RNS Number:4000H
ASBISc Enterprises PLC
09 November 2007
ASBISc Enterprises PLC
(the "Company" or "ASBIS")
Interim (9 Month) Results
ASBISc Enterprises Plc ('ASBIS' or the 'Group'), a leading distributor of
computer components in high growth emerging markets in Central and Eastern
Europe and the Former Soviet Union, announces its unaudited results for the 9
months ended 30 September 2007. Notable highlights include:
* Revenue up by 39.9% to US$ 933,127,893 (9M 2006: US$ 666,648,346)
* Net Profit up by 89.8% to US$ 9,329,990 (9M 2006: US$ 4,905,871
* EPS up by 90.0% to US$ cent 19.42 (9M 2006: US$ cent 10.22)
Siarhei Kostevitch, Chief Executive of ASBIS, commented:
"We are pleased and proud to report these results and have further progressed
our strategy of further developing our distribution business alongside our own
brand and finished products.
This growth is a result of hard work and commitment by the management and now
the company managed to raise funds from Warsaw Stock Exchange, will continue to
enhance shareholders value"
For further information, please contact:
ASBISc Enterprises Plc 00 357 25 857 000
Costas Tziamalis, Investor Relations
Seymour Pierce Limited 020 7107 8000
David Newton/ Parimal Kumar
M+G Magdalena Kolodziejczyk 0048 22820 5053
Notes to Editors
ASBIS is based in Cyprus and specialises in the distribution of IT components,
Blocks and Peripherals and a growing range of own brand IT and digital
equipment. Established in 1995, its operations extend to Central and Eastern
Europe, the Baltic States, the former Soviet Union, the Middle East and North
Africa.
In addition to distributing products from IT industry manufacturers, the Group
has also developed, and is selling, products via two private label brands,
Prestigio, which supplies laptops, LCD TVs and monitors, digital media centres,
storage devices and subsystems and Canyon which primarily targets retail chains
with IT and consumer electronic peripherals and accessories such as networking
products, MP3 players, speakers and other products. The Group also offers White
Label products to enable its biggest local customers to create their own brand
with generic and exclusive designs.
The Company listed on WSE in October 2007 and its ticker is ASB (ASBIS)
The Company listed on AIM in October 2006 and its ticker is ASB.L
ASBISC ENTERPRISES PLC
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
Period from Period from Period from Period from
January 1 to January 1 to July 1 to July 1 to
September 30 September 30 September 30 September 30
2007 2006 2007 2006
Notes US$ US$ US$ US$
------ --------- --------- --------- ---------
Revenue 933,127,893 666,648,346 393,071,982 240,280,333
Cost of sales (890,839,978) (636,811,004) (374,563,008) (227,981,731)
--------- --------- --------- ---------
Gross profit 42,287,915 29,837,342 18,508,974 12,298,602
Selling
expenses (16,219,370) (11,615,331) (6,171,600) (4,963,525)
Administrative
expenses (12,271,973) (10,010,770) (4,184,815) (3,593,846)
--------- --------- --------- ---------
Profit from
operations 13,796,572 8,211,242 8,152,559 3,741,231
Financial
expenses 5 ( 3,223,251) (2,704,175) (1,068,581) (898,166)
Financial
income 5 237,688 215,188 - 12,520
Other income 4 150,057 115,081 30,434 12,305
Goodwill
written off - (39,031) - -
--------- --------- --------- ---------
Profit before
taxation 6 10,961,066 5,798,304 7,114,412 2,867,891
Taxation 7 (1,641,076) (892,433) (962,593) (448,090)
Profit after
taxation 9,319,990 4,905,871 6,151,819 2,419,801
--------- --------- --------- ---------
US$ (cents) US$ (cents) US$ (cents) US$ (cents)
Earnings per share
Basic and diluted from
continuing operations 19.42 10.22 12.82 5.04
--------- --------- --------- ---------
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2007
