RNS Number : 2783D
Teleset Networks PCL
12 September 2008
Press Announcement
FOR IMMEDIATE RELEASE 12 September 2008
Teleset Networks PCL ("Teleset" or the "Company"), a leading alternative fixed-line telecom operator headquartered in Kazan, the capital
of the Republic of Tatarstan, Russian Federation, announces unaudited results for the six months ended 30 June 2008.
FINANCIAL HIGHLIGHTS
6 months ended Change 2008 2007
+/- % US$'000 US$'000
Operating revenue + 42 14, 754 10,379
EBITDA + 51 8,667 5,756
EBITDA margin (%) 59 55
Operating profit + 60 6,550 4,100
Operating margin (%) 44 40
Profit before taxation + 86 6,370 3,421
Net profit +101 4,350 2,162
* Integration of OOO Svyazinvest, the telecom business in Naberezhnye Chelny acquired in November 2007, successfully completed
* Total subscriber lines up 17 per cent, across both residential and business segments, to 131,557 at 30 June 2008
* Proportion of total revenue from internet services now 32 per cent (First half of 2007: 29 per cent)
* Improvement in margins reflect economies of scale
* Since the end of the period, Teleset made its first strategic move outside Tatarstan with the acquisition for US$15.7 million of
51 per cent of OOO Simbirsky Telecommunications Systems ("STS") in Ulyanovsk, the capital city of the Ulyanovsk Region of Russia.
"Our latest move into Ulyanovsk will enable us to accelerate the growth of the business as it operates on an increasingly regional basis
and we pursue our strategy of being a telecom industry consolidator in Russia. In the meantime, we are confident that we will continue to
achieve sound organic growth and a strong financial performance for the full year." (Philippos Vatiliotis, Chairman)
CONTACTS
Teleset Networks +357 22 450 790
Yiannis Demetriou
Blue Oar Securities Plc - Nominated Adviser +44 20 7448 4400
Shane Gallwey, John Wilkes, Matt Marchant
Metropol (UK) Limited - Broker +44 20 7439 6880
Alexander Selegenev
Bankside Consultants - Financial PR adviser +44 20 7367 8888
Simon Bloomfield, Steve Liebmann, Andy Harris
CHAIRMAN'S STATEMENT
During the first half of 2008, Teleset continued to pursue its strategy of becoming a regional telecom consolidator in Russia. At the
same time, sustained economic growth in our chosen markets, a favourable regulatory environment, the benefits of integrating OOO
Svyazinvest, and effective sales and marketing, have enabled us to continue our track record of strong, profitable growth.
We successfully completed the integration of OOO Svyazinvest in Naberezhnye Chelny which, along with our operations in Kazan, gives us a
market presence in the two largest and fastest developing cities in the Republic of Tatarstan. During the period, the total number of
subscribers grew by 17 per cent to 131,557 at 30 June 2008, and we are now realising the synergies we expected from the enlarged business.
Profit before taxation for the period increased by 86 per cent to US$6.4 million (first half of 2007: US$3.4 million) on operating
revenues up 42 per cent to US$14.8 million (first half of 2007: US$10.4 million) with net profit up 101 per cent to US$4.3 million (first
half of 2007: US$2.2 million).
This excellent performance reflects the significant progress made in winning new subscribers and market share, as well as improving
average revenue per user ("ARPU") of Teleset's services, resulting in a significant increase in margins. The benefit of our strategy, of
targeting new residential and business property developments in Kazan, and later in Naberezhnye Chelny, is also starting to be reflected in
our results.
Since the end of the period, on 1 September 2008 we announced our first strategic move outside Tatarstan with the acquisition of 51 per
cent of OOO Simbirsky Telecommunications Systems ("STS") for a cash consideration of US$15.7 million. STS operates operates in Ulyanovsk,
the capital city of the Ulyanovsk Region of Russia. The acquisition of STS confirms our stated ambition to be a regional consolidator in
Russia's telecom industry as well as bringing the benefits of operating under a Zonal licence. We also expect STS to enhance earnings once
integrated, and the vendors have warranted that the business will make profit after tax of US$2.0 million in the 12 months following
completion of the acquisition.
In addition to expansion outside Kazan and Tatarstan, Teleset has pursued opportunities for organic growth. In support of this, the
Company has increased capacity in existing facilities as well as installing additional remote telephone switches and additional xDSL ports
for both the residential and corporate sectors.
