TIDMESG
RNS Number : 4588H
eServGlobal Limited
22 February 2010
The half-year financial report does not include notes of the type normally
included in an annual financial report and should be read in conjunction with
the 2009 annual financial report.
Half-year report and appendix 4Dfor the half year ended31 December
2009 Contents Results for announcement to the market
1 Directors' Report
2 Auditor's Independence Declaration
4 Independent Review Report
5 Directors' Declaration
7 Condensed consolidated Statement of Comprehensive Income
8 Condensed consolidated
Statement of Financial Position
9 Condensed consolidated Statement of Changes in Equity
10 Condensed consolidated
Statement of Cash Flows
11Notes to the condensed consolidated Financial Statements
12
+------------------------------+---------+---------+---------+---------+-----+----------+
| Results | A$ '000 |
| | |
| | |
+----------------------------------------+----------------------------------------------+
| | Down | 47% | to | 43,763 |
| Revenues | | | | |
| | | | | |
+----------------------------------------+---------+-------------------+-----+----------+
| | Down | >100% | to | (11,926) |
| (Loss) Profit after tax attributable | | | | |
| to members | | | | |
| | | | | |
+----------------------------------------+---------+-------------------+-----+----------+
| | | | | |
+----------------------------------------+---------+-------------------+-----+----------+
| | |
+----------------------------------------+----------------------------------------------+
| Dividends (distributions) | Amount per | Franked amount per |
| | security | security |
+----------------------------------------+-------------------+--------------------------+
| Current period | | |
| Interim dividend declared | Nil c | 0% |
| Final dividend paid | Nil c | 0% |
| | | |
+----------------------------------------+-------------------+--------------------------+
| Previous corresponding period | | |
| Interim dividend declared | Nil c | 0% |
| Final dividend paid | Nil c | 0% |
| | | |
+----------------------------------------+-------------------+--------------------------+
| | |
+------------------------------+--------------------------------------------------------+
| Record date for determining | N/A |
| entitlements to the dividend. | |
+----------------------------------------+----------------------------------------------+
| |
+------------------------------+---------+---------+---------+---------+-----+----------+
+--------------------------------------------------------------------+
| Brief explanation of revenue, net profit and dividends |
| (distributions). |
| |
| The consolidated entity achieved sales revenue for the period of |
| $43.763 million (2008 $83.093 million) - a decrease of 47%. The |
| gross profit realised was $20.207 million (gross profit margin: |
| 46%) (2008 $43.724 million (gross profit margin: 53%)). EBITDA |
| for the period was a loss of $7.746 million (2008 EBITDA profit |
| $7.065 million). |
| |
| The net result of the consolidated entity for the half year ended |
| 31 December 2009 was a loss after tax and minority interest for |
| the period of $11.926 million (2008 $0.602 million profit after |
| tax). Loss per share was 6.1 cents (2008: EPS 0.4cents). |
| |
| In accordance with the Group's accounting policies, development |
| expenditure incurred during the period of $1.289 million was |
| capitalised in the Statement of Financial Position. The |
| expenditure related to internally generated software comprising |
| the HomeSend platform. |
| |
| During the period, the operating cash flow for the period was a |
| net outflow of $7.091 million primarily resulting from the |
| settlement of compensation payments to departing employees. Cash |
| at 31 December 2009 was $3.420 million. It is anticipated that the |
| cash balance will improve in the second half. |
+--------------------------------------------------------------------+
Directors' report
The directors of eServGlobal Limited submit herewith the financial report of
eServGlobal Limited and its controlled entities (the Group) for the half-year
ended 31 December 2009. In order to comply with the provisions of the
Corporations Act 2001, the directors report as follows:
Directors
The names of the directors of the company during or since the end of the half
year are:
David Smart Non Executive Chairman
Richard Mathews Chief Executive Officer & Director
François Barrault Non Executive Director
Ian Buddery Non Executive Director
Anthony M Eisen Non Executive Director
Michael Jefferies Alternate Non Executive Director for Anthony M Eisen
Laurent Lafarge Former Chief Executive Officer & Former Director -
resigned 23 July 2009
Anthony Gilbert Former Non Executive Director - retired 1 October
2009
Graham Libbesson Non Executive Director - resigned 23 July 2009
Jim Pratt Non Executive Director - resigned 23 July 2009
Review of Operations
This report is to be read in conjunction with other reports issued
contemporaneously.
eServGlobal Limited is a public company listed on the Australian Securities
Exchange (ASX:ESV) and the London Stock Exchange (AIM) (LSE:ESG). Along with its
Head Office in Sydney, Australia, the eServGlobal group has operations
worldwide.
eServGlobal provides solutions for Smarter Transaction Management, driving more
value from each telecom transaction.
