TIDMESG
RNS Number : 8162R
eServGlobal Limited
30 August 2010
PRELIMINARY FINAL REPORT - APPENDIX 4E
30 August 2010
The attached Preliminary Final Report for eServGlobal Limited (ASX: ESV & LSE:
ESG) has been provided in accordance with ASX Listing Rule 4.3A. Please note
that this report is based on accounts which are in the process of being audited.
The audited full year financial statements are expected to be finalised and
released to the market in September, together with accompanying results
announcement/commentary and an update on the directors' deliberations relating
to its capital management review regarding the proceeds from the sale of the
company's USP business and assets to Oracle on 3 August 2010.
ENDS
eServGlobal Limited is listed on the Australian Securities Exchange (ASX: ESV)
and the London Stock Exchange AIM market (LSE: ESG). More information can be
found at: www.eservglobal.com
+---------------------------------+---------------------------------+
| eServGlobal Limited | Tel: +61 7 3302 0194 |
+---------------------------------+---------------------------------+
| Jason Lilienstein | info@eservglobal.com |
+---------------------------------+---------------------------------+
| Company Secretary | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| Altium (AIM) | |
+---------------------------------+---------------------------------+
| Nominated adviser, Paul Lines | Tel: +44(0)845 505 4343 |
+---------------------------------+---------------------------------+
Corporate Broking, Chloe Ponsonby
Appendix 4E
Preliminary Final Report
for the year ended 30 June 2010
eServGlobal Limited
ABN 59 052 947 743
1. Reporting Period
Current reporting period : Financial Year Ended 30 June 2010
Previous reporting period : Financial Year Ended 30 June 2009
2. Results (unaudited) for announcement to the market
+-----------------------------+--------+--------+------+----------+----+---------------+
| Results | A$ '000 |
| | |
| | |
+--------------------------------------+-----------------------------------------------+
| | Down | 47.0% | to | $78,015 |
| Revenue | | | | |
| | | | | |
+--------------------------------------+--------+-----------------+----+---------------+
| (Loss) after tax | Down | 6.5% | to | ($32,286) |
+--------------------------------------+--------+-----------------+----+---------------+
| | | | | |
+--------------------------------------+--------+-----------------+----+---------------+
| (Loss) after tax attributable to | Down | 6.6% | to | ($32,443) |
| 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 | 0% |
| Final dividend paid | c | 0% |
| | c | |
+--------------------------------------+--------------------------+--------------------+
| | |
+-----------------------------+--------------------------------------------------------+
| Record date for determining | N/A |
| entitlements to the dividend. | |
+--------------------------------------+-----------------------------------------------+
| |
+--------------------------------------------------------------------------------------+
| |
| Brief explanation of the figures above |
| The consolidated entity achieved sales revenue for the period of $78M (2009 $147.2M) |
| - a decrease of 47%. This decrease in revenue was anticipated (refer to company |
| announcements on 26 May 2010 and 14 July 2010) and was a consequence of key USP |
| customers deferring traditional end of financial year orders due to the announcement |
| on 26 May 2010 that the company had entered into a conditional agreement to sell its |
| USP business to Oracle. |
| |
| The EBITDA loss (before non-recurring restructuring and foreign exchange losses) was |
| $14,2M (2009 EBITDA profit before non-recurring restructuring and foreign exchange |
| losses: $3,1M), consistent with the previous company announcement of 14 July 2010. |
| |
| The net result of the consolidated entity for the full year ended 30 June 2010 was a |
| loss after tax and minority interest for the period of $32.3M (2009 $34.5M). |
| |
| Loss per share was 16.5 cents (2009: loss per share: 20.1 cents). |
| |
| In accordance with the group's accounting policies, development expenditure incurred |
| during the period of $2.2M (2009: $4M) was capitalised in the Statement of Financial |
| Position. This expenditure related to internally generated software comprising the |
| HomeSend platform. |
| |
| The transaction costs relating to the sale of the USP business to Oracle which were |
| incurred prior to 30 June 2010 ($0.9M) have been expensed in the current year. |
| |
| Foreign exchange losses for the year totalled $3.0M (2009: Foreign exchange loss of |
| $0.6M). |
| |
| The operating cash flow for the period was a net outflow of $13.0M primarily |
| resulting from the settlement of termination payments to departing employees. Cash |