(Expressed in United States Dollars)
Unaudited as at Audited as at
30 September 31 December
2007 2006
ASSETS Notes US$ US$
-------- ---------------- ---------------
Current assets
Inventories 80,044,049 46,177,803
Trade receivables 8 208,992,942 148,790,371
Other current assets 9 4,316,130 4,726,356
Cash and cash equivalents 19 17,719,232 27,927,606
---------------- ---------------
Total current assets 311,117,352 227,622,136
---------------- ---------------
Non-current assets
Property, plant and equipment 10 11,585,819 7,161,929
Investments 12 100,239 99,580
Intangible assets 11 1,131,854 1,268,250
---------------- ---------------
Total non-current assets 12,817,912 8,529,759
---------------- ---------------
Total assets 323,935,264 236,151,895
---------------- ---------------
LIABILITIES AND EQUITY
Liabilities
Current liabilities
Trade payables 188,510,821 117,453,360
Other current liabilities 13 27,935,794 22,960,319
Current taxation 7 432,321 278,181
Short term obligations under
finance leases 16 13,920 144,527
Bank overdrafts and short term
loans 14 37,441,517 34,377,172
---------------- ---------------
Total current liabilities 254,334,374 175,213,559
---------------- ---------------
Non-current liabilities
Long term liabilities 15 594,458 666,058
Long term obligations under
finance 16 85,752 74,715
leases
Deferred tax liability 71,006 44,997
---------------- ---------------
Total non-current liabilities 751,216 785,770
---------------- ---------------
Total liabilities 255,085,590 175,999,329
---------------- ---------------
Equity
Share capital 17 9,600,000 9,600,000
Share premium 8,138,039 8,138,039
Reserves 51,111,636 42,414,527
---------------- ---------------
Total equity 68,849,675 60,152,566
---------------- ---------------
Total liabilities and equity 323,935,264 236,151,895
---------------- ---------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
Share Foreign
Share premium Retained exchange
capital account earnings reserve Total
US$ US$ US$ US$ US$
------- -------- -------- -------- --------
Balance at 1
January 2006 9,600,000 8,138,039 32,531,547 690,051 50,959,637
Profit for the period
from 1 January 2006
to 30 September
2006 - - 4,905,871 - 4,905,871
Payment of dividend for
2005 - - (960,000) - (960,000)
Exchange difference
arising on
consolidation - - - 363,208 363,208
-------- -------- --------- -------- ---------
Balance at 30
September 9,600,000 8,138,039 36,477,418 1,053,259 55,268,716
2006 -------- -------- --------- -------- ---------
Profit for the period
from 1 October 2006
to 31 December
2006 - - 4,567,129 - 4,567,129
Excess of net assets
transferred to
the group compared to
the purchase consideration
paid for the acquisition
of subsidiary
companies - - 37,681 - 37,681
Exchange difference
arising on
consolidation - - - 279,040 279,040
-------- -------- --------- -------- ---------
Balance at 31
December 2006/1
January 2007 9,600,000 8,138,039 41,082,228 1,332,299 60,152,566
Profit for the period
from 1 January 2007 to
30 September 2007 - - 9,319,990 - 9,319,990
Payment of
dividend for 2006 - - (960,000) - (960,000)
Exchange difference
arising on
consolidation - - - 337,119 337,119
-------- -------- --------- -------- ---------
Balance at 30
September
2007 9,600,000 8,138,039 49,442,218 1,669,418 68,849,675
-------- -------- --------- -------- ---------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
Period from Period from Period from Period from
January 1 January 1 July 1 July 1
to to to to
September 30 September 30 September 30 September 30
2007 2006 2007 2006
Notes US$ US$ US$ US$
------ --------- --------- --------- ---------
Profit for the
period before
tax and
minority
interest 10,961,066 5,798,304 7,114,412 2,867,891
Adjustments for:
Exchange
difference
arising on
consolidation 261,989 318,173 36,386 114,434
