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CSF Group PLC - FINAL RESULTS

Fri, 27th Jul 2018 08:54

RNS Number : 9898V
CSF Group PLC
27 July 2018
 

                                                                                                                                   27 July 2018

CSF Group plc

("CSF" or "the Group")

 

FINAL RESULTS

                                                                           

CSF Group (AIM: CSFG), a provider of data centre facilities and services in South East Asia, today announces its audited full year results for the year ended 31 March 2018.  

 

Financial highlights:

 

•  Group revenue from continuing operations of RM23.9m (£4.4m*) (FY2017: RM26.4m (£4.9m*))

 

•    Profit before tax ("PBT") of RM113.9m (£21.1m*), including gain on disposal of subsidiary, compared to the loss before tax of RM33.2m (£6.1m*) in FY2017. The PBT comprises loss before tax ("LBT") from continuing operations of RM2.8m (£0.5m*) as compared to PBT of RM5.3m (£1.0m*) in FY2017 and PBT of RM115.8m (£21.4m*) from discontinued operations as compared to LBT of RM39.9m (£7.4m*) in FY2017

 

•     LPS for continuing operations of 1.78 sen (0.33p*) per share as compared to EPS 3.30 sen (0.61p*) per share in FY2017 and EPS for discontinued operations of 72.37 sen (13.38p*) as compared to LPS of 24.93 sen (4.61p*) in FY2017

 

•   Closing unrestricted cash position as at 31 March 2018 of RM49.2m (£9.1m*) (FY2017: RM58.0m (£10.7m*))

 

 

Operational highlights:

 

•     The Group completed the transfer of its shareholdings in CSF CX to its purchaser in exchange for the consideration of RM2.00 (being approximately £0.37*) on 1 November 2017. Control of CSF CX passed to the purchaser at this date. The Share SPA was conditional upon, inter alia, the receipt of various regulatory consents. All outstanding conditions were fulfilled by 8 May 2018

 

•     Continuing to pursue a pipeline of potential customers and marketing activities

•     Ongoing discussions with several potential customers

•     Enhanced marketing efforts focusing on potential customers and resellers

 

•     Post period, certain cash deposits lodged by the Group for rental deposits in connection with the CX2 and CX5 data centres, amounting to RM9.1m (£1.7m*), have been refunded to the Group.

 

The Company will make a further announcement in due course when electronic copies of its audited annual report and accounts for the year ended 31 March 2018 are made available from the Company's website.

 

 

 

 

 

 

For further information, please contact:

 

CSF Group

Phil Cartmell, Chairman

 

+603 8311 9563

Allenby Capital (Nominated Adviser and Broker)

Nick Naylor / Alex Brearley

+44 (0) 20 3328 5656

 

 

 

 

CHAIRMAN'S STATEMENT

 

The Board is pleased to report the successful disposal (the "Disposal") during the period of CSF CX Sdn Bhd ("CSF CX"), the Group's loss making subsidiary and also the tenant and operator of the CX2 and CX5 data centres. Albeit for a nominal consideration, the Disposal has significantly reduced the Group's operating losses and cash burn rate, and improved the Group's financial position.

 

Following the completion of the Disposal, the Group has been able to focus on improving the operational efficiency of its remaining data centre (i.e. CX1), whilst identifying additional sources of revenue from CX1 and other business divisions.

 

The Group's monthly revenues are still insufficient to cover its monthly operating overheads, and this has been exacerbated by the intense competition and pricing pressure experienced by the maintenance and the design and development segments of the business. The Board also notes that significant capital expenditure will be required for the replacement of aging equipment at the CX1 data centre and will continue to work closely with management in the careful planning and implementation of the Group's capital expenditure budget.

 

The Board will continue to support the efforts of management in implementing its stated business strategies in sustaining the rental revenue of the CX1 data centre, growing the design and development and maintenance business, and identifying further cost reduction measures, with the objective of preserving the Group's financial resources.

 

The Board expects for the Group to be able to reduce its operating losses in the next financial year, following the completion of the Disposal, although on significantly decreased revenues.

 

 

Phil Cartmell

Chairman

27 July 2018

 

 

 

 

CHIEF EXECUTIVE OFFICER'S REVIEW

 

Overview of the Year

 

CSF Group is a provider of data centre facilities and services in South East Asia. The Group's revenue is generated from the provision of data centre design and development services, support and maintenance agreements and the rental of data centre space. The Group's business model is to lease its data centre facilities from a freeholder, rather than own the property assets underlying its data centres.

 

The Group reported a profit for the financial year of RM113.0m (£20.9m*), which was mainly attributable to the recognition of a gain on disposal of CSF CX Sdn Bhd ("CSF CX") of RM132.6m (£24.5m*). On 28 September 2017, the Group entered into a sale and purchase agreement (the "Share SPA") to dispose of its entire equity interest in CSF CX (the "Disposal"), the tenant and operator of the CX2 and CX5 data centres, for a cash consideration of RM2.00 (approximately £0.37*). The Share SPA was conditional upon, inter alia, the receipt of various regulatory consents. The Group completed the transfer (the "Share Transfer") of its shareholdings in CSF CX to the purchaser in exchange for the consideration of RM2.00 (being approximately £0.37*) on 1 November 2017. Control of CSF CX passed to the purchaser at this date. All outstanding conditions were fulfilled by 8 May 2018.

 

The loss for the previous financial year of RM34.6m (£6.4m*) was mainly attributable to the operating loss of CSF CX.

 

The Group recorded a total gross profit margin of 1.0% in the current financial year as compared to a total gross loss margin of 3.9% in FY2017 mainly due to the cessation of the recognition of the gross losses of CSF CX with effect from 1 November 2017 (the date of completion of the Share Transfer).

