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Final Results

1 Mar 2018 07:00

RNS Number : 3533G
Global Invacom Group Limited
01 March 2018
 

 

 

Global Invacom Group Reports FY2017 Net Profit Of US$2.9 Million, Lifted By Recovery of U.S. and Israeli Operations and Improved Global Efficiencies

 

· Turnaround to profit after two years of losses 

· U.S. and Israeli units report first profit in over ten years

· Achieves fourth consecutive quarter of profitability in Q4 FY2017

· A year after consolidating two China facilities into one, global manufacturing and supply chain efficiencies are kicking in

· Administrative expenses for FY2017 down 20.6% to US$21.0 million

 

Singapore/London, 1 March 2018 - Global Invacom Group Limited ("Global Invacom" or "the Group"), a satellite communications ("Sat Comms") equipment provider listed on the Singapore Exchange and the U.K. AIM Market, announced today a net profit of US$2.9 million for the financial year ended 31 December 2017 ("FY2017"), reflecting turnarounds in the U.S. and Israeli units, as well as improved global efficiency after consolidating its China operations.

 

The FY2017 performance, with pre-tax profits of US$3.7 million, benefitted from the absence of one-off restructuring expenses amounting to US$2.3 million incurred a year earlier. Although overall turnover in FY2017 declined to US$115.7 million from US$127.3 million in FY2016, this reflects the cessation of contract manufacturing revenues from the Group's former, sub-contract only, facility in Shenzhen.

 

The consolidated operations in Shanghai contributed to Group-wide supply chain improvements while sharpening the focus on satellite ground equipment. The Group's U.S. operation, Global Skyware (acquired in 2015), and its Israeli operation, Foxcom (acquired in 2014), each recorded their first year of profitability in over a decade.

 

Global Skyware's main focus is the design and manufacture of antennas for broadband, satellite and Very Small Aperture Terminals ("VSAT") applications with Foxcom focusing on advanced radio frequencies over fibre solutions. 

 

Reflecting the ongoing emphasis on R&D, Global Invacom launched several new products in the second half of FY2017, including the Western Arc Hybrid Low Noise Block ("LNB").

 

The Group will continue to develop and market products to support the once-in-a-decade technological shift towards digital channel stacking switch ("DCSS"), even as newer satellites are launched to support higher-resolution (4K and developing 8K) content. It is introducing new slimline products based on an improved designs and is widening its sales network across South America, Malaysia, Indonesia, Africa and Europe.

 

The Group expects to benefit from global sporting events such as the 2018 Football World Cup in Russia, 2019 Rugby World Cup and the 2020 Summer Olympics in Japan, which have garnered government and commercial attention and commitment to infrastructure development. In particular, the Japanese government is seeking to implement 8K in time for the 2020 Olympics.

 

For the VSAT market, the Group is observing rising demand in developing countries and increasing availability, at a lower price point, proving satellites to be a viable option compared to other communication technologies.

At the operating level, the Group will continue making capital investments to improve shop-floor productivity in all operations. It achieved improved efficiencies in the last two years from better resource allocation, lower overheads and a shift of the sales mix towards higher-margin products.

 

Mr Tony Taylor, Executive Chairman of Global Invacom, said, "Despite service bundling and competition from OTT (Over-The-Top) content delivery, the satellite ground equipment market remains healthy. As well as introducing new and innovative products during the shift to DCSS technology, we will continue to build up our product portfolio and expand into new markets."

 

"Our efforts this year have cemented our position as one of the world's leading manufacturer, distributor and innovator of Sat Comms equipment, and laid the foundation for the years ahead," he added.

 

On a geographical basis, revenue declined in the U.S., Europe and Asia by US$3.4 million (-4.1%), US$7.1 million (-23.0%) and US$1.6 million (-19.1%), partially offset by higher contributions from the Rest of the World ("RoW") by US$0.5 million (+11.3%).

 

Gross Profit ("GP") margin moved up 0.5% to 20.9%, underscoring Group-wide improved efficiencies in performance and margins although in line with the lower revenues, numeric GP decreased 7.0% to US$24.2 million in FY2017 from US$26.0 million in FY2016.

 

Administrative expenses for FY2017 fell 20.6% to US$21.0 million from US$26.4 million a year ago due to cost-saving initiatives that included automating lower-value activities, especially in the U.S., and improving staff productivity levels.