Depreciation 10 840,040 772,590 297,880 279,383
Amortization
of intangible
assets 11 564,546 524,883 193,769 176,606
Goodwill
written off - 39,031 - -
Profit from
the sale of
property,
plant and
equipment and
intangible
assets (25,176) (10,130) (5,461) (6,217)
--------- --------- --------- ---------
Operating
profit before
working
capital
changes 12,602,466 7,442,851 7,636,986 3,432,097
(Increase)/decrease in
inventories (33,866,246) (31,033,381) (20,509,856) (30,934,673)
(Increase)/decrease in trade
receivables (60,202,571) (22,291,996) (74,872,102) (29,229,225)
(Increase)/decrease in other
current assets 365,226 (2,892,003) 151,107 (3,026,145)
Increase/(decrease) in trade
payables 71,057,461 38,634,818 70,528,372 60,599,828
Increase/(decrease) in other
current liabilities 3,125,165 968,917 5,343,914 6,134,020
--------- --------- --------- ---------
Cash
inflows/(outflows) from
operations (6,918,498) (9,170,794) (11,721,577) (6,975,902)
Taxation paid,
net 7 (1,486,936) (444,060) (864,558) (234,490)
--------- --------- --------- ---------
Net cash
outflows from
operating
activities (8,405,434) (9,614,854) (12,586,135) (6,741,412)
--------- --------- --------- ---------
Cash flows
from investing
activities
Purchase of
property,
plant and
equipment 10 (3,403,007) (725,520) (2,250,587) (261,785)
Purchase of
intangible
assets 11 (470,416) (364,807) (200,274) (38,902)
Proceeds from
sale of
property,
plant and
equipment
and intangible
assets 131,299 56,271 22,931 31,074
Increase in
investments - (8,929) - (8,929)
--------- --------- --------- ---------
Net cash
inflows/(outflows) from
investing
activities (3,742,124) (1,042,985) (2,427,930) (278,542)
--------- --------- --------- ---------
Cash flows from financing
activities
Dividends paid 22 (960,000) (960,000) - (960,000)
Repayments of
long term
loans and long
term
obligations
under finance
lease (34,555) (246,903) (15,048) (220,642)
Proceeds of
short term
loans and
short term
obligations
under finance
lease 1,797,159 3,912,083 1,996,703 4,220,802
--------- --------- --------- ---------
Net cash
inflows from
financing
activities 802,604 2,705,180 1,981,655 3,040,160
--------- --------- --------- ---------
Net
increase/(decrease) in cash
and cash equivalents (11,344,953) (7,952,659) (13,032,411) (9,503,030)
--------- --------- --------- ---------
Cash and cash
equivalents at
beginning of
the period 19 13,250,441 12,178,623 14,937,898 (5,277,066)
--------- --------- --------- ---------
Cash and cash
equivalents at
end of the
period 19 1,905,488 4,225,964 1,905,488 4,225,964
--------- --------- --------- ---------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
1. Incorporation and principal activities
Asbisc Enterprises Plc was incorporated in Cyprus on 9 November 1995 with
limited liability. The group's and the company's principal activity is the
trading and distribution of computer hardware and software. The ultimate holding
company of the group is K.S. Holding Limited, a company incorporated in Cyprus.
2. Basis of preparation
These un-audited financial statements have been prepared in accordance with
International Accounting Standard (IAS) 34, Interim Financial Reporting.
Significant accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the group's annual financial statements for the year ended 31
December 2006. The financial statements have been prepared under historical cost
convention.
3. Effects of seasonality
The group's revenue and consequently its profitability are significantly lower
during the first half of the year. The seasonality is driven by increased
household expenditure during the Christmas period as well as thecommencement of
the academic period during the second half of the year resulting in a positive
effect on the demand for the group's products.