Teleset has delivered everything we promised since the Company floated on AIM in October 2006. We see plenty of opportunities for
further profitable growth through organic development as well expansion into other cities in the Volga region.
We are well supported by Teleset shareholders in implementing our growth strategy and we have laid the foundations for continued
long-term progress. Our latest move into Ulyanovsk will enable us to accelerate the growth of the business, which will operate on an
increasingly regional basis as we pursue our strategy. In the meantime, we are confident that we will continue to achieve sound organic
growth and a strong financial performance for the full year.
Philippos Vatiliotis
Chairman
CHIEF EXECUTIVE OFFICER'S REVIEW
Overview
In the six months ended 30 June 2008, Teleset Networks achieved the organic growth expected by management as well as successfully
completed the integration of OOO Svyazinvest in Naberezhnye Chelny, acquired in November 2007. The synergies we are now starting to realise
from the enlarged business include strengthened management structure, personnel and operating cost savings, a larger and more efficient
capital structure as well as other financial and operational benefits.
The Company continues to benefit from sustained growth of construction and business development in the cities in which we operate, and
the enhancements we have made to our network to satisfy booming demand for telecommunication services. In the first half of 2008, we
installed 2 remote switches out of the 4 planned for the year 2008 in Kazan, and 1 remote switch in Naberezhnye Chelny. The new switches
installed bring the total switching capacity of the network to 150,278 lines.
A development, which will create new demand for telephony and internet services for the Company, is Kazan's winning the contest to host
the 2013 Universiade, the international multi-sport event, organised for university athletes by the International University Sports
Federation. This will result in large-scale construction for the event which the Company is actively targeting and from which we expect to
generate new opportunities.
We command significant positions in our chosen markets with 30 per cent market share of telephony and 29 per cent of data transmission
in Kazan; 10 per cent of telephony and 19 per cent of data transmission in Naberezhnye Chelny; and, through STS, approximately 13 per cent
of fixed-line telephony and 10 per cent of data transmission in Ulyanovsk.
Management continues to focus on improving average revenue per user and maintaining tight control over operational costs, whilst
achieving rapid growth in revenues and market share. Our success in these efforts is reflected in healthy margins for the first half of 2008
with EBITDA margin of 59 per cent, operating margin of 44 per cent and net margin of 29 per cent.
A key objective for Teleset is that it should be recognised as a high quality operator providing reliable service for its customers. Our
success in this is reflected in good visibility of demand from existing and new customers which underpins our confidence in the outlook for
future growth. In particular, Teleset is continuing to achieve a high level of penetration into newly built apartments and business centres,
as well as into the corporate sector generally.
Net Operating Sales
In the 6 months ended 30 June 2008, operating revenues were US$ 14.8 million (2007: US$ 10.4 million), resulting in an increase of 42
per cent. This reflects the growth achieved in the Company's subscriber base. Telephony rental and traffic fees increased by 29 per cent to
US$ 6.9 million. Revenues from connection fees increased by 8 per cent as planned.
Sales breakdown H1 2008 H1 2007 Changes
US$'000 US$'000 %
Telephony - Connection fees 323 300 8.0
Telephony - Rental fees 4,755 3,884 22.4
Telephony - Traffic fees 2,144 1,458 47.1
ISDN: installation and rental 1,338 802 66.8
Internet 4,674 3,017 54.9
VoIP 421 309 36.5
Sundry 1,098 610 80.1
Total 14,754 10,379 42.2
The Company is aggressively expanding the coverage of its network and the number of subscriber lines, and we are confident that the
current positive market trends will continue.
Broadband Internet is developing rapidly throughout Russia and demand for high speed, high quality Internet is strong, especially in the
regions. As a result, the Company recorded an increase of more than 132 per cent in xDSL subscribers and 130 per cent increase in xDSL
traffic. Demand for entertainment and media services grew by more than 217 per cent during the period. We are developing our range of media
content which we anticipate will increase client retention as well as attracting new subscribers.
The growing importance of Internet services is reflected in the fact that revenues from Internet contributed 32 per cent of operating
revenues in the period compared to 29 per cent in the first half of 2007.
It is also encouraging that both residential and corporate customers are subscribing to the full range of new telecom services which we
are launching with competitive tariff packages.
Number of subscribers 1H2008 1H2007 Changes
Residential 118,543 104,233 14%
Corporate 13,014 7,845 66%
Total 131,557 112,078 17%
Revenues for the period also benefited from the 4 per cent increase in regulated tariffs introduced with effect from 1 April 2008.