We enable new business models for tomorrow, while maximizing our customers'
investments today. Mobile, fixed, Internet and multi-play communications
providers use our world-leading, real-time capabilities to significantly
increase revenues, customer loyalty and expenditure efficiency.
Today more than 80 customers, in over 50 countries, perform over 2.4 billion
transactions per day using our solutions. eServGlobal has the largest convergent
charging and payments installed bases in the world.
Our customers drive our solutions which are rapidly developed and deployed to
allow the customer to succeed in changing markets. This customer led approach to
our business enables our customers to quickly create and launch new services and
personalized, real-time promotions to lead and innovate in their markets.
With 16 offices globally we provide flexible end-to-end solutions with ongoing
product development and worldwide implementation and support services.
The consolidated entity achieved sales revenue for the period of $43.763 million
(2008 $83.093 million) - a decrease of 47%. The gross profit realised was
$20.207 million (gross profit margin: 46%) (2008 $43.724 million (gross profit
margin: 53%)). EBITDA for the period was a loss of $7.746 million (2008 EBITDA
profit $7.065 million).
The net result of the consolidated entity for the half year ended 31 December
2009 was a loss after tax and minority interest for the period of $11.926
million (2008 $0.602 million profit after tax). Loss per share was 6.1 cents
(2008: EPS 0.4cents).
In accordance with the Group's accounting policies, development expenditure
incurred during the period of $1.289 million was capitalised in the Statement of
Financial Position. The expenditure related to internally generated software
comprising the HomeSend platform.
During the period, the operating cash flow for the period was a net outflow of
$7.091 million primarily resulting from the settlement of compensation payments
to departing employees. Cash at 31 December 2009 was $3.420 million. It is
anticipated that the cash balance will improve in the second half.
The auditor's independence declaration is included on page 4 of the half-year
financial report.
Rounding off of amounts
The company is a company of the kind referred to in ASIC Class Order 98/0100,
dated 10 July 1998, and in accordance with that Class Order amounts in the
directors' report and the financial report are rounded off to the nearest
thousand dollars, unless otherwise indicated.
Signed in accordance with a resolution of the directors, made pursuant to
s.306(3) of the Corporations Act 2001.
On behalf of the directors
David Smart
Chairman
Sydney, 22 February 2010
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Grosvenor Place
225 George Street
Sydney NSW 2000
PO Box N250 Grosvenor
Place
Sydney NSW 1217 Australia
DX 10307 S S E
Tel: +61 (0) 2 9322 7000
Fax: +61 (0) 2 9322 7001
www.deloitte.com.au
The Board of Directors
eServGlobal Limited
Level 3
6 O'Connell Street
Sydney NSW 2000
Dear Board Members
eServGlobal Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to
provide the following declaration of independence to the directors of
eServGlobal Limited.
As lead audit partner for the review of the financial statements of eServGlobal
Limited for the half-year ended 31 December 2009, I declare that to the best of
my knowledge and belief, there have been no contraventions of:
(i) the auditor independence requirements of the Corporations Act 2001 in
relation to the review; and
(ii) any applicable code of professional conduct in relation to the review.
Yours sincerely
DELOITTE TOUCHE TOHMATSU
Weng Ching
Partner
Chartered Accountants
Sydney, 22 February 2010
Liability limited by a scheme approved under Professional Standards Legislation.
Deloitte Touche Tohmatsu
A.B.N. 74 490 121 060
Grosvenor
Place
225 George Street
Sydney NSW 2000
PO Box N250 Grosvenor
Place
Sydney NSW 1220 Australia
DX 10307SSE
Tel: +61 (0) 2 9322
7000
Fax: +61 (0) 2 9322 7001
www.deloitte.com.au
Independent Auditor's Review Report
to the members of eServGlobal Limited
We have reviewed the accompanying half-year financial report of eServGlobal
Limited, which comprises the condensed consolidated statement of financial
position as at 31 December 2009, and the condensed consolidated statement of
comprehensive income, the condensed consolidated statement of cash flows and the
condensed consolidated statement of changes in equity for the half-year ended on
that date, selected explanatory notes and the directors' declaration of the
consolidated entity comprising the company and the entities it controlled at the
end of the half-year or from time to time during the half-year as set out on
pages 7 to 15.