4. Other income
Period from Period from
January 1 to January 1 to
September 30 September 30
2007 2006
US$ US$
----------- ----------
Bad debts recovered 32,654 35,126
Other income 117,403 79,955
----------- ----------
150,057 115,081
----------- ----------
5. Financial income/(expenses), net
Period from Period from
January 1 to January 1 to
September 30 September 30
2007 2006
US$ US$
----------- ----------
Interest income 232,251 111,178
Exchange gain, net 5,437 104,010
----------- ----------
237,688 215,188
----------- ----------
Bank interest 1,567,697 1,150,013
Bank charges 577,868 486,811
Factoring interest 552,161 370,385
Factoring charges 375,433 389,767
Other financial expenses 125,002 253,277
Other interest 25,090 53,922
----------- ----------
(3,223,251) (2,704,175)
----------- ----------
Net (2,985,563) (2,488,987)
----------- ----------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
6. Profit before taxation
Period Period
from from
January 1 January 1
to to
September 30 September 30
2007 2006
US$ US$
--------- ---------
Profit before taxation is stated after crediting:
(a) Exchange gain 5,437 104,010
and after charging:
(b) Depreciation 840,040 772,590
(c) Amortization of
intangible assets and
goodwill 564,546 524,883
(d) Bank interest and
charges 2,145,565 1,636,824
(e) Auditors' remuneration 493,160 406,650
(f) Directors' remuneration
- executive 550,683 516,667
(g) Directors' remuneration
- non executive 103,729 -
--------- ---------
7. Taxation
Period For the
from year
January 1 ended
to
September 30 31 December
2007 2006
US$ US$
--------- ---------
Credit/(debit) balance 1
January 278,181 (76,446)
Provision for the
period/year 1,635,993 1,622,736
Underprovision of prior
years - 4,406
Deferred tax 5,083 -
Amounts paid, net (1,486,936) (1,272,515)
--------- ---------
Credit balance 30
September/31 December 432,321 278,181
--------- ---------
The taxation charge of the group comprises corporation tax charge in Cyprus on the
taxable profits of the
company and those of its subsidiaries which are subject to tax in Cyprus and
corporation tax in other
jurisdictions on the results of the foreign subsidiary
companies.
The consolidated tax charge for the period consists of the following:
Period Period
from from
January 1 January 1
to to
September 30 September 30
2007 2006
US$ US$
Corporation tax for the
period 1,635,993 884,138
Underprovision of prior
years - 8,295
Deferred tax charge 5,083 -
--------- ---------
Provision for the period 1,641,076 892,433
--------- ---------
NOTES TO THE UNAUDITED FINANCIAL
STATEMENTS
FOR THE PERIOD ENDED 30 September 2007
(Expressed in United States Dollars)
8. Trade receivables
As at As at
30 September 31 December
2007 2006
US$ US$
Trade receivables 211,039,548 150,948,946
Allowance for doubtful debts (2,046,606) (2,158,575)
----------- ----------
208,992,942 148,790,371
----------- ----------
9. Other current assets
As at As at
30 September 31 December
2007 2006
US$ US$
Other debtors and prepayments 2,416,836 2,070,308
VAT and other taxes refundable 353,030 1,878,527
Loan due from fellow subsidiary
company 110,000 118,096
Loans advanced 41,884 24,165
Advances to suppliers 654,893 114,802
Employee floats 260,494 137,511
Deposits 223,993 199,612
Amount due from ultimate holding
company - 63,205
Amount due from executive directors - 120,130
----------- ----------
4,316,130 4,726,356
----------- ----------
The directors consider that the carrying amount of other current assets of the
group approximate their fair value.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 September 2007
(Expressed in United States Dollars)
10. Property, plant and equipment
Land Furniture
and Warehouse and Office Motor Computer
buildings machinery fittings equipment vehicles hardware Total
US$ US$ US$ US$ US$ US$ US$
Cost At 1 January
2006 4,734,874 85,619 662,465 1,034,362 1,441,501 2,754,356 10,713,177
Foreign exchange
difference on
opening
balances 349,604 13,544 49,217 89,571 154,027 194,770 850,733
Additions from the
acquisition of
subsidiary - 44,427 1,601 1,194 61,314 4,488 113,024