Dividend
Net profit generated by the group will be retained in order to invest in further organic growth. Consequently, the directors do not
recommend the payment of an interim dividend.
Changes in the share capital and Board of Directors
On 14 April 2008, Teleset announced the successful closing of a pro rata offer to shareholders. The offer, announced on 5 March 2008,
was over-subscribed and excess share applications were scaled back accordingly. The pro rata offer enabled the Company to raise �5.0 million
via the issue of 20 million new ordinary shares at 25 pence per new ordinary share of EUR 0.02.
The total number of ordinary shares in issue following this issue is 157,556,715.
Following the pro rata offer the following shareholders hold more than 3% of the voting rights of the Company:
Manglis Holdings Limited: 24.44%
Templeton Strategic Emerging Market Funds II: 20.54%
F & S Telecom Limited: 15.22%
Celltech Limited: 12.39%
Black Sea Trade & Development Bank 6.05%
Teledev East Limited 5.39%
Court Holdings Inc 3.04%
In May 2008, a US$ 10 million loan from Black Sea Trade and Development Bank was received out of US$ 20.0 million credit line agreed in
July 2007.
Yuri Mashintsev, who was appointed to the Board of Directors in April 2007 subsequent to the investment in Teleset made by Templeton
Asset Management, resigned from the Board with effect from 30 April 2008 after leaving Templeton Asset Management.
Post-Period Event
On 1 September 2008, the Company announced the completion of the purchase of 51 per cent of OOO Simbirsky Telecommunications Systems
("STS") for a cash consideration of US$15.7 million.
STS is based in Ulyanovsk, the capital city of the Ulyanovsk Region of Russia which sits astride the Volga River. Ulyanovsk is 870
kilometres south-east of Moscow and 240 kilometres from Kazan, where Teleset is headquartered. STS is the leading independent fixed-line
operator in Ulyanovsk with a market share of approximately 13 per cent and just under 30,000 subscribers and a network which covers all four
districts of the city. This acquisition will increase the Company's total subscriber base to approximately 160,000.
For 2007, STS made a profit after tax of US$ 1.6 million on revenues of US$ 4.6 million. The vendors have warranted that STS will
achieve a minimum profit after tax of US$2.0 million in the 12 months following completion of the acquisition.
Outlook for full year 2008
Teleset is planning for a period of sustained expansion which is supported by continuing economic growth in the Company's chosen
markets. During the first 6 months of 2008, the Company continued to improve its all-digital network coverage in Kazan and Naberezhnye
Chelny, increasing its subscriber base both in telephony and internet.
We expect that the STS will start contributing to the profitability of the group immediately after the completion of the acquisition.
However, the full benefits of the STS acquisition are expected to enhance earnings from early 2009, once the business has been fully
integrated.
Following the 24 per cent growth in the [Russian or Tatarstan?] [volume or value?] telecom sector seen in the first half of 2008, the
authorities in Tatarstan continue to introduce liberalisation measures to encourage further competition for telecom services. [Do we need
this paragraph at all??]
At the same time, growth in demand for broadband Internet in Tatarstan, where the number of broadband subscribers increased by 25 per
cent in the first half of the year to approximately 152,000 (of which approximately 80,000 are xDSL subscribers), continues. In Kazan,
penetration of telephony is estimated to have reached the average for Western European countries, with 40.9 telephones per 100 people, and
continues to grow.
These trends support the continued development of the fixed-line telecommunications sector and underpin the growth prospects for the
company.