 

The Group's closing cash position decreased from RM58.0m (£10.7m*) as at 31 March 2017 to RM49.2m (£9.1m*) as at the year-end mainly due to the utilisation of cash reserves to fund the working capital requirements of CSF CX up to the date of completion of the Share Transfer. However, the Group received the refund of cash deposits lodged by the Group for rental deposits in connection with CX2 and CX5 data centres amounting to RM9.1m (£1.7m*), on 31 May 2018.

 

Although the Group has been able to significantly reduce its recurring operating losses as a result of the Disposal, the Board is conscious that the Group's monthly revenues are still insufficient to cover its monthly operating overheads and that significant capital expenditure will be required for the replacement of aging equipment at the Group's remaining data centre, CX1. CX1 is a commercial data centre facility located in the Selangor state of Malaysia, which has been in operation since 2003 with a total net floor area of approximately 37,500 square feet.

 

Following completion of the Disposal, the Group has continued to operate its maintenance and data centre design and development business. In addition, the Group also continued to market its data centre services in respect of its CX1 data centre.

  

Current Trading

 

The Board and management will continue to implement measures to reduce the burn rate of the Group's cash reserves. The Board will continue to ensure that there are no significant cash outlays other than the sums required to cover the Group's committed lease rentals and other necessary operating overheads, subject to any further capital or operating expenditure that may be required in relation to tenancy contracts.

In view of the accumulated losses of the Group, the Board is not recommending the payment of a dividend. 

 

Data Centre Rental

 

Following the completion of the disposal of CSF CX, the Group has approximately 37,500 sq ft of data centre space and approximately 1 MW of IT power capacity in Malaysia.

 

During the year, the Group successfully renegotiated a contract with an existing tenant at CX1. The Group continues to actively pursue new customers directly and is working closely with a network of resellers and business partners to identify additional sources of revenue from CX1 and other business divisions.

 

The fibre optic cable linking CX1, CX2 and CX5 commissioned in the prior year has started to generate initial revenues for the Group and the management has now implemented cross-connect charges for the utilisation of network connectivity to/from and within the CX1 data centre.

 

Maintenance, Design and Fit-out of Data Centres

 

The maintenance and the design and development segments of the business have experienced intense competition and pricing pressure during the year. Notwithstanding this, management continues to pursue new contracts to enhance our recurring maintenance revenue streams and other revenues from design and fit-out projects.

 

Strategy

 

Our strategy remains clear and consistent, and involves focusing on achieving growth in sustainable revenues, while carefully implementing our capital expenditure plans to ensure that the Group's financial position is preserved. We will continue to invest in our employees - in terms of enhancing their technical knowledge and competency - and remain focused on improving the quality of our service to customers.

 

 

Michael Leong

Chief Executive Officer

27 July 2018

 

 

 

 

CHIEF FINANCIAL OFFICER'S REVIEW

 

Introduction

 

The Group incurred a net profit of RM113.0m (£20.9m*) for FY2018 as compared to a net loss of RM34.6m (£6.4m*) in FY2017. The basic loss per share ("LPS") for continuing operations amounted to 1.78 sen (0.33p*) per share as compared to earnings per share ("EPS") of 3.30 sen (0.61p*) per share in FY2017, whilst the EPS for discontinued operations amounted to 72.37 sen (13.38p*) as compared to a LPS of 24.93 sen (4.61p*) per share in FY2017.

 

The net profit for FY2018 was mainly attributable to the gain on the disposal of CSF CX amounting to RM132.6m (£24.5m*), a reversal of an overprovision for project costs of RM8.5m (£1.6m*) and a net decrease in a provision for onerous leases of RM3.1m (£0.6m*) as compared to a net increase of RM8.2m (£1.5m*) in FY2017, which was partly offset by RM32.7m (£6.0m*) of bad debts written off and a net increase in the allowance for doubtful debts of RM28.0m (£5.2m*) as compared to a net decrease of RM1.1m (£0.2m*) in FY2017.

 

The Group's closing cash position decreased from RM58.0m (£10.7m*) as at 31 March 2017 to RM49.2m (£9.1m*) as at the year-end. Based on the Group's unrestricted cash and bank balances at the financial year end of RM49.2m (£9.1m*), the restricted cash of RM2.1m (£0.4m*) and the net current assets balance of RM55.9m (£10.3m*) and taking into consideration the Group's financial projections, including cash flows, for the period up to 30 September 2019, the Board believes that the Group has adequate resources to continue in operational existence for the foreseeable future.

 

Financial results

 

The financial results of the Group are summarised below:

 

 

 

 

 

Proforma*

 

 

2018

2017

 

 

2018

2017

 

 

RM'000

RM'000

 

 

£'000

£'000

 

 

 

 

 

 

 

 

 

Group revenue from continuing operations

23,901

26,435

 

 

4,417

4,886

 

Group revenue from discontinued operations

31,967

55,985

 

 

5,909

10,348

 

Total Group Revenue

55,868

82,420

 

 

10,326

15,234

 

CONTINUING OPERATIONS:

 

 

 

 

 

 

 

Gross profit

9,647

12,692

 

 

1,782

2,345

 

Other operating income

9,470

1,756

 

 

1,750

325

 

Gain on disposal of property, plant and equipment

1,027

-

 

 

190

-

 

Gain/(Loss) on disposal of other investment

41

(11)

 

 

8

(2)

 

Administrative expenses

(18,748)

(9,735)

 

 

(3,465)

(1,800)

 

Bad debts written off

(32,707)

-

 

 

(6,045)

-

 

Net reversal of allowance for doubtful debts

28,503

(23)

 

 

5,268

(4)

 

Operating (loss)/profit from continuing operations

(2,767)

4,679

 

 

(512)

864

 

Finance income

1,450

1,353

 

 

268

250

 

Net foreign exchange (loss)/gain

(608)

737

 

 

(112)

136

 

Finance costs

(14)

(41)

 

 

(3)

(7)

 

(Loss)/Profit before tax of continuing operations

(1,939)

6,728

 

 

(359)

1,243

 

Tax

(907)

(1,445)

 

 

(167)

(267)

 

(Loss)/Profit from continuing operations

(2,846)