Additions 63,544 - 251,445 138,828 265,711 385,147 1,104,675
Disposals - - (1,955) (33,631) (158,180) (113,950) (307,716)
-------- --------- -------- --------- -------- -------- ---------
At 1 January
2007 5,148,022 143,590 962,773 1,230,324 1,764,373 3,224,811 12,473,893
Foreign exchange
difference on
opening
balances 161,967 9,992 35,754 58,574 74,806 98,983 440,076
Additions 3,945,891 - 141,892 319,348 527,009 302,751 5,236,891
Disposals - - (14,023) (8,915) (117,006) (30,247) (230,191)
At 30
September 2007 9,255,880 153,582 1,126,396 1,599,331 2,189,182 3,596,298 17,920,669
-------- --------- -------- --------- -------- -------- ---------
Accumulated
depreciation
At 1 January
2006 462,487 43,837 319,135 546,338 836,038 1,841,702 4,049,537
Foreign exchange
difference on
opening
balances 34,037 6,400 23,474 64,590 83,092 147,882 359,475
Charge for the
year 142,418 31,545 85,436 131,714 243,163 498,956 1,133,232
On acquisition
of subsidiary - 14,068 114 131 19,149 1,085 34,547
Disposals - - (1,822) (31,513) (123,861) (107,631) (264,827)
-------- --------- -------- --------- -------- -------- ---------
At 1 January
2007 638,942 95,850 426,337 711,260 1,057,581 2,381,994 5,311,964
Foreign exchange
difference on
opening
balances 20,080 7,686 38,054 85,514 56,332 135,343 351,009
Charge for the
period 108,310 19,734 78,389 99,411 232,256 301,940 840,040
Disposals - - (8,712) (7,984) (139,541) (11,926) (168,163)
-------- --------- -------- --------- -------- -------- ---------
At 30
September 2007 775,332 123,270 534,068 888,201 1,206,628 2,807,351 6,334,850
-------- --------- -------- --------- -------- -------- ---------
Net book
value
30 September
2007 8,480,548 30,312 592,328 711,130 982,554 788,947 11,585,819
-------- --------- -------- --------- -------- -------- ---------
31 December
2006 4,509,080 47,740 536,436 519,064 706,792 842,817 7,161,929
-------- --------- -------- --------- -------- -------- ---------
Property, plant and equipment
Period from Period from
January 1 to January 1 to
September 30 September 30
2007 2006
US$ US$
Property, plant and
equipment purchased at cost 5,236,891 725,520
Property, plant and
equipment not paid for (1,833,884) -
--------------- ---------------
3,403,007 725,520
--------------- ---------------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 September 2007
(Expressed in United States Dollars)
11. Intangible assets
Computer Patents and
software licenses Total
US$ US$ US$
--------- --------- ---------
Cost
At 1 January 2006 3,594,088 220,654 3,814,742
Foreign exchange
difference on
opening balances 94,014 - 94,014
Additions 415,402 110,947 526,349
Disposals (5,821) - (5,821)
--------- --------- ---------
At 1 January 2007 4,097,683 331,601 4,429,284
Foreign exchange
difference on
opening balances 62,164 7,334 69,498
Additions 238,826 231,590 470,416
Disposals (58,219) - (58,219)
--------- --------- ---------
At 30 September 4,340,454 570,525 4,910,979
2007 --------- --------- ---------
Accumulated
depreciation
At 1 January 2006 2,315,571 55,946 2,371,517
Foreign exchange
difference on
opening balances 85,253 - 85,253
Charge for the 560,638 149,447 710,085
year
Disposals (5,821) - (5,821)
--------- --------- ---------
At 1 January 2007 2,955,641 205,393 3,161,034
Foreign exchange
difference on
opening balances 63,638 643 64,281
Charge for the 451,167 113,379 564,546
period
Disposals (10,736) - (10,736)
--------- --------- ---------
At 30 September 3,459,710 319,415 3,779,125
2007 --------- --------- ---------
Net book value
30 September 2007 880,744 251,110 1,131,854
--------- --------- ---------
31 December 2006 1,142,042 126,208 1,268,250
--------- --------- ---------
12. Investments
As at As at
30 31
September December
Country of Percentage of 2007 2006
incorporation participation US$ US$
---------- --------- --------- ---------
Share at cost of
acquisition
Investments held
in fellow
subsidiaries
E-Vision Limited Cyprus 18% 90,000 90,000
Other
investments
Asekol s.r.o. Czech Republic 9.09% 10,239 9,580
--------- ---------
--------- ---------
100,239 99,580