Yiannis Demetriou
Chief Executive Officer
CONSOLIDATED INTERIM INCOME STATEMENT
Period from 1 January 2008 to 30 June 2008
1.1.2008 - 1.1.2007 - 30.06.2007
30.06.2008
Note US$ US$
Operating Revenue 4 14,754,081 10,378,880
Operating expenses (8,452,544) (6,368,939)
Other income 278,442 90,068
Other expenses (30,369) -
Operating profit 6,549,610 4,100,009
Finance income 735,076 329,725
Finance costs (914,533) (1,008,721)
Profit before tax 6,370,153 3,421,013
Tax 5 (2,020,302) (1,259,303)
Net profit for the period 4,349,851 2,161,710
Attributable to:
Equity holders of the parent 4,349,851 2,161,710
Earnings per share 6
attributable to equity holders
of the parent (US$)
Basic earnings per share 0.0291 0.0194
Diluted earnings per share 0.0260 0.0191
CONSOLIDATED INTERIM BALANCE SHEET
30 June 2008
30.06.2008 31.12.2007
Note US$ US$
ASSETS
Non-current assets
Property, plant and equipment 7 31,398,425 31,088,176
Intangible assets 8 16,304,793 16,385,945
47,703,218 47,474,121
Current assets
Inventories and work in progress 2,688,095 1,978,888
Trade and other receivables 7,394,725 5,776,770
Cash at bank and in hand 38,532,423 15,024,995
48,615,243 22,780,653
Total assets 96,318,461 70,254,774
EQUITY AND LIABILITIES
Equity and reserves
Share capital 10 3,712,736 3,082,011
Other reserves 37,262,296 27,705,839
Retained earnings 13,560,819 9,210,968
54,535,851 39,998,818
Non-current liabilities
Borrowings 29,542,940 22,652,130
Deferred tax liabilities 11 3,924,404 3,759,112
33,467,344 26,411,242
Current liabilities
Trade and other payables 6,284,015 3,815,055
Borrowings 2,000,000 -
Current tax liabilities 12 31,251 29,659
8,315,266 3,844,714
Total liabilities 41,782,610 30,255,956
Total equity and liabilities 96,318,461 70,254,774
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Period from 1 January 2008 to 30 June 2008
Share capital Share premium Translation Reserve Share options Merger reserve Retained earnings
Total
reserve
US$ US$ US$ US$ US$ US$
US$
At - 1 January 2007 2,282,924 32,968,013 105,487 55,000 (19,535,126) 4,067,982
19,944,280
Net profit for the period - - - - - 2,161,710
2,161,710
Issue of share capital 559,025 9,040,975 - - - -
9,600,000
Equity share based payments - - - 180,286 - -
180,286
Difference on conversion of - - 69,355 - - -
69,355
foreign currency
559,025 9,040,975 69,355 180,286 - 2,161,710
12,011,351
At 30 June 2007 2,841,949 42,008,988 174,842 235,286 (19,535,126) 6,229,692
31,955,631
At 1 January 2008 3,082,011 46,748,338 (1,873) 494,500 (19,535,126) 9,210,968
39,998,818
Net profit for the period - - - - - 4,349,851
4,349,851
Issue of share capital 630,725 9,240,291 - - - -
9,871,016
Equity share based payments - - - 65,076 - -
65,076
Difference on conversion of - - 251,090 - - -
251,090
foreign currency
630,725 9,240,291 251,090 65,076 - 4,349,851
14,537,033
At 30 June 2008 3,712,736 55,988,629 249,217 559,576 (19,535,126) 13,560,819
54,535,851
CONSOLIDATED INTERIM CASH FLOW STATEMENT
Period from 1 January 2008 to 30 June 2008
30.06.2008 30.06.2007
Note US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 6,370,153 3,421,013
Adjustments for:
Depreciation of property, plant and equipment 7 2,033,591 1,635,954
Amortisation of intangible assets 8 84,006 19,977
Loss from the sale of property, plant and 30,369 -
equipment
Interest income (735,076) (329,725)
Interest expense 872,321 978,955
Equity share based payments 65,076 180,246
Cash flows from operations before working 8,720,440 5,906,420
capital changes
Increase in inventories and work in progress (709,207) (382,749)
Increase in trade and other receivables (1,139,932) (330,953)
Increase in trade and other payables 2,092,168 359,415
Cash flows from operations 8,963,469 5,552,133
Tax paid (1,920,534) (1,348,613)
Net cash from operating activities 7,042,935 4,203,520
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of intangible assets 8 (2,852) -
Payment for purchase of property, plant and (2,409,661) (1,874,442)
equipment
Proceeds from disposal of property, plant and 7 35,451 6,744
equipment
Interest received 735,076 329,725
Net cash used in investing activities (1,641,986) (1,537,973)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 9,871,016 9,600,000
Repayments of borrowings (1,109,190) -
Proceeds from borrowings 10,000,000 (1,068,340)
Interest paid (872,321) (978,955)
Net cash from financing activities 17,889,505 7,552,705
Net increase in cash and cash equivalents 23,290,454 10,218,252
Cash and cash equivalents:
At beginning of the period 15,024,993 4,273,325
Effect of exchange rate fluctuations on cash 216,976 78,623
held
At end of the period 38,532,423 14,570,200
1. Incorporation and principal activities
Country of incorporation
Teleset Networks Public Company Limited (the ''Company'') was incorporated in Cyprus on 19 June 2006 as a private company with limited
liability under the Companies Law, Cap. 113. Its registered office is at, 89 Lemesou, 2121 Aglantzia, Nicosia, Cyprus.