5,283

 

 

(526)

976

 

DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

Gross loss

(9,064)

(15,930)

 

 

(1,675)

(2,944)

 

Other operating income

52

184

 

 

10

34

 

Administrative expenses

(4,762)

(7,240)

 

 

(880)

(1,338)

 

Net reversal of allowance for doubtful debts

(546)

1,077

 

 

(101)

199

 

Provision for onerous leases

3,140

(8,163)

 

 

580

(1,509)

 

Operating loss from discontinued operations

(11,180)

(30,072)

 

 

(2,066)

(5,558)

 

Finance income

172

321

 

 

32

59

 

Gain on disposal of subsidiary

132,649

-

 

 

24,518

 

 

Finance costs

(5,828)

(10,153)

 

 

(1,077)

(1,877)

 

Profit/(Loss) from discontinued operations

115,813

(39,904)

 

 

21,407

(7,376)

 

Profit/(Loss) for the financial year

112,967

(34,621)

 

 

20,881

(6,400)

 

Gain/(Loss) on foreign currency translation

382

(480)

 

 

70

(89)

 

Total comprehensive income/(loss) for the financial year

 

113,349

 

(35,101)

 

 

 

20,951

 

(6,489)

 

Basic (LPS)/EPS for continuing operations

(1.78 sen)

3.30 sen

 

 

(0.33p)

0.61p

 

Basic EPS/(LPS) for discontinued operations

72.37 sen

(24.93 sen)

 

 

13.38p

(4.61p)

 

Basic EPS/(LPS)

70.59 sen

(21.63 sen)

 

 

13.05p

(4.00p)

 

Weighted average number of ordinary shares for basic EPS ('000)

 

160,029

 

160,029

 

 

 

160,029

 

160,029

 

                 

 

   

Financial results (Continued)

 

 

 

 

 

Proforma*

 

 

2018

2017

 

 

2018

2017

 

 

RM'000

RM'000

 

 

£'000

£'000

 

KEY PERFORMANCE INDICATORS

 

 

 

 

 

 

 

Gross profit from continuing operations

9,647

12,692

 

 

1,782

2,345

 

Gross loss from discontinued operations

(9,064)

(15,930)

 

 

(1,675)

(2,944)

 

Gross profit/(loss)

583

(3,238)

 

 

107

(599)

 

Total Group Revenue

55,868

82,420

 

 

10,326

15,234

 

Gross profit/(loss) margin

1.0%

(3.9%)

 

 

1.0%

(3.9%)

 

Trade receivables turnover (days)

34

330

 

 

34

330

 

Trade payables turnover (days)

10

60

 

 

10

60

 

Quick ratio

29.1

7.0

 

 

29.1

7.0

 

                 

 

Revenue

 

 

 

 

 

Proforma*

 

 

2018

2017

 

 

2018

2017

 

 

RM'000

RM'000

 

 

£'000

£'000

 

Data centre rental income

 

 

 

 

 

 

 

- Continuing operations

17,593

18,570

 

 

3,252

3,432

 

- Discontinued operations

29,630

47,956

 

 

5,477

8,864

 

 

47,223

66,526

 

 

8,729

12,296

 

Maintenance income

5,217

7,183

 

 

964

1,328

 

Consultancy income

522

-

 

 

96

-

 

 

52,962

73,709

 

 

9,789

13,624

 

Design and development of data centre facilities income

 

 

 

 

 

 

 

- Continuing operations

569

683

 

 

105

126

 

- Discontinued operations

2,337

8,028

 

 

432

1,484

 

 

2,906

8,711

 

 

537

1,610

 

Total Group revenue

55,868

82,420

 

 

10,326

15,234

 

 

 

 

 

 

 

 

 

                 

 

Total revenue decreased from RM82.4m (£15.2m*) in FY2017 to RM55.9m (£10.3m*) in FY2018, mainly due to the cessation of recognition of the revenue (and costs) of CSF CX as a result of the completion of transfer of the Group's shareholdings in CSF CX on 1 November 2017 to the purchaser (the "Share Transfer") pursuant to the disposal of CSF CX (the "Disposal"). The decrease in data centre rental income attributable to the Disposal amounted to RM18.3m (£3.4m*). The decrease in maintenance income of RM2.0m (£0.4m*) was mainly attributable to the non-renewal of comprehensive maintenance contracts. The Group also recorded lower revenue from its design and development segment, due to its larger fit-out contracts having been completed during the previous financial year with no large contracts secured in the current year.

 

The consultancy income was contributed by CSF Capital Advisory Sdn Bhd, which has provided financial and non-financial consultancy services since April 2017. This company was dormant in FY2017.

 

  

Gross profit/(loss)

 

The Group recorded a total gross profit margin of 1.0% in the current financial year as compared to a total gross loss margin of 3.9% in FY2017, as tabulated below:

 

 

 

 

Proforma*

 

2018

2017

 

 

2018

2017

 

 

RM'000

RM'000

 

 

£'000

£'000

 

CONTINUING OPERATIONS:

 

 

 

 

 

 

 

Gross profit on data centre rental

7,732

8,055

 

 

1,429

1,488

 

Gross profit on maintenance

2,702

4,255

 

 

499

786

 

Gross (loss)/profit on design and development

(889)

382

 

 

(164)

71

 

Gross profit on consultancy

102

-

 

 

18

-

 

Total gross profit from continuing operations

9,647

12,692

 

 

1,782

2,345

 

DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

Gross loss on data centre rental

(9,594)

(18,572)

 

 

(1,773)

(3,432)

 

Gross profit on design and development

530

2,642

 

 

98

488

 

Total gross loss from discontinued operations

(9,064)

(15,930)

 

 

(1,675)

(2,944)

 

Total gross profit/(loss)

583

(3,238)

 

 

107

(599)

 

Total revenue

55,868

82,420

 

 

10,326

15,234

 

Total gross profit/(loss) margin

1.0%

(3.9%)