--------- ---------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
13. Other current liabilities
As at As at
30 31 December
September
2007 2006
US$ US$
--------- -----------
Factoring creditors (note a) 11,770,805 9,670,740
Salaries payable and related costs 1,139,050 605,448
VAT payable 5,052,468 4,265,374
Amount due to directors - executive 1,422 53,366
Amount due to directors - non-executive 28,411 21,000
Non-trade accounts payable 5,009,817 3,228,154
Accruals and deferred income 4,933,821 5,116,237
--------- -----------
27,935,794 22,960,319
--------- -----------
Note a: The group enjoyed as at 30 September 2007 factoring facilities of
US$32,448,180 (2006: US$25,030,728). These factoring facilities are secured as
mentioned in note 14.
14. Bank overdrafts and short term loans
As at As at
30 31 December
September
2007 2006
US$ US$
--------- -----------
Bank overdrafts 15,813,744 14,677,165
Bank short term loans 21,369,071 19,494,450
Current portion of long term loans 258,702 205,557
--------- -----------
37,441,517 34,377,172
--------- -----------
The group as at 30 September 2007 had the following financial facilities with banks
in the countries that the company and its subsidiaries are operating:
- overdraft lines of US$20,349,371 (31 December 2006: US$ 15,590,934)
- short term loans/revolving facilities US$25,982,726 (31 December 2006:
US$ 19,819,699)
- bank guarantees US$ 6,048,032 (31 December 2006: US$ 4,210,843)
The group had for the period ending 30 September 2007 cash lines (overdrafts,
loans and revolving facilities) and factoring lines.
The Weighted Average Cost of Debt (cash lines and factoring lines) for the period
was 8.8% (2006: 9.0%).
The factoring, overdraft and revolving facilities as well as the loans granted to
the company and its subsidiaries by their bankers are secured by:
- First floating charge over all assets of the company for a total amount of
US$4,000,000
- Second floating charge on the whole undertaking including the company's uncalled
capital, goodwill and book debts for
US$2,000,000 plus interest
- Third floating charge over all assets of the company for a total amount of
US$1,200,000
- Mortgage on 1/4 of property of Diamond Properties Ltd (Vendor of the property
for the company's head office premises acquired in Limassol) for the amount of
US$1,800,000 and assignment of the sales contract between Diamond Properties
Ltd and the company
- Mortgage on land and buildings that the group owns in Czech Republic and
Ukraine
- Personal guarantees of the Chairman and Chief Executive Officer for certain
facilities granted to the Cyprus company
- Charge over receivables and inventories
- Corporate guarantees and, in some cases, by also cross guarantees by all group
companies to the extent of facilities granted
- Assignment of insurance policies
- Pledged deposits of US$3,996,032 (31 December 2006: US$ 3,885,064)
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
15. Long term liabilities
As at As at
30 31
September December
2007 2006
US$ US$
--------- ---------
Bank loans 547,814 612,602
Other long term
liabilities 46,644 53,456
--------- ---------
594,458 666,058
--------- ---------
16. Finance leases
As at As at
30 31
September December
2007 2006
US$ US$
--------- ---------
Obligation under
finance leases 99,672 219,242
Less: Amount payable
within one year (13,920) (144,527)
--------- ---------
Amount payable within
2-5 years inclusive 85,752 74,715
--------- ---------
17. Share capital
As at As at
30 31
September December
2007 2006
US$ US$
--------- ---------
Authorised 63,000,000 shares of
US$ 0.20 each 12,600,000 12,600,000
--------- ---------
Issued, called-up and fully paid
48,000,000 ordinary
shares of US$0.20 each 9,600,000 9,600,000
--------- ---------
On 4 September 2006 by a special resolution passed at an extraordinary general
meeting of the shareholders of the company it was decided :
a) to increase the authorised share capital from 48,000,000 shares of US$0.20 each
to 63,000,000 shares of US$0.20 each
b) to convert the 8,000,000 preference shares of US$0.20 each to 8,000,000 ordinary
shares of US$0.20 each.