Directors' Responsibility for the Half-Year Financial Report
The directors of the company are responsible for the preparation and fair
presentation of the half-year financial report in accordance with Australian
Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Act 2001. This responsibility includes establishing and
maintaining internal control relevant to the preparation and fair presentation
of the half-year financial report that is free from material misstatement,
whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report
based on our review. We conducted our review in accordance with Auditing
Standard on Review Engagements ASRE 2410 Review of Interim and Other Financial
Report Performed by the Independent Auditor of the Entity, in order to state
whether, on the basis of the procedures described, we have become aware of any
matter that makes us believe that the half-year financial report is not in
accordance with the Corporations Act 2001 including: giving a true and fair
view of the consolidated entity's financial position as at 31 December 2009 and
its performance for the half-year ended on that date; and complying with
Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001. As the auditor of eServGlobal Limited, ASRE 2410 requires that
we comply with the ethical requirements relevant to the audit of the annual
financial report.
A review of a half-year financial report consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Liability limited by a scheme approved under Professional Standards Legislation.
Auditor's Independence Declaration
In conducting our review, we have complied with the independence requirements of
the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half-year financial report of eServGlobal
Limited is not in accordance with the Corporations Act 2001, including:
(a) giving a true and fair view of the consolidated entity's financial position
as at 31 December 2009 and of its performance for the half-year ended on that
date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and
the Corporations Regulations 2001.
DELOITTE TOUCHE TOHMATSU
Weng Ching
Partner
Chartered Accountants
Sydney, 22 February 2010
Directors' declaration
The directors declare that:
a) in the directors' opinion, there are reasonable grounds to believe the
company will be able to pay its debts as and when they become due and payable;
and
b) in the directors' opinion, the attached financial statements and notes
thereto are in accordance with the Corporations Act 2001, including compliance
with accounting standards and giving a true and fair view of the financial
position and performance of the consolidated entity.
Signed in accordance with a resolution of the directors made pursuant to
s.303(5) of the Corporations Act 2001.
On behalf of the directors
David Smart
Chairman
Sydney, 22 February 2010
Condensed consolidated statement of comprehensive income
for the half-year ended 31 December 2009
+------------------------------------+----+-----------+------------+
| | Consolidated |
+-----------------------------------------+------------------------+
| | |Half-Year | Half-Year |
| | | Ended | Ended |
| | | 31 | 31 |
| | | December | December |
| | | 2009 | 2008 |
| | | $'000 | $'000 |
+------------------------------------+----+-----------+------------+
| Revenue | | 43,763 | 83,093 |
+------------------------------------+----+-----------+------------+
| Cost of sales | | (23,556) | (39,369) |
+------------------------------------+----+-----------+------------+
| Gross profit | | 20,207 | 43,724 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Other income | | 59 | 214 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Research and development expenses | | (4,840) | (11,060) |
+------------------------------------+----+-----------+------------+
| Sales and marketing expenses | | (6,432) | (11,624) |
+------------------------------------+----+-----------+------------+
| Administration expenses | | (16,740) | (14,189) |
+------------------------------------+----+-----------+------------+
| (Loss) / earnings before interest, | | (7,746) | 7,065 |
| tax, depreciation and amortisation | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Amortisation expense | | (3,505) | (3,837) |
+------------------------------------+----+-----------+------------+
| Depreciation expense | | (1,486) | (1,708) |
+------------------------------------+----+-----------+------------+
| (Loss) Earnings before interest | | (12,737) | 1,520 |
| and tax | | | |
+------------------------------------+----+-----------+------------+
| Finance costs | | (83) | (105) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| (Loss)/Profit before tax | | (12,820) | 1,415 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Income tax benefit / (expense) | | 980 | (689) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| (Loss) / profit for the period | | (11,840) | 726 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Other comprehensive (loss) income | | | |
+------------------------------------+----+-----------+------------+
| Exchange differences arising on | | (1,525) | 12,621 |
| the translation of foreign | | | |
| operations | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Total comprehensive (loss) income | | (13,365) | 13,347 |
| for the period | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| (Loss) profit attributable to: | | | |
+------------------------------------+----+-----------+------------+
