3,060) 17,832 23,256 ============ ============== =============== ============ ============ Share Retained capital Share premium Merger deficit earnings Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 October 2011 1,457 277 (625) 3,332 4,441 Total comprehensive loss for the period - - - 311 311 ------------ -------------- --------------- ------------ ------------ Balance as at 31 March 2012 1,457 277 (625) 3,643 4,752 ============ ============== =============== ============ ============
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
1. General Information
TELITI is a company incorporated in the Cayman Islands with its registered office at Cricket Square, Hutchin Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.
The information relating to the six months ended 31 March 2012 is unaudited and does not constitute statutory accounts.
The comparative financial information as at 30 September 2011, as presented in the Condensed Consolidated Balance Sheet, is presented on a pro forma basis and has not itself been subject to an audit, nor does it constitute the Group's statutory accounts for that period. The comparative financial information was extracted from the audited accounts of the Company and its subsidiaries: Teliti Solutions Sdn. Bhd., Teliti Services Sdn. Bhd. and Teliti Datacentres Sdn. Bhd. for the year ended 30 September 2011. The audited accounts were approved by the Board of Directors on 29 March 2012; the reports of the auditors on those accounts were unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report.
These unaudited interim financial results were approved by the Board of Directors on 28 June 2012, are available on the Company's website, www.teliti.com and are being sent to shareholders. Further copies are available from TELITI's registered office, Cricket Square, Hutchin Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.
2. Summary of Significant Accounting Policies 2.1 Basis of Presentation
The accounting policies applied by the Company in these unaudited interim results are based on International Financial Reporting Standards as adopted by the European Union, including IAS 34 'Interim Financial Reporting', and in accordance with the accounting policies which the Company expects to adopt in its next annual accounts for the year ending 30 September 2012 and are the same as those applied by the Company in its financial statements for the year ended 30 September 2011.
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
2.2 Revenue Recognition
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received and receivables.
Contract revenue represents revenue earned from information technology related activities which includes providing information technology and computer related services, and supplying of computers and related equipments.
Contract revenue in the consolidated statement of comprehensive income is recognised upon delivery of goods and services rendered to the contract customers. Foreseeable losses, if any, are provided for in full as and when it can be reasonably ascertained that the contract will result in a loss.
2.3 Basis of Consolidation
A business combination involving entities under common control is a business combination in which all the combining entities or business are ultimately controlled by the same party or parties both before and after the business combination, and that control is not transitory.
Under the pooling of interests method of accounting, the results of entities of business under common control are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date that common control was established. The assets and liabilities acquired were recognised at the carrying amounts recognised previously in the Group's controlling shareholder's consolidated financial statements. The difference between the cost of acquisition and the nominal value of the shares acquired together with the share premium are taken to the merger reserve (or adjusted against any suitable reserve in the case of debit differences). The other components of equity of acquired entities are added to same components within Group entity.
In the consolidated financial statements of the merged enterprise, the cost of the merger should be cancelled against the nominal values of the shares/paid-up capital received. The difference between the cost of the merger and nominal values of the shares/paid-up capital received will remain and continue to be classified as part of equity of the Group and will be adjusted against suitable reserve in future, where appropriate. The combination date is the date on which one combining entity effectively obtains control of the other combining entities.
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
2.4 Going Concern
The directors have prepared financial projections, including cash flows, for a period up to 30 September 2013. Based on these projections and taking into consideration the current financial position of the Group, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated half-yearly information for the 6 months ended 31 March 2012.
3. Segment Reporting
Management regularly reviews segment information based on the services provided to its customers such as provision of IT software solutions specialising in SAP software ("Solutions"), reselling of IBM products, providing maintenance and support services ("Services") and rental of data centre space ("Data Centre"). Management has determined that all operations are conducted in one geographical segment, namely Malaysia.
The Group's reportable segments under IFRS 8 are therefore as follows:-
6 months ended 31 March 2012 Services Solutions Data Centre Consolidated (unaudited) (unaudited) (unaudited) (unaudited) RM'000 RM'000 RM'000 RM'000 Revenue 24,562 13,326 284 38,172 Cost of sales (22,665) (11,500) (160) (34,325) ---------------- ----------------- ------------ ------------- Gross profit 1,897 1,826 124 3,847 Other operating income - 7 3 10 Administrative expenses (879) (329) (111) (1,319) ---------------- ----------------- ------------ ------------- Segment Result 1,018 1,504 16 2,538 Corporate costs (378) ------------- Profit before tax 2,160 Taxation (636) ------------- Total comprehensive income for the period 1,524 =============
All of the segment revenue reported above is from external customers.