 

 

1.0%

(3.9%)

 

 

 

 

 

 

 

 

 

                   

 

Loss from operations

 

The Group recorded a loss from operations from continuing operations of RM2.8m (£0.5m*) as compared to a profit from operations from continuing operations of RM4.7m (£0.9m*) in FY2017. The adverse variance of RM7.4m (£1.4m) is analysed below:

 

 

 

 

RM'000

£'000

 

Decrease in gross profit from continuing operations

 

 

    (3,045)

    (563)

 

Increase in administrative expenses

 

 

    (9,013)

    (1,665)

 

Increase in bad debts written off, net of reversal of allowance for doubtful debts

 

 

(4,181)

(773)

 

Increase in other operating income

 

 

7,714

1,425

 

Gain on disposal of plant and equipment

 

 

1,027

190

 

Other items

 

 

52

10

 

 

 

 

(7,446)

(1,376)

 

 

 

 

 

 

 

 

The decrease in gross profit from continuing operations is explained in Gross Profit/(Loss) above.

 

The increase in administrative expenses was mainly due to the provision of one-off bonus payments to the executive management team of RM10.4m (£1.9m*), which was approved by the Board in recognition of the hard work, commitment and commendable efforts in substantially improving the financial position of the Company under the stewardship of the Board of Directors in respect of the successful completion of the disposal of CSF CX, further details of which were announced on 24 July 2018.

 

  

Loss from operations (Continued)

 

The increase in other operating income was mainly attributable to the accounting of the cash deposits lodged by the Group for rental deposits in connection with CX2 and CX5 data centres of RM9.1m (£1.7m*), refundable to the Group upon completion of the disposal of CSF CX.

 

In the current year, bad debts of RM32.7m (£6.0m*) were written off and the effect was partly offset by net reversal of allowance for doubtful debts of RM28.5m (£5.3m*). The bad debts written off mainly consist of trade receivables of RM29.3m (£5.4m*) that were due from Integrated DC Builders Sdn Bhd, which has been wound up during this financial year.

 

Taxation

 

The Group recorded a tax charge for the year in spite of reporting a loss for the year, which was mainly due to tax payable by a profitable subsidiary which was not subject to group tax relief.

 

Earnings per share

 

Basic and diluted earnings per share ("EPS") was 70.59 sen (13.05p*) as compared to a loss per share ("LPS") of 21.63 sen (4.00p*) in FY2017. The weighted average number of shares during the year used for basic and diluted LPS calculation is 160,028,667 (FY2017: 160,028,667).

 

Dividends

 

The Board does not propose any payment of dividends in respect of the current financial year. 

 

Cash and treasury

 

 

 

 

Proforma*

 

2018

2017

 

 

2018

2017

 

 

RM'000

RM'000

 

 

£'000

£'000

 

Cash generated from/(used in) operations before working capital movements and net finance income/cost

 

 

(16,313)

 

 

(24,492)

 

 

 

 

(3,015)

 

 

(4,529)

 

Working capital movements

6,913

36,138

 

 

1,277

6,681

 

Net finance cost

4,220

8,520

 

 

780

1,575

 

 

(5,180)

20,166

 

 

(958)

3,727

 

Capital expenditure

(3,939)

(7,020)

 

 

(728)

(1,297)

 

Net cash (used in)/generated from other investing activities

 

(1,468)

 

1,674

 

 

 

(271)

 

309

 

Net cash (outflow)/inflow before financing activities

 

(10,587)

 

14,820

 

 

 

(1,957)

 

2,739

 

Net cash generated from/(used in) other financing activities

 

1,746

 

(394)

 

 

 

323

 

(73)

 

Net cash (outflow)/inflow

(8,841)

14,426

 

 

(1,634)

2,666

 

 

 

 

 

 

 

 

 

                 

 

The Group recorded a lower net cash used by operations before working capital movements and net finance cost of RM16.3m (£3.0m*) which was mainly due to the Disposal.

    

Cash and treasury (Continued)

 

The decrease in working capital movements from RM36.1m (£6.7m*) in FY2017 to RM6.9m (£1.3m*) in FY2018 was mainly due to the collection of a significant amount of overdue trade receivables in the previous financial year which did not recur in the current year. The decrease in net finance cost from RM8.5m (£1.6m*) in FY2017 to RM4.2m (£0.8m*) in FY 2018 was mainly due to the reduction in financing facilities attributable to the Disposal.

 

Critical accounting judgement and key sources of estimation uncertainty

The areas of critical accounting judgement and key sources of estimation uncertainty are disclosed in Note 1 (vi) to the Financial Statements below.

 

Going concern

 

These financial statements have been prepared on a going concern basis. The directors' consideration of going concern and the associated uncertainties are provided in Note 1 (v) to the Financial Statements below.

 

 

Lee, King Loon

Chief Financial Officer

27 July 2018

 

 

*        The translation of the financial statements into pro forma balances in pounds Sterling is included solely for convenience and information. The pro forma balances in pounds Sterling are stated, as a matter of arithmetical computation only, on the basis of all balances (2018 and 2017) being translated from Ringgit Malaysia into pounds Sterling at the rate prevailing on 31 March 2018 of RM5.4102 : £1.00. This translation should not be construed as meaning that the Ringgit Malaysia amounts actually represent, or have been or could be translated into the stated number of pounds Sterling.