| Equity holders of the parent | | (11,926) | 602 |
+------------------------------------+----+-----------+------------+
| Non controlling interest | | 86 | 124 |
+------------------------------------+----+-----------+------------+
| | | (11,840) | 726 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Total comprehensive (loss) income | | | |
| attributable to: | | | |
+------------------------------------+----+-----------+------------+
| Equity holders of the parent | | (13,451) | 13,223 |
+------------------------------------+----+-----------+------------+
| Non controlling interest | | 86 | 124 |
+------------------------------------+----+-----------+------------+
| | | (13,365) | 13,347 |
+------------------------------------+----+-----------+------------+
| (Loss) Earnings per share: | | | |
+------------------------------------+----+-----------+------------+
| Basic (cents per share) | | (6.1) | 0.4 |
+------------------------------------+----+-----------+------------+
| Diluted (cents per share) | | (6.1) | 0.4 |
+------------------------------------+----+-----------+------------+
Notes to the Financial Statements are included on pages 12 to 15
Condensed
consolidated statement of financial position
as at 31 December 2009
+-----------------------------------+------+------------+------------+
| | Consolidated |
+------------------------------------------+-------------------------+
| |Note | 31 | 30 June |
| | | December | 2009 |
| | | 2009 | $'000 |
| | | $'000 | |
+-----------------------------------+------+------------+------------+
| Current Assets | | | |
+-----------------------------------+------+------------+------------+
| Cash and cash equivalents | | 3,420 | 14,135 |
+-----------------------------------+------+------------+------------+
| Trade and other receivables | 2 | 40,914 | 63,493 |
+-----------------------------------+------+------------+------------+
| Inventories | | 337 | 623 |
+-----------------------------------+------+------------+------------+
| Current tax assets | | 6,681 | 7,368 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Current Assets | | 51,352 | 85,619 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Non-Current Assets | | | |
+-----------------------------------+------+------------+------------+
| Property, plant and equipment | | 4,937 | 4,891 |
+-----------------------------------+------+------------+------------+
| Deferred tax assets | | 4,819 | 2,929 |
+-----------------------------------+------+------------+------------+
| Goodwill | | 34,649 | 35,483 |
+-----------------------------------+------+------------+------------+
| Other intangible assets | 3 | 16,710 | 20,383 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Non-Current Assets | | 61,115 | 63,686 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Assets | | 112,467 | 149,305 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Current Liabilities | | | |
+-----------------------------------+------+------------+------------+
| Trade and other payables | | 17,191 | 31,963 |
+-----------------------------------+------+------------+------------+
| Current tax payables | | 20 | 930 |
+-----------------------------------+------+------------+------------+
| Provisions | | 3,667 | 5,562 |
+-----------------------------------+------+------------+------------+
| Other | 4 | 4,265 | 7,219 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Current Liabilities | | 25,143 | 45,674 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Non-Current Liabilities | | | |
+-----------------------------------+------+------------+------------+
| Deferred tax liabilities | | 5,263 | 8,040 |
+-----------------------------------+------+------------+------------+
| Provisions | | 512 | 537 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Non-Current Liabilities | | 5,775 | 8,577 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Total Liabilities | | 30,918 | 54,251 |
+-----------------------------------+------+------------+------------+
| | | | |
+-----------------------------------+------+------------+------------+
| Net Assets | | 81,549 | 95,054 |
+-----------------------------------+------+------------+------------+
| | |
+------------------------------------------+-------------------------+
| Equity | | | |
+-----------------------------------+------+------------+------------+
| Issued capital | 9 | 123,946 | 123,946 |
+-----------------------------------+------+------------+------------+
| Reserves | 10 | 2,746 | 4,411 |
+-----------------------------------+------+------------+------------+
| Accumulated Losses | | (45,264) | (33,338) |
+-----------------------------------+------+------------+------------+
| Parent entity interest | | 81,428 | 95,019 |
+-----------------------------------+------+------------+------------+
| Non controlling interest | | 121 | 35 |
+-----------------------------------+------+------------+------------+
| Total Equity | | 81,549 | 95,054 |
+-----------------------------------+------+------------+------------+
Notes to the Financial Statements are included on pages 12 to 15
Condensed
consolidated statement of changes in equity
for the half-year ended 31 December 2009
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | Issued | Foreign | Employee | Retained |Attributable | Non | Total |
| |Capital | Currency |equity-settled | Earnings |to owners of |controlling | $'000 |
| | $'000 |Translation | benefits |(Accumu-lated | the parent | Interest | |