| at 30 June 2010 was $2.2M. |
| |
| Subsequent Events |
| |
| On 26 May 2010, the company entered into a conditional agreement to sell the assets |
| and undertakings of its USP business to Oracle Australia Pty Limited. |
| |
| The sale was subject to numerous conditions including shareholders' approval, which |
| was obtained on 30 June 2010. The sale was not completed as at 30 June 2010 and |
| accordingly, the assets and related liabilities attributable to the sale have been |
| classified as "Assets classified as held for sale" and "Liabilities directly |
| associated with assets classified as held for sale" in the Consolidated Balance |
| Sheet as at 30 June 2010. |
| |
| The sale of the USP business was completed on 3 August 2010, subsequent to the 30 |
| June 2010 balance sheet date. The sale price of the USP business was AUD$107M and |
| the transaction will be accounted for in the financial year ending 30 June 2011. |
| |
| |
+--------------------------------------------------------------------------------------+
| | | | | | | |
+-----------------------------+--------+--------+------+----------+----+---------------+
3. Consolidated statement of comprehensive income
+------------------------------------+----+-----------+------------+
| | | Year |Year Ended |
| | | Ended | 30 June |
| | | 30 June | 2009 |
| | | 2010 | $'000 |
| | | $'000 | |
+------------------------------------+----+-----------+------------+
| Revenue | | 78,015 | 147,246 |
+------------------------------------+----+-----------+------------+
| Cost of sales | | (43,427) | (77,342) |
+------------------------------------+----+-----------+------------+
| Gross profit | | 34,588 | 69,904 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Other income | | - | 421 |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Research and development expenses | | (9,992) | (17,906) |
+------------------------------------+----+-----------+------------+
| Sales and marketing expenses | | (13,908) | (24,214) |
+------------------------------------+----+-----------+------------+
| Administration expenses | | (31,262) | (33,466) |
+------------------------------------+----+-----------+------------+
| (Loss) before interest, tax, | | (20,574) | (5,261) |
| depreciation and amortisation | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Amortisation expense | | (6,877) | (7,783) |
+------------------------------------+----+-----------+------------+
| Impairment of goodwill | | - | (12,501) |
+------------------------------------+----+-----------+------------+
| Depreciation expense | | (2,685) | (3,284) |
+------------------------------------+----+-----------+------------+
| Loss before interest and tax | | (30,136) | (28,829) |
+------------------------------------+----+-----------+------------+
| Finance costs | | (355) | (262) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Loss before tax | | (30,491) | (29,091) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Income tax expense | | (1,795) | (5,434) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Loss for the period | | (32,286) | (34,525) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Other comprehensive (loss) income | | | |
+------------------------------------+----+-----------+------------+
| Exchange differences arising on | | (5,813) | 2,498 |
| the translation of foreign | | | |
| operations | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Total comprehensive (loss) income | | (38,099) | (32,027) |
| for the period | | | |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| (Loss) profit attributable to: | | | |
+------------------------------------+----+-----------+------------+
| Equity holders of the parent | | (32,443) | (34,743) |
+------------------------------------+----+-----------+------------+
| Non controlling interest | | 157 | 218 |
+------------------------------------+----+-----------+------------+
| | | (32,286) | (34,525) |
+------------------------------------+----+-----------+------------+
| | | | |
+------------------------------------+----+-----------+------------+
| Total comprehensive (loss) income | | | |
| attributable to: | | | |
+------------------------------------+----+-----------+------------+
| Equity holders of the parent | | (38,229) | (32,016) |
+------------------------------------+----+-----------+------------+
| Non controlling interest | | 130 | (11) |
+------------------------------------+----+-----------+------------+
| | | (38,099) | (32,027) |
+------------------------------------+----+-----------+------------+
| (Loss) per share: | | | |
+------------------------------------+----+-----------+------------+
| Basic (cents per share) | | (16.5) | (20.1) |
+------------------------------------+----+-----------+------------+
| Diluted (cents per share) | | (16.5) | (20.1) |