Segment profit represents the profit earned by each segment without allocation of central administration costs, directors' salaries, and finance cost. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
4. Earnings Per Share
The calculation for earnings per share, based on the weighted average number of shares, is shown in the table below:-
Six months Six months ended 31 March ended 31 March 2012 2012 (unaudited) (unaudited) RM'000 GBP'000 Net profit for the financial period after taxation attributable to members (RM'000) 1,524 311 ================ ================ Weighted average number of ordinary shares for basic earnings per share ('000) 23,530 23,530 ================ ================
No potenital dilutive shares or share options exist and therefore the diluted earnings per share is the same as the basic earnings per share.
5. Administrative Expenses
Included within Administrative expenses are the following balances:-
6 months ended 6 months ended 31 March 2012 31 March 2012 (unaudited) (unaudited) RM'000 GBP'000 Directors' fees & allowances 357 73 Staff remuneration & commission 877 179 Employee Provident Fund and SOCSO 115 23
Breakdown of Directors' fees & allowances:-
6 months ended 6 months ended 31 March 2012 31 March 2012 (unaudited) (unaudited) RM'000 GBP'000 Hj. Mohamed Nasir bin Abdul Majid 250 50 Datuk Ithnin bin Yacob 33 9 Musa bin Mohd Lazim 6 1 Rosmida binti Din 6 1 Maurice Keane 31 6 Brian Rowbotham 31 6 --------------- --------------- 357 73 =============== =============== 6. Taxation 6 months ended 6 months ended 31 March 2012 31 March 2012 (unaudited) (unaudited) RM'000 GBP'000 Income Tax -Current financial year 636 130 -Under/(Over) provision in prior financial year - - --------------- --------------- 636 130 =============== ===============
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
The provision of taxation is computed based on 25% of profit before tax, the prevailing corporation tax rate in Malaysia.
7. Land, Property, Plant and Equipment Computer, equipment Capital work-in and software progress Total RM'000 GBP'000 RM'000 GBP'000 RM'000 GBP'000 Cost At 1 October 90 18 57,450 11,738 57,540 11,756 Additions - - 48,982 10,007 48,982 10,007 ---------- ---------- -------- -------- -------- -------- At 31 March 2012 90 18 106,432 21,745 106,522 21,763 ---------- ---------- -------- -------- -------- -------- Accumulated Depreciation At 1 October 5 1 - - 5 1 Additions 9 2 - - 9 2 ---------- ---------- -------- -------- -------- -------- At 31 March 2012 14 3 - - 14 3 ---------- ---------- -------- -------- -------- -------- Carrying amount At 31 March 2012 76 15 106,432 21,745 106,508 21,760 ========== ========== ======== ======== ======== ======== At 30 September 2011 85 17 57,450 11,738 57,535 11,755 ========== ========== ======== ======== ======== ========
Capital work in progress consists of a building under construction for intended use as a data centre. The amount is stated at cost and no depreciation is to be charged until the data centre is completed. The land and building cost to construct the data centre amounts to approximately RM5.5million and RM228.50million respectively. Based on the architect's progress report, the overall construction of the data centre is approximately 58% complete.
8. Development Costs
Development costs consist of construction costs, staff costs and bank loan interest related to constructing the data centre building.
As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Development costs Construction costs 1,204 246 778 159 Staff costs 1,357 278 654 134 Bank interest 1,313 268 - - ------------ ------------ --------------------- ------------ Total 3,874 792 1,432 293 ============ ============ ===================== ============
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
The staff costs were incurred for the construction site supervision relating to the construction progress.
The Group obtained bank loans of approximately RM107 million to finance the construction of the data centre building (representing approximately 80% of total construction cost). The first draw down was on 30 September 2011; the accumulated bank interest incurred amounted to approximately RM1.31 million as at 31 March 2012 and will be amortised immediately upon the data centre building being fully completed.
9. Other Receivables As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Rental deposit 245 50 245 50 Other receivables 8,869 1,812 8,979 1,835 Total 9,114 1,862 9,224 1,885 ============ ============ ============ ============
Other receivables consist of professional fees and other expenses.
10. Amount Due From/To Related Parties
The amount due from/(to) Teliti Computers Sdn Bhd ("TCSB") as at 31 March 2012 is as follows:-
As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Amount due from TCSB * Teliti Solutions Sdn Bhd ("TSoSB") 8,909 1,820 7,509 1,534 * Teliti Services Sdn Bhd ("TSeSB") 12,410 2,536 11,620 2,374 ------------ ------------ ------------ ------------ Total amount due from 21,319 4,356 19,129 3,908 ------------ ------------ ------------ ------------ Amount due to TCSB * Teliti Datacentres ("TDcSB") (16,922) (3,457) (13,727) (2,805) * TELITI (6,097) (1,246) (5,502) (1,124) ------------ ------------ ------------ ------------ Total amount due to (23,019) (4,703) (19,229) (3,929) ------------ ------------ ------------ ------------ Net balance due (1,700) (347) (100) (21) ============ ============ ============ ============
TCSB is deemed to be a related party as it owns 85% of the Company and the Group.