| | | Reserve | Reserve |Losses) $'000 | $'000 | $'000 | |
| | | $'000 | $'000 | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Consolidated | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 1 July | 123,946 | 3,323 | 1,088 | (33,338) | 95,019 | 35 | 95,054 |
| 2009 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Loss for the period | - | - | - | (11,926) | (11,926) | 86 | (11,840) |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Exchange differences | - | (1,525) | - | - | (1,525) | - | (1,525) |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Total comprehensive | - | (1,525) | - | (11,926) | (13,451) | 86 | (13,365) |
| (loss) for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Equity settled | - | - | (140) | - | (140) | - | (140) |
| payments | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 31 | 123,946 | 1,798 | 948 | (45,264) | 81,428 | 121 | 81,549 |
| December 2009 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 1 July | 115,325 | 596 | 1,042 | 6,536 | 123,499 | 46 | 123,545 |
| 2008 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Profit for the | - | - | - | 602 | 602 | 124 | 726 |
| period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Exchange differences | - | 12,621 | - | - | 12,621 | - | 12,621 |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Total comprehensive | - | 12,621 | - | 602 | 13,223 | 124 | 13,347 |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Issue of shares | 294 | - | - | - | 294 | - | 294 |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Transfer from equity | 123 | - | (123) | - | - | - | - |
| settled benefits | | | | | | | |
| reserve | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Equity settled | - | - | 116 | - | 116 | - | 116 |
| payments | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Payment of dividends | - | - | - | (5,131) | (5,131) | - | (5,131) |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 31 | 115,742 | 13,217 | 1,035 | 2,007 | 132,001 | 170 | 132,171 |
| December 2008 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
Notes to the Financial Statements are included on pages 12 to 15
Condensed
consolidated statement of cash flows
for the half-year ended 31 December 2009
+--------------------------------------+--+------------+------------+
| | Consolidated |
+-----------------------------------------+-------------------------+
| | | Half-Year | Half-Year |
| | | Ended | Ended |
| | | 31 | 31 |
| | | December | December |
| | | 2009 | 2008 |
| | | $'000 | $'000 |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows from Operating Activities | | | |
+--------------------------------------+--+------------+------------+
| Receipts from customers | | 64,518 | 77,455 |
+--------------------------------------+--+------------+------------+
| Payments to suppliers and employees | | (71,320) | (83,652) |
+--------------------------------------+--+------------+------------+
| Interest and other costs of finance | | (83) | (105) |
| paid | | | |
+--------------------------------------+--+------------+------------+
| Income tax refunded / (paid) | | (206) | 2,276 |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash used in operating | | (7,091) | (4,026) |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows From Investing Activities | | | |
+--------------------------------------+--+------------+------------+
| Interest received | | 59 | 214 |
+--------------------------------------+--+------------+------------+
| Payment for property, plant and | | (2,255) | (1,561) |
| equipment | | | |
+--------------------------------------+--+------------+------------+
| Software development costs | | (1,289) | - |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash used in investing | | (3,485) | (1,347) |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows From Financing Activities | | | |
+--------------------------------------+--+------------+------------+
| Proceeds from issues of equity | | - | 294 |
| securities | | | |
+--------------------------------------+--+------------+------------+
| Dividends paid | | - | (5,131) |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash used in financing | | - | (4,837) |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net Decrease In Cash and Cash | | (10,576) | (10,210) |
| Equivalents | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash At The Beginning Of The Period | | 14,135 | 18,288 |
+--------------------------------------+--+------------+------------+
| Effects of exchange rate changes on | | (139) | 2,085 |
| the balance of cash held in foreign | | | |
| currencies | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash and Cash Equivalents At The End | | 3,420 | 10,163 |
| Of The Period | | | |
+--------------------------------------+--+------------+------------+
Notes to the Financial Statements are included on pages 12 to 15
Notes to the consolidated financial statements
1. Significant accounting policies
Statement of compliance
The half-year financial report is a general purpose financial report prepared in
accordance with the Corporations Act 2001 and AASB 134 Interim Financial
Reporting. Compliance with AASB 134 ensures compliance with International
Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year
financial report does not include notes of the type normally included in an
annual financial report and should be read in conjunction with the most recent
annual financial report.