+------------------------------------+----+-----------+------------+
4. Consolidated statement of financial position
+-----------------------------------+-----+------------+------------+
| | | 30 June | 30 June |
| | | 2010 | 2009 |
| | | $'000 | $'000 |
+-----------------------------------+-----+------------+------------+
| Current Assets | | | |
+-----------------------------------+-----+------------+------------+
| Cash and cash equivalents | | 2,225 | 14,135 |
+-----------------------------------+-----+------------+------------+
| Trade and other receivables | | 31,143 | 63,493 |
+-----------------------------------+-----+------------+------------+
| Inventories | | 853 | 623 |
+-----------------------------------+-----+------------+------------+
| Current tax assets | | 4,897 | 7,368 |
+-----------------------------------+-----+------------+------------+
| | | 39,118 | 85,619 |
+-----------------------------------+-----+------------+------------+
| Assets classified as held for | | 27,528 | - |
| sale | | | |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Current Assets | | 66,646 | 85,619 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Non-Current Assets | | | |
+-----------------------------------+-----+------------+------------+
| Property, plant and equipment | | 3,071 | 4,891 |
+-----------------------------------+-----+------------+------------+
| Deferred tax assets | | 1,907 | 2,929 |
+-----------------------------------+-----+------------+------------+
| Goodwill | | 6,820 | 35,483 |
+-----------------------------------+-----+------------+------------+
| Other intangible assets | | 12,727 | 20,383 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Non-Current Assets | | 24,525 | 63,686 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Assets | | 91,171 | 149,305 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Current Liabilities | | | |
+-----------------------------------+-----+------------+------------+
| Trade and other payables | | 13,349 | 31,963 |
+-----------------------------------+-----+------------+------------+
| Borrowings | | 5,794 | - |
+-----------------------------------+-----+------------+------------+
| Current tax payables | | 535 | 930 |
+-----------------------------------+-----+------------+------------+
| Provisions | | 4,123 | 5,562 |
+-----------------------------------+-----+------------+------------+
| Other (Deferred revenue) | | 5,268 | 7,219 |
+-----------------------------------+-----+------------+------------+
| | | 29,069 | 45,674 |
+-----------------------------------+-----+------------+------------+
| Liabilities directly associated | | 750 | - |
| with assets classified as held | | | |
| for sale | | | |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Current Liabilities | | 29,819 | 45,674 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Non-Current Liabilities | | | |
+-----------------------------------+-----+------------+------------+
| Deferred tax liabilities | | 4,083 | 8,040 |
+-----------------------------------+-----+------------+------------+
| Provisions | | 505 | 537 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Non-Current Liabilities | | 4,588 | 8,577 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Total Liabilities | | 34,407 | 54,251 |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Net Assets | | 56,764 | 95,054 |
+-----------------------------------+-----+------------+------------+
| | |
+-----------------------------------------+-------------------------+
| Equity | | | |
+-----------------------------------+-----+------------+------------+
| Issued capital | | 123,946 | 123,946 |
+-----------------------------------+-----+------------+------------+
| Reserves | | (1,566) | 4,411 |
+-----------------------------------+-----+------------+------------+
| Accumulated Losses | | (65,781) | (33,338) |
+-----------------------------------+-----+------------+------------+
| Parent entity interest | | 56,599 | 95,019 |
+-----------------------------------+-----+------------+------------+
| Non controlling interest | | 165 | 35 |
+-----------------------------------+-----+------------+------------+
| Total Equity | | 56,764 | 95,054 |
+-----------------------------------+-----+------------+------------+
5. Consolidated statement of changes in equity
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | 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 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Profit/(Loss) for | - | - | - | (32,443) | (32,443) | 157 | (32,286) |
| the period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Exchange differences | - | (5,786) | - | - | (5,786) | (27) | (5,813) |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Total comprehensive | - | (5,786) | - | (32,443) | (38,229) | 130 | (38,099) |