 

 

Consolidated Statement of PROFIT OR LOSS AND OTHER Comprehensive Income

 

 

 

 

 

 Proforma

Proforma

 

 

Year ended

31 March

2018

Year ended

31 March

2017

Year ended

31 March

2018

Year ended

31 March

2017

 

Note

RM'000

RM'000

£'000

£'000

Continuing operations:

 

 

 

 

 

Revenue

3

         23,901

26,435

4,417

4,886

Cost of sales

3

(14,254)

(13,743)

(2,635)

(2,541)

 

 

 

 

 

 

Gross profit

 

9,647

12,692

1,782

2,345

Other operating income

 

9,470

1,756

1,750

325

Gain on disposal of property, plant and equipment

 

1,027

-

 

190

 

-

Gain/(Loss) on disposal of other investment

 

41

(11)

8

(2)

Administrative expenses

 

(18,748)

(9,735)

(3,465)

(1,800)

Bad debts written off

 

(32,707)

-

(6,045)

-

Net reversal of allowance for doubtful debts

 

28,503

(23)

5,268

(4)

Total operating expenses

 

(22,952)

(9,758)

(4,242)

(1,804)

 

 

 

 

 

 

Operating (loss)/profit

 

(2,767)

4,679

(512)

864

Finance income

 

1,450

1,353

268

250

Net foreign exchange (loss)/gain

 

(608)

737

(112)

136

Finance costs

 

(14)

(41)

(3)

(7)

 

 

 

 

 

 

(Loss)/Profit before tax

 

(1,939)

6,728

(359)

1,243

Tax

5

(907)

(1,445)

(167)

(267)

(Loss)/Profit from continuing operations

 

(2,846)

5,283

 

(526)

 

976

Discontinued operations:

 

 

 

 

 

Profit/(Loss) from discontinued operations

4

115,813

(39,904)

 

21,407

 

(7,376)

Profit/(Loss) for the financial year

 

112,967

(34,621)

20,881

(6,400)

Other comprehensive income

 

 

 

 

 

Gain/(Loss) on foreign currency translation

 

382

(480)

 

70

 

(89)

Total comprehensive profit/(loss) for the financial year

 

113,349

(35,101)

 

20,951

 

(6,489)

 

 

 

 

 

 

(LPS)/EPS for continuing operations

 

 

 

 

 

Basic (Malaysian sen)

6

(1.78)

3.30

(0.33)p

0.61p

Diluted (Malaysian sen)

6

(1.78)

3.30

(0.33)p

0.61p

 

 

 

 

 

 

EPS/(LPS) for discontinued operations

 

 

 

 

 

Basic (Malaysian sen)

6

72.37

(24.93)

13.38p

(4.61)p

Diluted (Malaysian sen)

6

72.37

(24.93)

13.38p

(4.61)p

 

 

 

 

 

 

 

.

 

Consolidated Statement of financial position

 

 

 

 

 

 

 

 

 

 

 

Proforma

Proforma

 

 

As at

31 March

2018

RM'000

As at

31 March

2017

RM'000

As at

31 March

2018

£'000

As at

31 March

2017

£'000

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

3,991

27,318

738

5,049

Other Investments

 

9

20

2

4

Trade receivables

 

40

210

7

39

Deferred tax asset

 

161

137

30

25

 

 

4,201

27,685

777

5,117

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventories

 

277

667

51

123

Trade and other receivables

 

17,698

39,209

3,271

7,247

Current tax assets

 

1,341

329

248

61

Restricted cash

 

2,130

14,056

394

2,598

Cash and cash equivalents

 

49,184

60,313

9,091

11,148

 

 

70,630

114,574

13,055

21,177

Total assets

 

74,831

142,259

13,832

26,294

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

14,403

42,134

2,662

7,788

Bank borrowings

 

339

1,260

63

233

Obligations under finance leases 

 

-

50

-

9

 

 

14,742

43,444

2,725

8,030

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Obligations under finance leases

 

-

100

-

18

Trade and other payables

 

1,968

80,643

364

14,906

Onerous lease provision

 

-

73,300

-

13,548

 

 

1,968

154,043

364

28,472

Total liabilities

 

16,710

197,487

3,089

36,502

Net assets/(liabilities)

 

58,121

(55,228)

10,743

(10,208)

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

78,936

78,936

14,590

14,590

Share premium account      

 

104,499

104,499

19,315

19,315

Shares held under Employee Benefit Trust

 

(2,300)

(2,300)

(425)

(425)

Other reserve

 

(66,153)

(66,153)

(12,227)

(12,227)

Translation reserve

 

(864)

(1,246)

(160)

(230)

Accumulated loss

 

(55,997)

(168,964)

(10,350)

(31,231)

Total surplus/(capital deficiency)

 

58,121

(55,228)

10,743

(10,208)

 

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

 

 

 

 

 

 

 

Proforma

Proforma

 

 

Year ended

31 March

2018

Year ended

31 March

2017

Year ended

31 March

2018

Year ended

31 March

2017

 

 

RM'000

RM'000

£'000

£'000

 

 

 

 

 

 

Net cash (used in)/from operating activities

 

 

(5,180)

20,166

(958)

3,727

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Interest received

 

1,622

1,674

300

309

Additions to property, plant and equipment

 

(3,939)

(7,020)

(728)

(1,297)

Proceeds from sale of property, plant and equipment

 

500

-

92

-

Disposal of subsidiary

 

(3,590)

-

(663)

-

 

 

 

 

 

 

Net cash used in investing activities

 

(5,407)

(5,346)

(999)

(988)

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Repayments of obligations under finance leases

 

(29)

(155)

(5)

(29)

Decrease/(Increase) in restricted cash

 

2,696

(1)

498

-

Repayment of borrowings

 

(334)

(1,164)

(62)

(215)

(Repayment)/Borrowings from revolving line of credit

 

(587)

926

(108)

171

 

 

 

 

 

 

Net cash from/(used in) financing activities

 

1,746

(394)

323

(73)

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(8,841)

14,426

(1,634)

2,666

Cash and cash equivalents at beginning of financial year

 

57,998

43,572

10,720

8,054

 

 

 

 

 

 

Cash and cash equivalents at end of financial year

 

49,157

57,998

9,086

10,720

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOW (Continued)                

 

 

 

 

 

 

 

 

 

Proforma

Proforma

 

Year ended 31 March

 2018

Year ended 31 March

 2017

Year ended 31 March

 2018

Year ended 31 March

 2017

 

RM'000

RM'000

£'000

£'000

 

 

 

 

 