Basis of preparation
The condensed financial statements have been prepared on the basis of historical
cost, except for the revaluation of certain non-current assets and financial
instruments. Cost is based on the fair values of the consideration given in
exchange for assets. All amounts are presented in Australian dollars.
The company is a company of the kind referred to in ASIC Class Order 98/010,
dated 10 July 1998, and in accordance with that Class Order amounts in the
directors' report and the half-year financial report are rounded off the nearest
thousand dollars, unless otherwise indicated.
The accounting policies and methods of computation adopted in the preparation of
the half-year financial report are consistent with those adopted and disclosed
in the company's 2009 annual financial report for the financial year ended 30
June 2009, unless otherwise stated.
Adoption of New and Revised Accounting Standards
The company has adopted all of the new and revised standards and interpretation
issued by the Australian Accounting Standards Board that are relevant to its
operations and effective for the current reporting period.
The adoption of these new and revised standards and interpretations has resulted
in changes to the presentation of the half year financial statements in the
following areas:
(i) Revised AASB 101: Presentation of Financial Statements and AASB2007-8:
Amendments to
Australian Accounting Standards arising from AASB101 (effective from 1 January
2009).
The September 2007 revised AASB 101 required the presentation of a statement of
comprehensive income and makes changes to the statement of changes in equity,
but has not affected any of the amounts recognised in the financial statements.
Comparative balances in the condensed statement of comprehensive income
In the prior period, certain Administrative Expenses incurred were allocated to
Cost of Sales and Selling and Marketing Expenses which were not allocated in the
current period. The comparative balances have been reclassified to conform with
the current period's presentation which resulted in the reduction in the
comparative period's Cost of Sales by $2,191,000 and Sales & Marketing by
$255,000 and the increase in the comparative period's Administrative Expenses by
$2,416,000.
2. Current trade and other receivables
+--------------------------------------+--------------+-------------+
| | Consolidated |
+--------------------------------------+----------------------------+
| | 31 December | 30 June |
| | 2009 | 2009 |
| | $'000 | $'000 |
+--------------------------------------+--------------+-------------+
| | | |
+--------------------------------------+--------------+-------------+
| Trade receivables | 28,130 | 47,973 |
+--------------------------------------+--------------+-------------+
| Work in progress | 8,152 | 10,203 |
+--------------------------------------+--------------+-------------+
| Other receivables | 1,151 | 1,602 |
+--------------------------------------+--------------+-------------+
| Deposits and prepayments | 3,481 | 3,715 |
+--------------------------------------+--------------+-------------+
| | 40,914 | 63,493 |
+--------------------------------------+--------------+-------------+
3. Other intangible assets
+--------------------------+---------------+----------------+--------------+---------+
| | Software & | Customer | Software | Total |
| |Documentation |Relationships |Develop-ment | |
| | | | $'000 | |
| | $'000 | $'000 | | $'000 |
+--------------------------+---------------+----------------+--------------+---------+
| Carrying value at 1 July | 5,153 | 11,448 | 3,782 | 20,383 |
| 2009 | | | | |
+--------------------------+---------------+----------------+--------------+---------+
| Internally developed | - | - | 1,289 | 1,289 |
+--------------------------+---------------+----------------+--------------+---------+
| Amortisation expense for | (1,855) | (1,650) | - | (3,505) |
| the period | | | | |
+--------------------------+---------------+----------------+--------------+---------+
| Effects of foreign | (328) | (832) | (297) | (1,457) |
| exchange movements | | | | |
+--------------------------+---------------+----------------+--------------+---------+