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
TCSB holds licenses and agency agreements permitting it to bid for opened tenders issued by Malaysian government bodies, agencies and government linked companies or
other private companies. Those licenses and agency agreements are only valid for TCSB.
TCSB allocates a share of its turnover to TSoS and TSeSB (based on the tasks undertaken in respect of each contract) and also charges the related cost of sales to TSoSB and TseSB.
All revenues and other operating income are collected on behalf of TCSB whilst the cost of sales incurred, administrative expenses and payment for income tax to IRB which are paid by TCSB on behalf of TsoSB and TseSB.
11. Share Capital As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 US$'000 RM'000 US$'000 Authorised 50,000,000 Ordinary shares of US$0.10 each 2,125 5,000 2,125 5,000 ============ ============ ============ ============ Allotted, called up and fully paid 23,530,000 Ordinary shares of US$0.10 each 7,130 2,353 7,130 2,353 ============ ============ ============ ============
There was no movement in the issued capital of the Company in the current reporting period.
12. Merger Deficit
The merger deficit arose from the acquisition of TELITI and its subsidiary companies, TSeSB, TSoSB and TDcSB during the financial year, as follows:
As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Cost of merger 6,060 1,238 6,060 1,238 Less: Nominal values of share capital (3,000) (613) (3,000) (613) ------------ ------------ ------------ ------------ Merger deficit 3,060 625 3,060 625 ============ ============ ============ ============
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
13. Borrowing As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Long Term Borrowing Secured Term loan 70,995 14,505 35,218 7,195 ============ ============ ============ ============ Short Term Borrowing Secured Bank overdraft 15 3 15 3 ============ ============ ============ ============
The term loan and bank overdraft are secured by the following:-
0 A legal charge over a piece of vacant land held under Title No HS(D) 173679,PT 29470 and HS(D) 173680, PT29471 in Bandar Baru Enstek, Mukim Labu, Daerah Seremban, Negeri Sembilan;
0 Pledge against a fixed deposit amounting RM500,000 for upfront one (1) month interest;
0 Corporate guarantee for RM111,506,741 is executed by the following corporate shareholders of the Company:-
Corporate Shareholders Amount Teliti Computers Sdn Bhd RM111,506,741 NTH Technology Sdn Bhd RM111,506,741
0 Joint & Several guarantee for RM111,506,741 is executed by the following person in their personal capacity:-
Director Mohamed Nasir Bin Abdul Majid Ithnin Bin Yacob
The borrowings bear interest rate ranging from 1.75% to 2.0% per annum plus BLR.
Detail of repayment terms are as follow:-
Number Date of As at As at As at As at of monthly Monthly commencement 31 March 31 March 30 Sept 30 Sept instalment instalment of repayment 2012 2012 2011 2011 (pro (pro (unaudited) (unaudited) forma) forma) RM'000 RM'000 GBP'000 RM'000 GBP'000 Term loan 1 Feb 1 120 61 2013 4,945 - 4,945 - Term loan 1 Feb 2 120 825 2013 66,050 - 30,273 - ------------ ------------ --------- --------- 70,995 - 35,218 - ============ ============ ========= =========
NOTES TO THE FINANCIAL INFORMATION For the 6 months ended 31 March 2012
14. Trade and Other Payables As at As at As at As at 31 March 31 March 30 Sept 30 Sept 2012 2012 2011 2011 (unaudited) (unaudited) (pro forma) (pro forma) RM'000 GBP'000 RM'000 GBP'000 Accrual 417 85 417 86 Other payables 19,146 3,912 6,517 1,331 ------------ ------------ ------------ ------------ 19,563 3,997 6,934 1,417 ============ ============ ============ ============
Other payables mainly consisted of construction costs payable to main contractors for the construction of the data centre building. The significant increase as at 31 March 2012 was due to the delayed payments released by the Company's debt provider to the main contractor. As at 8 May 2012, the Company's debt provider released RM8.5 million to main contractor to settle certain bills.
15. Significant Events
Other than what has been disclosed in this financial information no significant events occurred during the six months financial period under review.
16. Post Balance Sheet Events
The Company raised GBP1 million (c.RM4.9m) via a subscription for 1,754,386 new ordinary shares, representing approximately 6.93% of the enlarged issued share capital.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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