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