| Carrying value at 31 | 2,970 | 8,966 | 4,774 | 16,710 |
| December 2009 | | | | |
+--------------------------+---------------+----------------+--------------+---------+
+--------------------------+------------+-----------+----------+---------+
| Carrying value at 1 July | 8,502 | 14,042 | - | 22,544 |
| 2008 | | | | |
+--------------------------+------------+-----------+----------+---------+
| Internally developed | - | - | 2,542 | 2,542 |
+--------------------------+------------+-----------+----------+---------+
| Amortisation expense for | (2,030) | (1,807) | - | (3,837) |
| the period | | | | |
+--------------------------+------------+-----------+----------+---------+
| Effects of foreign | 1,875 | 3,152 | (53) | 4,974 |
| exchange movements | | | | |
+--------------------------+------------+-----------+----------+---------+
| Carrying value at 31 | 5,153 | 15,387 | 2,489 | 26,223 |
| December 2008 | | | | |
+--------------------------+------------+-----------+----------+---------+
4. Other Current Liabilities
+--------------------------------------+--------------+-------------+
| | Consolidated |
+--------------------------------------+----------------------------+
| | 31 December | 30 June |
| | 2009 | 2009 |
| | $'000 | $'000 |
+--------------------------------------+--------------+-------------+
| | | |
| Deferred income | 4,265 | 7,219 |
+--------------------------------------+--------------+-------------+
5. Dividends
+---------------------------+--------+--------+--------+---------+
| |Half Year ended | Half Year ended |
| | 31 December |31 December 2008 |
| | 2009 | |
| | | |
+---------------------------+-----------------+------------------+
| | Cents |Total | Cents | Total |
| | per | $'000 | per | $'000 |
| | share | | share | |
+---------------------------+--------+--------+--------+---------+
| Fully paid ordinary | | | | |
| shares | | | | |
+---------------------------+--------+--------+--------+---------+
| Recognised amounts | | | | |
+---------------------------+--------+--------+--------+---------+
| Final dividend paid in | - | - | 3.0 | 5,131 |
| respect of prior | | | | |
| financial year | | | | |
+---------------------------+--------+--------+--------+---------+
| | | | | |
+---------------------------+--------+--------+--------+---------+
6. Segment Information
The Group has adopted AASB 8 Operating Segments and AASB 2007-3 Amendments to
Australian Accounting Standards arising from AASB 8 with effect from 1 January
2009. AASB 8 requires operating segments to be identified on the basis of
internal reports about components of the Group that are regularly reviewed by
the chief operating decision maker (CODM) in order to allocate resources to the
segment and to assess its performance. In contrast, the predecessor Standard
(AASB 114 Segment Reporting) required an entity to identify two sets of segments
(business and geographical), using a risks and rewards approach, with the
entitys "system of internal financial reporting to key management personnel"
serving only as the starting point for the identification of such segments.
The Group operates in a single segment being the telecommunications software
solutions business.
7. Issuances, repurchases and repayment of securities
During the half-year, the company did not issue any shares.
During the half-year ended 31 December 2008, the company issued 1,026,000
ordinary shares for $294,000 on exercise of 1,026,000 share options issued under
its executive and employee share option plans. As a result of this share issue,
$123,000 was transferred from the equity-settled employee benefits reserve to
issued capital. There were no other movements in the ordinary share capital or
other issued share capital of the company in the prior comparative half-year.
The company did not issue share options over ordinary shares under its executive
and employee share option plan during the half-year reporting period (6 months
to 31 December 2008: nil).
8. Facilities
Subsequent to balance date, the company renewed its $5 million bank bill
facility to 30 June 2010. The facility is subject to a range of covenants and
provisions.