| (loss) for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Equity settled | - | - | (191) | - | (191) | - | (191) |
| payments | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 30 June | 123,946 | (2,463) | 897 | (65,781) | 56,599 | 165 | 56,764 |
| 2010 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 1 July | 115,325 | 596 | 1,042 | 6,536 | 123,499 | 46 | 123,545 |
| 2008 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Profit/(Loss) for | - | - | - | (34,743) | (34,743) | 218 | (34,525) |
| the period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Exchange differences | - | 2,727 | - | - | 2,727 | (229) | 2,498 |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Total comprehensive | - | 2,727 | - | (34,743) | (32,016) | (11) | (32,027) |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Issue of shares | 8,460 | - | - | - | 8,460 | - | 8,460 |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Transfer from equity | 161 | - | (161) | - | - | - | - |
| settled benefits | | | | | | | |
| reserve | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Equity settled | - | - | 207 | - | 207 | - | 207 |
| payments | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Payment of dividends | - | - | - | (5,131) | (5,131) | - | (5,131) |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| Balance at 30 June | 123,946 | 3,323 | 1,088 | (33,338) | 95,019 | 35 | 95,054 |
| 2009 | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
| | | | | | | | |
+----------------------+---------+-------------+----------------+---------------+--------------+-------------+----------+
6. Consolidated statement of cash flows
+--------------------------------------+--+------------+------------+
| | |Year Ended |Year Ended |
| | | 30 June | 30 June |
| | | 2010 | 2009 |
| | | $'000 | $'000 |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows from Operating Activities | | | |
+--------------------------------------+--+------------+------------+
| Receipts from customers | | 108,521 | 159,013 |
+--------------------------------------+--+------------+------------+
| Payments to suppliers and employees | | (122,651) | (165,926) |
+--------------------------------------+--+------------+------------+
| Interest and other finance cost paid | | (355) | (262) |
+--------------------------------------+--+------------+------------+
| Income tax refunded | | 1,444 | 5,081 |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash used in operating | | (13,041) | (2,094) |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows From Investing Activities | | | |
+--------------------------------------+--+------------+------------+
| Interest received | | - | 271 |
+--------------------------------------+--+------------+------------+
| Payment for property, plant and | | (2,214) | (2,159) |
| equipment | | | |
+--------------------------------------+--+------------+------------+
| Software development costs | | (2,195) | (4,035) |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash used in investing | | (4,409) | (5,923) |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash Flows From Financing Activities | | | |
+--------------------------------------+--+------------+------------+
| Proceeds from issues of equity | | - | 8,460 |
| securities | | | |
+--------------------------------------+--+------------+------------+
| Proceeds from borrowings | | 5,794 | - |
+--------------------------------------+--+------------+------------+
| Dividends paid | | - | (5,131) |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net cash provided by financing | | 5,794 | 3,329 |
| activities | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Net Decrease In Cash and Cash | | (11,656) | (4,688) |
| Equivalents | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash At The Beginning Of The Period | | 14,135 | 18,288 |
+--------------------------------------+--+------------+------------+
| Effects of exchange rate changes on | | (254) | 535 |
| the balance of cash held in foreign | | | |
| currencies | | | |
+--------------------------------------+--+------------+------------+
| | | | |
+--------------------------------------+--+------------+------------+
| Cash and Cash Equivalents At The End | | 2,225 | 14,135 |
| Of The Period | | | |
+--------------------------------------+--+------------+------------+
+---+--------------------------------+-------+--------+----------+-------+------+
| | | | | | | |
+---+--------------------------------+-------+--------+----------+-------+------+
| | 6.1 Notes to the consolidated statement of cash flows |
| | |
+---+---------------------------------------------------------------------------+
| | | 2010 | 2009 | | | |
| | | $'000 | $'000 | | | |
+---+--------------------------------+-------+--------+----------+-------+------+