Profit/(Loss) for the financial year

112,967

(34,621)

20,881

(6,400)

Adjustments for:

 

 

 

 

Increase/(Decrease) in allowance for slow moving inventories

132

(101)

24

(19)

Increase/(Decrease) in allowance for diminution of investment

11

(1)

2

-

Decrease in allowance for doubtful debts

(27,957)

(1,054)

(5,167)

(195)

Bad debts written off

32,707

-

6,045

-

Depreciation of property, plant and equipment

3,475

5,342

643

986

Interest expense

5,842

10,194

1,080

1,884

Interest income

(1,622)

(1,674)

(300)

(309)

(Gain)/Loss on disposal of other investment

(41)

11

(8)

2

Gain on disposal of subsidiary

(132,649)

-

(24,518)

-

Gain on disposal of property, plant and equipment

(1,027)

-

(190)

-

Gain/(Loss) on foreign currency translation

382

(480)

70

(89)

Net movement on onerous leases

(3,140)

8,163

(580)

1,509

Tax

907

1,445

167

267

 

 

 

 

 

Operating cash outflows before movements in working capital

(10,013)

(12,777)

(1,851)

(2,364)

Decrease in inventories

258

1,215

47

225

(Increase)/Decrease in receivables

(24,042)

26,621

(4,444)

4,921

Increase in payables

30,697

8,302

5,674

1,535

 

 

 

 

 

Cash (used in)/generated by  operations

(3,100)

23,361

(574)

4,317

Interest paid

(137)

(373)

(25)

(69)

Income taxes paid

(1,943)

(2,822)

(359)

(521)

 

 

 

 

 

Net cash (used in)/generated by operating activities

(5,180)

20,166

(958)

3,727

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

 

Share

Capital

RM'000

Share  premium account

RM'000

Shares held under Employee Benefit Trust

RM'000

 

Other  reserve

RM'000

 

Translation reserve

RM'000

 

Accumulated loss

RM'000

 

 

Total

RM'000

 

 

 

 

 

 

 

 

 

At 1 April 2016

 

78,936

104,499

(2,300)

(66,153)

(766)

(134,343)

(20,127)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the year

 

-

-

-

-

 

(480)

 

(34,621)

 

(35,101)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2017

 

78,936

104,499

(2,300)

(66,153)

(1,246)

(168,964)

(55,228)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

 

 

-

 

-

 

-

 

-

 

382

 

112,967

 

113,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2018

 

78,936

104,499

(2,300)

(66,153)

(864)

(55,997)

58,121

          

 

 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

 

 

 

 

Proforma

 

 

Share

 Capital

£'000

Share  premium account

£'000

Shares held under Employee Benefit Trust

£'000

 

Other  reserve

£'000

 

Translation reserve

£'000

 

Accumulated loss

£'000

 

 

Total

£'000

 

 

 

 

 

 

 

 

 

At 1 April 2016

 

14,590

19,315

(425)

(12,227)

(141)

(24,831)

(3,719)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the year

 

-

-

-

-

(89)

(6,400)

(6,489)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2017

 

14,590

19,315

(425)

(12,227)

(230)

(31,231)

(10,208)

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

 

-

-

-

-

70

20,881

20,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2018

 

14,590

19,315

(425)

(12,227)

(160)

(10,350)

10,743

 

1.       General information

 

The Preliminary Announcement and the final accounts of the Group were approved by the Board of Directors on 27 July 2018. The financial information set out in this Preliminary Announcement does not constitute the Group's statutory accounts for the year ended 31 March 2018 but is derived from those accounts. The statutory accounts for 2018 will be delivered to the Jersey Registrar of Companies in August 2018. The auditors have reported on the 2018 accounts and their report was unqualified and did not draw attention to any matters by way of emphasis.

 

 (i)     Basis of preparation

        

The consolidated financial statements of CSF Group plc, for the year ended 31 March 2018 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU.

        

         While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria, this announcement does not itself contain sufficient information to comply with IFRS.  The Company expects to publish full financial statements that comply with IFRS on or before 30 September 2018. 

 

(ii)     Pro forma balances

 

The inclusion of pro forma balances in pounds Sterling is 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 balances (2018 & 2017) being translated from Malaysian Ringgits into pounds Sterling at the rate prevailing on 31 March 2018 of RM5.4102 : £1.00. This translation should not be construed as meaning that the Malaysian Ringgit amounts actually represent, or have been or could be converted into the stated number of pounds Sterling.

 

(iii)     Basis of accounting

 

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2018, as described in those financial statements.

 

(iv)     Forward-looking statements

 

Certain statements in these condensed consolidated financial results are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

  

(v)     Going concern

 

The Group's business activities, together with the factors likely to affect the future development, performance and position are set out in the Chairman's Statement. The financial position of the Group, its cash flows and liquidity positions are described in the Chief Financial Officer's Review. In addition, the notes to financial statements include foreign currency risk management, interest rate risk management, credit risk management and liquidity risk management.

 

As at 31 March 2018, the Group's cash and cash equivalents excluding deposits held on behalf of the Employee Benefit Trust stand at RM49.2 million.

 

The Directors have prepared financial projections, including cash flows, for a period up to 30 September 2019. The projections include sensitivity testing to consider a reasonable worst case scenario.  Based on these projections and taking into consideration the current financial position of the Group and future capital and lease commitments, the Directors have a reasonable expectation that the Group 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 annual financial statements.  In reaching this conclusion the directors have paid particular attention to the following factors:

 

·     The disposal of CSF CX Sdn Bhd ("CSF CX") has improved the Group's financial position due to the elimination of the net liabilities of CSF CX and the elimination of the Group's obligations on the lease payable;

·     The return of rental deposits in connection with the CX2 and CX5 data centres, amounting to RM9.07 million on 31 May 2018; 

·     The existing cash reserves of the business, and the fact that the Group has low levels of bank borrowings with low financial covenants;

·     The Group's business model is to lease its data centres as opposed to outright ownership.  As a result, the Group is committed to regular lease rental payments, which constitute a significant proportion of the Group's cost base. The Group therefore needs to achieve a certain level of tenant occupancy to cover the minimum lease and other costs of ownership of a given data centre;

·     Due to changes in the data centre rental market, current market rentals have declined. In this regard the group are monitoring closely its cost and looking at ways to improve the operation and procurement process including working closely with its suppliers to reduce the overall cost; 

·     The Group has completed the restructuring with the freeholder on the lease rental payments on CX1, with the revised lease rental rates commencing on 1 January 2016 whereby the lease rental payments shall be lower in the earlier years and progressively increasing thereafter; and

·     The funding requirements of existing and proposed new ventures and/or projects.