9. Issued Capital
+-----------------------------------+----------+---------------+--------------+
| | Consolidated |
+----------------------------------------------+------------------------------+
| | | 31 December |30 June 2009 |
| | | 2009 | $'000 |
| | | $'000 | |
+-----------------------------------+----------+---------------+--------------+
| 196,847,706 fully paid ordinary | | | |
| shares (30 June 2009: | | 123,946 | 123,946 |
| 196,847,706) | | | |
+-----------------------------------+----------+---------------+--------------+
| | | | |
+-----------------------------------+----------+---------------+--------------+
+----------------------------------+---------+---------+----------+---------+---------+
| | 31 December | | 31 December |
| | 2009 | | 2008 |
+----------------------------------+-------------------+----------+-------------------+
| | No. | $ | | No. | $ |
| | '000 | '000 | | '000 | '000 |
+----------------------------------+---------+---------+----------+---------+---------+
| Fully Paid Ordinary Shares | | | | | |
+----------------------------------+---------+---------+----------+---------+---------+
| Balance at the beginning of the | 196,848 | 123,946 | | 171,009 | 115,325 |
| financial period | | | | | |
+----------------------------------+---------+---------+----------+---------+---------+
| Shares issued in the period | - | - | | 1,026 | 294 |
+----------------------------------+---------+---------+----------+---------+---------+
| Transfer from employee | - | - | | - | 123 |
| equity-benefit reserve | | | | | |
+----------------------------------+---------+---------+----------+---------+---------+
| Balance at the end of the | 196,848 | 123,946 | | 172,035 | 115,742 |
| financial period | | | | | |
+----------------------------------+---------+---------+----------+---------+---------+
| | | | | | |
+----------------------------------+---------+---------+----------+---------+---------+
+----------------------------------------------------------------------+
| In accordance with the executive and employee share option plan |
| employees are entitled to purchase shares in the company. The |
| exercise of such share options in the period to 31 December 2008 |
| resulted in the ordinary share capital increasing by 1,026,000 (note |
| 7). |
+----------------------------------------------------------------------+
10. Reserves
+-----------------------------------+----------+---------------+--------------+
| | Consolidated |
+----------------------------------------------+------------------------------+
| | | 31 December |30 June 2009 |
| | | 2009 | $'000 |
| | | $'000 | |
+-----------------------------------+----------+---------------+--------------+
| | | | |
+-----------------------------------+----------+---------------+--------------+
| Employee equity-settled benefit | | 948 | 1,088 |
+-----------------------------------+----------+---------------+--------------+
| Foreign currency translation | | 1,798 | 3,323 |
+-----------------------------------+----------+---------------+--------------+
| | | 2,746 | 4,411 |
+-----------------------------------+----------+---------------+--------------+
Other information required to be given to ASX under listing rule 4.2A.3
+--------------------------+---------------+--------------+--------------+
| Net tangible assets per | Current | June 2009 | December |
| security | period | | 2008 |
| | | | |
+--------------------------+---------------+--------------+--------------+
| Net tangible assets per | 16.3 cents | 19.9 cents | 31.4 cents |
| security | | | |
+--------------------------+---------------+--------------+--------------+
+----------------------+-----------+----------+------------+----------+---------+
| | Amount | Amount | Franked | Amount | Date |
| | | per | amount | per | paid/ |
| | | security | per | security | payable |
| | | | security | of | |
| | | | at 30% | foreign | |
| | | | tax | source | |
| | | | | dividend | |
+----------------------+-----------+----------+------------+----------+---------+
| | | | | | |
| Interim dividend: | Nil | N/A | N/A | N/A | N/A |
| Current year | | | | | |
+----------------------+-----------+----------+------------+----------+---------+
| | | | | | |
| | Nil | N/A | N/A | N/A | N/A |
| Previous year | | | | | |
+----------------------+-----------+----------+------------+----------+---------+
| | | | | | |
| Final dividend paid | | | | | |
| in respect of | | | | | |
| previous financial | | | | | |
| year: | Nil | N/A | N/A | N/A | N/A |
| | | | | | |
| Current period: | | | | | |
| Final dividend | | | | | |
| | | | | | |
| Previous | 5,131,068 | 3.0c | Unfranked | N/A | N/A |
| corresponding | | | | | |
| period: | | | | | |
| Special dividend | | | | | |
| Final dividend | | | | | |
| | | | | | |
+----------------------+-----------+----------+------------+----------+---------+
+--------------------------------+-----+-------------------------------+
| The dividend or distribution plans shown below are in operation. |
+----------------------------------------------------------------------+
| N/A. |
+----------------------------------------------------------------------+
| | |
+--------------------------------+-------------------------------------+
| The last date(s) for receipt of | |
| election notices for the +dividend | N/A |
| or distribution plans | |
+--------------------------------------+-------------------------------+
| | | |
+--------------------------------+-----+-------------------------------+
Details of associates and joint venture entities
+--------------------+----------+---------------+---------+---------------+
| Name of entity | Percentage of | Aggregate share of |
| | ownership interest | net profit (loss) |
| | held at end of | contributed to the |
| | period | reporting entity |
+--------------------+--------------------------+-------------------------+
| | Current | Previous | Current | Previous |
| | period | corresponding | period | corresponding |
| | | period | | period |
| | | | $A'000 | $A'000 |
+--------------------+----------+---------------+---------+---------------+
| | | | | |
+--------------------+----------+---------------+---------+---------------+
| Total | | | | |
| | N/A | N/A | N/A | N/A |
+--------------------+----------+---------------+---------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGZZKZKGGZG
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