18. Segmental reporting
The group operates in a single segment of the distribution of IT components in
a number of geographical regions
The following table produces an analysis of the group's sales by geographical
market, irrespective of the origin of the
goods.
Sales revenue by geographical
market
Period from Period from
January 1 January 1
to to
September 30 September 30
2007 2006
US$ US$
---------- ----------
Former Soviet Union 452,666,538 295,338,689
Eastern Europe 296,533,659 216,561,000
Western Europe 89,515,397 61,330,185
Middle East and
Africa 75,565,125 52,089,322
Other 18,847,175 41,329,151
---------- ----------
Total revenue 933,127,893 666,648,346
---------- ----------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
19. Cash and cash equivalents
As at As at
30 September 31 December
2007 2006
US$ US$
Cash at bank 17,719,232 27,927,606
Bank overdrafts -
note 14 (15,813,744) (14,677,165)
---------- ---------
1,905,488 13,250,441
---------- ----------
The cash at bank balances include an amount of US$3,996,032 (31 December 2006:
US$3,885,064) which represents pledged deposits.
20. Related party transactions and balances
The holding company of the group is K.S. Holdings Limited, a company
incorporated in Cyprus. Transactions between the company and its subsidiaries
have been eliminated on consolidation. In the normal course of business, the
group undertook during the period on an arm's-length basis transactions with the
fellow subsidiary company E-Vision Limited and its subsidiaries as follows:
Period from Period from
January 1 January 1
to to
September 30 September 30
2007 2006
US$ US$
Purchase of services
and computer software
- E-Vision Limited 403,260 473,980
Interest income 6,228 6,072
---------- ----------
As at As at
Related party balances 30 31
September December
2007 2006
US$ US$
Loan due from fellow subsidiary company
E-Vision Limited 110,000 118,096
---------- ----------
The loan receivable from E-Vision Limited is unsecured and bears interest of
3 months Libor + 2% per annum.
Transactions and balances of key management Period from Period from
January 1 January 1
to to
30 September 30 September
2007 2006
US$ US$
Directors'
remuneration -
executive 550,683 516,667
Directors'
remuneration - non
executive 103,729 -
---------- ----------
654,412 516,667
---------- ----------
As at As at
30 31
September December
2007 2006
US$ US$
Amount due to directors
- executive 1,422 53,366
- non executive 28,411 21,000
---------- ----------
29,833 74,366
---------- ----------
Amount due from directors - 120,130
---------- ----------
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(Expressed in United States Dollars)
21. Commitments and contingencies
As at 30 September 2007 the group was committed in respect of purchases of
inventories of a total cost value of US$ 20,890,053 which were in transit at 30
September 2007 and delivered in October 2007. Such inventories and the
corresponding liability towards the suppliers have not been included in these
financial statements since, according to the terms of purchase, title of the
goods had not passed to the company as at the period end.
As at 30 September 2007 the group was contingently liable in respect of bank
guarantees of US$ 6,048,032 which the group had extended mainly to its suppliers
as at 30 September 2007.
As at 30 September 2007 the group had no other legal commitments and
contingencies.
22. Dividends
The Board of Directors proposed the payment of a final dividend of US$0.02 per
share for the year ended 31 December 2006 which in total amounted to US$
960,000. The dividend was approved on 23 April 2007 at the Company's annual
general meeting and paid on 11 May 2007.
23. Events after the balance sheet date
No significant events occurred after the balance sheet date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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