 

Given prevailing market conditions, the Group is forecast to continue to make operating losses and have operating cash outflows. The Board is continuing to review the Group's business model with the aim of establishing sustainable profitable trading. 

 

(v)     Going concern (Continued)

 

Notwithstanding the above and taking into consideration the current financial position, future capital and lease commitments of the Group, the directors have a reasonable expectation that the Group 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 financial statements for the year ended 31 March 2018.

 

(vi)    Critical accounting judgement and key sources of estimation uncertainty

 

In the application of the Group's accounting policies, which are described in note 3, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

         Critical judgements in applying the Group's accounting policies

        

The directors have not made any critical judgements in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in financial statements.

        

          Key sources of estimation uncertainty

 

          Provision for bad and doubtful debts

 

The provision for bad and doubtful debts includes the assessment of amounts receivable on an individual and collective basis. For individual provisions, events and circumstances such as breaching credit terms, evidence of the debtor experiencing financial difficulties, and potentially the probability of the debtor entering bankruptcy or financial reorganisation are considered. Based on these indicators a judgement is made whether a provision is required. In respect of a collective assessment, the estimation of the future settlement profile of trade receivables is judgemental and includes consideration of past experience in collecting payments, an increase in the number of delayed payments past the credit period as well as observable changes in the economic conditions that correlate with default on receivables.

 

The Group made an allowance for doubtful debts pertaining to trade receivables aged six months and above. 

  

Deferred tax asset recognition

 

The Group recognises deferred tax assets to the extent that it is probable that taxable profits will be available to utilise the asset. At each statement of financial position date, the Directors review the forecast taxable profits of the Group to assess the recoverability of the deferred tax asset.  To the extent that it is no longer probable that sufficient taxable profits will be available for carry forward tax losses, the carrying amount of the deferred tax asset is not recognised. 

 

 

2.       Revenue recognition and contract accounting

 

Revenue represents amounts receivable for work carried out in the rental of data centre space (including reimbursement for electricity consumed by customers), design and development of data centre facilities, the maintenance of data centres and imputed interest on loans to data centre developers.

 

Revenue from contract works is recognised in the Consolidated Statement of Comprehensive Income based on the stage of completion which is determined based on the contract costs incurred for work performed to date in proportion to the estimated total contract costs.

 

Revenue on design and development activity is recognised over the period of the activity and in accordance with the underlying contract.  Revenue is measured by reference to the fair value of consideration received or receivable from customers. Cost overspends on design and development are recognised as they arise and cost under-spends recognised when it is known with reasonable certainty, the final position of the relevant contract. Where design and development projects are in progress and where sales invoiced exceed the cost of work completed, the excess is shown as deferred income, within other financial assets.  When it is probable that total fit-out costs will exceed contract revenue, the expected loss is recognised as an expense immediately.

 

Income from support and maintenance agreements and the rental of data centre space is recognised on a straight line basis over the period of the related activity.  Data centre space is rented out under operating leases.   

 

 

3.      REPORTING SEGMENTS

 

The Management regularly reviews segment information based on the key products and services provided to its customers; rental of data centre space, maintenance (including support of data centres), the design and development of data centre facilities, and consultancy services.

Year ended 31 March 2018

Data centre

 rental

RM'000

Maintenance

RM'000

Design and development

of data centre facilities   

RM'000

Consultancy   

RM'000

Consolidated

RM'000

 

 

 

 

 

 

Revenue

17,593

5,217

569

522

23,901

Cost of sales

(9,861)

(2,515)

(1,458)

(420)

(14,254)

 

 

 

 

 

 

Gross profit/(loss)

7,732

2,702

(889)

102

9,647

 

 

 

 

 

 

Other operating income

265

-

9,205

-

9,470

Administrative cost

(3,951)

(93)

106

-

(3,938)

Net allowance for doubtful debts

(1,025)

(3,179)

32,707

-

28,503

Allowance for slow moving inventories

 

-

 

(132)

 

-

 

            -

 

(132)

Allowance for diminution of investment

 

-

 

(11)

 

-

 

-

 

(11)

Bad debts written off

-

-

(32,707)

-

(32,707)

Gain on disposal of property, plant and equipment

 

-

 

500

 

-

 

-

 

500

Realised gain on disposal of property, plant and equipment

 

-

 

527

 

-

 

-

 

527

Segment depreciation

(13)

(9)

(42)

-

(64)

 

 

 

 

 

 

Segment result

3,008

305

8,380

102

11,795

Corporate cost

 

 

 

 

(14,603)

Finance income

 

 

 

 

1,450

Gain on disposal of other investment

 

 

 

 

 

41

Net foreign exchange loss

 

 

 

 

(608)

Finance costs

 

 

 

 

(14)

 

 

 

 

 

 

Loss before tax

 

 

 

 

(1,939)

Tax

 

 

 

 

(907)

Loss from continuing operations

 

 

 

 

 

(2,846)

Profit from discontinued operations

 

 

 

 

 

115,813

Profit for the financial year

 

 

 

 

112,967

Other comprehensive income

 

 

 

 

 

Gain on foreign currency translation

 

 

 

 

 

382

 

 

 

 

 

 

Total comprehensive income for the financial year

 

 

 

 