| | a) Reconciliation of cash | | | | | |
+---+--------------------------------+-------+--------+----------+-------+------+
| | Cash and cash equivalents | 2,225 | 14,135 | | | |
+---+--------------------------------+-------+--------+----------+-------+------+
| | | | | | | |
+---+--------------------------------+-------+--------+----------+-------+------+
+--+--------------------------------+----------+----------+----------+-------+------+
| | | 2010 | 2009 | | | |
| | | $'000 | $'000 | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | b) Reconciliation of profit | | | | | |
| | for the year to net cash flows | | | | | |
| | from operating activities | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | (Loss) for the year | (32,286) | (34,525) | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Interest received | - | (271) | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Depreciation of non-current | 2,685 | 3,284 | | | |
| | assets | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Amortisation of non-current | 6,877 | 7,783 | | | |
| | assets | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Impairment of goodwill | - | 12,501 | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Loss/(profit) on disposal of | 62 | 32 | | | |
| | non-current assets | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Equity settled share-based | (191) | 207 | | | |
| | payments | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Increase/(decrease) in current | 2,076 | (969) | | | |
| | income tax balances | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Increase/(decrease) in | (2,934) | 3,316 | | | |
| | deferred tax balances | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Changes in net assets and | | | | | |
| | liabilities, net of effects | | | | | |
| | from acquisition of | | | | | |
| | businesses: | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - (Increase)/decrease in | | | | | |
| | assets: | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Receivables | 32,166 | 16,627 | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Inventories | (231) | 833 | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Other assets | - | 5,077 | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Increase/(decrease) in | | | | | |
| | liabilities: | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Trade payables | (18,594) | (15,199) | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Provisions | (1,229) | (577) | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | - Other liabilities | (1,442) | (213) | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
| | Net cash used in operating | (13,041) | (2,094) | | | |
| | activities | | | | | |
+--+--------------------------------+----------+----------+----------+-------+------+
7. Net Tangible Assets per security
+--------------------------+---------------+--------------+
| | June 2010 | June 2009 |
| | | |
+--------------------------+---------------+--------------+
| Net tangible assets per | 5.3 cents | 19.9 cents |
| security | | |
+--------------------------+---------------+--------------+
8. Dividends
+----------------------+--------+----------+----------+----------+---------+
| | 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 | Nil | N/A | N/A | N/A | N/A |
| corresponding | | | | | |
| period: | | | | | |
| Final dividend | | | | | |
| | | | | | |
+----------------------+--------+----------+----------+----------+---------+
There are no Dividend Reinvestment Plans.
9. Control gained over entities
N/A
9.1 Loss of control over entities
N/A
10. 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 |
+--------------------+----------+---------------+---------+---------------+
11. Subsequent Events
On 26 May 2010, the company entered into a conditional agreement to sell the
assets and undertakings of its USP business to Oracle Australia Pty Limited.
The sale was subject to numerous conditions including shareholders' approval,
which was obtained on 30 June 2010. The sale transaction was not completed as
at 30 June 2010 and accordingly, the assets and related liabilities attributable
to the sale have been classified as "Assets classified as held for sale" and
"Liabilities directly associated with assets classified as held for sale" in the
Consolidated Balance Sheet as at 30 June 2010.
The sale of the USP business was completed subsequent to balance sheet date on 3
August 2010 and will be accounted for in FY2011.
12. Commentary on Results for the Period
Refer to the explanation of results in Section 2.
13. Accounts
This report is based on accounts which are in the process of being audited.
Director
Print name: RICHARD MATHEWS Date : 30 August 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SDUFFSFSSESA
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