2. Unaudited financial statements
The consolidated interim financial statements for the six months ended on 30 June 2007 and 2008 respectively, have not been audited by
the external auditors of the Company.
Principal activity
The principal activity of the group, which is unchanged from last year, is the provision of telecommunication services to residential
and business customers through the operation of local digital fixed*line networks in Kazan and Naberzhnye Chelny.
3. Accounting policies
The consolidated interim financial statements, which are presented in United States Dollars, have been prepared in accordance with
International Accounting Standard 34 ''Interim Financial Reporting.''
The accounting policies used in the preparation of the interim financial statements are in accordance with those used in the annual
financial statements for the year ended 31 December 2007.
Costs that are incurred during the financial year are anticipated or deferred for interim reporting purposes if, and only if, it is also
appropriate to anticipate or defer that type of cost at the end of the financial year.
Corporation tax is calculated based on the expected tax rates for the whole financial year.
These consolidated interim financial statements must be read in conjunction with the annual consolidated financial statements for the
year ended 31 December 2007.
4. Revenue
30.06.2008 30.06.2007
US$ US$
Connection fees 323,499 299,672
Rental fees 4,754,942 3,883,963
Traffic fees 2,144,317 1,457,854
ISDN - Connection fees 110,191 30,256
ISDN- Traffic fees 1,228,024 772,058
Internet services 4,673,801 3,016,638
IP Services 421,473 308,712
Sundry Income 1,097,834 609,727
14,754,081 10,378,880
5. Tax
30.06.2008 30.06.2007
US$ US$
Corporation tax - current period / period 1,921,246 1,128,614
Deferred tax - charge (Note 11) 99,056 130,689
Charge for the period 2,020,302 1,259,303
6. Earnings per share attributable to equity holders of the parent
30.06.2008 30.06.2007
Basic earnings per share
Earnings attributable to shareholders (US$) 4,349,851 2,161,710
149,424,847 111,492,541
Weighted average number of ordinary shares in issue
during the year
0.0291 0.0194
Basic earnings per share (US$)
30,06,2008 30,06,2007
Diluted earnings per share
Earnings attributable to shareholders (US$) 4,349,851 2,161,710
Effect of potentially dilutive shares (US$) (193,418) -
4,156,433 2,161,710
149,424,847 111,492,541
Weighted average number of ordinary shares in issue
during the year
Effect of potentially dilutive shares 10,140,686 1,959,828
159,565,533 113,452,369
0.0260 0.0191
Diluted earnings per share (US$)
Basic earnings per share is calculated by dividing the profit for the year attributable to the ordinary shareholders of the parent
company by the weighted average number of ordinary shares in issue during the year.
Diluted earnings per share are calculated after taking into consideration the effect of all potentially dilutive shares in existence
during the period.