113,349

 

 

3.      REPORTING SEGMENTS (Continued)

 

Year ended 31 March 2017

Data centre

 rental

RM'000

Maintenance

RM'000

Design and development

of data centre facilities   

RM'000

Consolidated

RM'000

 

 

 

 

 

Revenue

18,570

7,183

683

26,435

Cost of sales

(10,514)

(2,928)

(301)

(13,743)

 

 

 

 

 

Gross profit

8,056

4,255

382

12,692

 

 

 

 

 

Other operating income

58

-

1,698

1,756

Administrative cost

(2,784)

(1,135)

(657)

(4,576)

Net allowance for doubtful debts

(78)

55

-

(23)

Allowance for slow moving inventories

 

-

 

-

 

101

 

101

Allowance for diminution of investment

 

-

 

-

 

2

 

2

Segment depreciation

(15)

(11)

(49)

(75)

 

 

 

 

 

Segment result

5,237

3,163

1,477

9,877

Corporate cost

 

 

 

(5,187)

Finance income

 

 

 

1,353

Loss on disposal of other investment

 

 

 

 

(11)

Net foreign exchange gain

 

 

 

737

Finance costs

 

 

 

(41)

Profit before tax

 

 

 

6,728

Tax

 

 

 

(1,445)

Profit from continuing operations

 

 

 

 

5,283

Loss from discontinued operations

 

 

 

 

(39,904)

Loss for the financial year

 

 

 

(34,621)

Other comprehensive income

 

 

 

 

Loss on foreign currency translation

 

 

 

 

(480)

 

 

 

 

 

Total comprehensive loss for

 the financial year

 

 

 

(35,101)

 

 

4.      GAIN ON DISPOSAL OF SUBSIDIARY

 

Discontinued operations

 

On 28 September 2017, the group entered into a Sale and Purchase Agreement to dispose of its entire equity in CSF CX Sdn Bhd ("CSF CX"), a wholly-owned subsidiary, for a cash consideration of RM2.00. The disposal was completed on 1 November 2017, on which date control of CSF CX passed to the acquirer.

 

The results of the discontinued operations, which have been included in the consolidated statement of profit or loss and other comprehensive income, were as follows:

 

 

Period ended 31 October

2017

RM'000

Year ended 31 March 2017

RM'000

 

 

 

Revenue

31,967

55,985

Expenses

(48,803)

(95,889)

 

 

 

Loss before tax

(16,836)

(39,904)

 

 

 

Gain on disposal of discontinued operations

132,649

-

 

 

 

Net gain attributable to discontinued operations

(attributable to owners of the Company)

115,813

(39,904)

 

During the year, CSF CX used RM2.6 million, RM1.3 million and RM0.4 million (2017: RM83.5 million, RM6.1 million and RM1.7 million) in operating activities, investing activities and financing activities respectively.

 

A gain of RM132.6 million arose on the disposal of CSF CX, being the difference between the proceeds of disposal and the carrying amount of the subsidiary's net liabilities.

 

 

5.      tax

         

 

Year ended 31 March

2018

RM'000

Year ended 31 March 2017

RM'000

 

 

 

Tax on current financial year

525

1,796

Tax in respect of prior financial years

406

18

 

 

 

Total current tax

931

1,814

Deferred tax liability

(24)

(137)

Deferred tax asset

-

(232)

 

 

 

Total tax charge

907

1,445

 

Malaysian corporation tax is calculated for the year ended 31 March 2018 at a rate of 24% (2017: 24%).

 

The tax charge for the financial year can be reconciled to the loss in the Consolidated Statement of Comprehensive Income as follows:-

 

 

 

 

 

Year ended 31 March

2018

RM'000

Year ended 31 March 2017

RM'000

 

 

 

Profit before tax

130,711

6,728

 

 

 

Malaysian corporation tax rate

24%

24%

 

 

 

Tax at the Malaysian corporate tax rate

31,371

1,615

 

 

 

Tax effect of:

 

 

Expenses that are not deductible in determining taxable profit

(28,880)

228

Income that is not taxable in determining taxable profit

(460)

(365)

Realisation of deferred tax not previously recognised

-

14

Deferred tax assets not recognised

(1,535)

304

 

 

 

Over provision in prior year

 

 

-     Current tax

-     Deferred tax

406

5

18

(369)

 

907

1,445

  

 

6.      earnings per share

 

The calculations for earnings per share, based on the weighted average number of shares, are shown in the table below.

 

 

Year ended 31 March 2018

Year ended 31 March 2017

 

 

 

Net profit from continuing operations (RM'000)

129,803

5,283

Net loss from discontinued operations (RM'000)

(16,836)

(39,904)

Net profit/(loss) for the financial year after taxation attributable to members (RM'000)

112,967

(34,621)

 

 

 

Weighted average number of ordinary shares for basic earnings per share ('000)

160,029

160,029

 

 

 

Weighted average number of ordinary shares for diluted earnings per share ('000)

160,029

160,029

 

The number of ordinary shares for diluted earnings per share is the weighted average number of ordinary shares of CSF Group plc in issue.

 

7.      DIVIDEND

 

The Board does not propose any payment of dividends in respect of the current financial year.

 

8.      CONTINGENCIES

 

The Group holds a number of guarantees with various banks in respect of banking facilities as follows:

 

 

As at 31 March 2018

RM'000

As at 31 March 2017

RM'000

 

 

 

 

Banking guarantees

905

22,298

 

-ENDS-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
FR GRGDRISDBGIR
Date   Source Headline
4th Feb 20197:00 amRNSAIM - Cancellation - CSF Group plc
1st Feb 20195:45 pmRNSFTSE Russell - CSF Group
28th Jan 20195:00 pmRNSCSF Group PLC - Notice of AGM and Posting of Documents
2nd Jan 20197:30 amRNSAIM - Suspension - CSF Group Plc
27th Nov 20189:58 amRNSCSF Group PLC - HALF-YEAR RESULTS

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