7. Property, plant and equipment
Land and buildings Plant and machinery Motor vehicles Furniture, fixtures Total
and office equipment
US$ US$ US$ US$ US$
Cost
At - 1 January 2007 5,962,012 31,552,356 619,880 2,081,905 40,216,153
Additions 359,059 2,792,595 220,288 360,253 3,732,195
Disposals (51,410) (7,500) (100,680) (28,116) (187,706)
Acquisitions through business 783,210 3,853,840 47,167 101,037 4,785,254
combinations
Transfers 7,524 21,965 (579) (28,910) -
At 31 December 2007 7,060,395 38,213,256 786,076 2,486,169 48,545,896
At 1 January 2008 7,060,395 38,213,256 786,076 2,486,169 48,545,896
Additions 363,022 1,751,132 106,640 188,867 2,409,661
Disposals (60,071) (10,267) (46,862) (1,467) (118,667)
Transfers (38,446) 40,168 (4,213) 2,491 -
At 30 June 2008 7,324,900 39,994,289 841,641 2,676,060 50,836,890
Depreciation
At - 1 January 2007 676,041 11,859,743 383,877 1,231,388 14,151,049
Charge for the period 179,708 2,751,198 97,007 343,349 3,371,262
On disposals (11,114) (1,888) (94,102) (16,368) (123,472)
Acquisitions through business - 49,993 8,838 50 58,881
combinations
At 31 December 2007 844,635 14,659,046 395,620 1,558,419 17,457,720
At 1 January 2008 844,635 14,659,046 395,620 1,558,419 17,457,720
Charge for the period 101,621 1,686,699 66,540 178,732 2,033,592
On disposals (450) (5,730) (45,369) (1,298) (52,847)
At 30 June 2008 945,806 16,340,015 416,791 1,735,853 19,438,465
Net book amount
At 30 June 2008 6,379,094 23,654,274 424,850 940,207 31,398,425
At 31 December 2007 6,215,760 23,554,210 390,456 927,750 31,088,176
8. Intangible assets
Computer software Numbering Total
Goodwill Capacity
US$ US$ US$ US$
Cost
At - 1January 2007 4,256,481 412,590 5,302,988 9,972,059
Additions - 119,179 - 119,179
Acquisitions through business 4,011,893 53,981 2,579,382 6,645,256
combinations
At 31 December 2007 8,268,374 585,750 7,882,370 16,736,494
At 1 January 2008 8,268,374 585,750 7,882,370 16,736,494
Additions - 2,852 - 2,852
At 30 June 2008 8,268,374 588,602 7,882,370 16,739,346
Amortisation
At - 1January 2007 - 232,949 - 232,949
Charge for the period - 41,162 76,438 117,600
At 31 December 2007 - 274,111 76,438 350,549
At 1 January 2008 - 274,111 76,438 350,549
Charge for the period - 30,966 53,038 84,004
At 30 June 2008 - 305,077 129,476 434,553
Net book amount
At 30 June 2008 8,268,374 283,525 7,752,894 16,304,793
At 31 December 2007 8,268,374 311,639 7,805,932 16,385,945
9. Investments in subsidiaries
The details of the subsidiaries are as follows:
Name Country of Principal activities Holding
incorporation %
Teleset Limited Russian Federation Telecommunication services 100
Teleset Invest Limited Russian Federation Rental of equipment 100
TNPKO Russian Federation Telecommunication services 100
Svyazinvest Russian Federation Telecommunication services 100
Any transactions between the subsidiaries and the Company during the period were eliminated on consolidation.
10. Share capital
30.06.2008 30.06.2008 31.12.2007 31.12.2007
Number of shares US$ Number of shares US$
Authorised
Ordinary shares of EUR0,02 202,500,000 6,290,800 162,500,000 3,705,000
each
Issued and fully paid
On 1 January 137,556,715 3,082,011 102,736,610 2,282,924
Issue of shares 20,000,000 630,725 34,820,105 799,087
At 30 June / 31 December 157,556,715 3,712,736 137,556,715 3,082,011
Following the introduction of Euro as the official currency of the Republic of Cyprus, the nominal value per share of the Company's
shares has been converted from Cyprus Pounds to Euro based on the definite fixing of the exchange rate EUR1 = �0.585274. The nominal value
of the Company's share was converted from CYP0.01 to EUR0.02.
Authorised capital
On the 26th March 2008 the authorised share capital of the company was increased by 40,000,000 shares
Issued capital
On the 14th April 2008 20.000.000 shares were issued and allotted at a price of EUR0.3120.
11. Deferred tax
Deferred tax is calculated in full on all temporary differences under the liability method using the applicable tax rates (Note 5).
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same fiscal authority.
The movement on the deferred taxation account is as follows:
Deferred tax liability
Accelerated tax
depreciation
US$
At 1 - January 2007 2,637,049
Charged / (credited) to:
Income statement 207,979
Foreign exchange 185,849
Acquired through business combinations 728,235
At 31 December 2007 3,759,112
At 1 January 2008 3,759,112
Charged / (credited) to:
Income statement (Note 5) 99,056
Foreign exchange 66,236
At 30 June 2008 3,924,404
12. Current tax liabilities
30.06.2008 31.12.2007
US$ US$
Corporation tax 31,251 29,659
31,251 29,659
13. Directors' remuneration
The remuneration of Directors and other members of key management was as follows:
30.06.2008 30.06.2007
US$ US$
Non-executive Directors 25,072 42,041
Executive Directors 273,412 191,620
Share based payments 65,076 180,286
363,560 413,947
14. Contingent liabilities
The Group had no contingent liabilities as at 30 June 2008.
15. Commitments
The Group had no capital or other commitments as at 30 June 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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