 

Earnings per share on a fully diluted basis increased to 1.08 US cents for FY2017 (FY2016: Loss of 1.00 US cent) and 0.29 US cent for Q4 FY2017 (Q4 FY2016: Loss of 1.09 US cents).

 

Net asset value per share increased to 20.42 US cents as at 31 December 2017 from 19.26 US cents as at 31 December 2016. The Group ended the year with cash and cash equivalents of US$7.2 million.

 

For the three months ended 31 December 2017 ("Q4 FY2017"), the Group recorded a net profit of US$0.8 million - its fourth consecutive quarter of profitability - reversing a net loss of US$3.0 million a year ago ("Q4 FY2016").

 

GP for Q4 FY2017 increased to US$6.3 million (Q4 FY2016: US$5.8 million) representing a higher GP margin of 21.1% (Q4 FY2016: 18.8%) due to a more favourable product mix and cost control initiatives. Revenue for the quarter decreased to US$29.8 million (Q4 FY2016: US$31.0 million), reflecting the consolidation of its contract manufacturing segment.

 

 

**End of Press Release**

 

 

 

 

 

 

For media queries, please contact

Matthew Garner

Chief Financial Officer

 

Global Invacom Group Limited 

8 Temasek Boulevard

#20-03 Suntec Tower Three

Singapore 038988

+65 6884 3423

Freeman House

John Roberts Business Park

Canterbury CT5 3BJ

+44 203 053 3523

On behalf of Global Invacom Group Limited:

 

finnCap Ltd (Nominated Adviser and Joint Broker)

Christopher Raggett/Simon Hicks (Corporate Finance)

Rhys Williams (Corporate Broking and Sales)

+44 207 220 0500

 

Mirabaud Securities LLP (Joint Broker)

Peter Krens (Equity Capital Markets)

+44 207 878 3362

 

WeR1 Consultants Pte Ltd (Singapore Investor Relations)

Ian Lau, ianlau@wer1.net

Roshan Singh, roshansingh@wer1.net 

+65 6737 4844

 

About Global Invacom Group Limited

 

Global Invacom Group Limited ("Global Invacom") is listed on the Singapore Exchange Securities Trading Limited Mainboard ("SGX-ST") and its shares are admitted to trading on the AIM Market of the London Stock Exchange in the U.K.

 

Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia, U.K. and the U.S. Its customers include satellite broadcasters such as BSkyB of the U.K. and Dish Network of the U.S.A.

 

On 24 August 2015, Global Invacom completed the acquisition of Global Skyware, a leading U.S.-based designer and supplier of satellite antennas products and services for C-band, Ku-band and Ka-band frequency platforms, positioning itself as the world's only full-service outdoor unit supplier.

 

Global Invacom provides a full range of dish antennas, LNB receivers, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications as well as manufacturing services in TV peripherals, computer peripherals, medical, and consumer electronics industries.

 

For more information, please refer to www.globalinvacom.com

 

FINANCIAL STATEMENT ANNOUNCEMENT FOR Q4 AND YEAR ENDED 31 DECEMBER 2017

 

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

 

1(a) A statement of comprehensive income (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

 

Consolidated Statement of Comprehensive Income for Q4 and the year ended 31 December 2017. These figures have not been audited.

 

Group Group

Q4

FY2017

Q4 FY2016

Increase/(Decrease)

FY2017

FY2016

Increase/

(Decrease)

US$'000

US$'000

%

US$'000

US$'000

%

Revenue

29,757

30,965

(3.9)

115,706

127,308

(9.1)

Cost of sales

(23,493)

(25,155)

(6.6)

(91,515)

(101,283)

(9.6)

Gross profit

6,264

5,810

7.8

24,191

26,025

(7.0)

Other income

335

358

(6.4)

1,335

375

256.0

Distribution costs

(27)

(76)

(64.5)

(290)

(308)

(5.8)

Administrative expenses

(5,405)

(7,869)

(31.3)

(20,950)

(26,395)

(20.6)

Other operating expenses

(47)

(602)

(92.2)

(139)

(689)

(79.8)

Finance income

16

4

300.0

30

17

76.5

Finance costs

(165)

(21)

685.7

(483)

(572)

(15.6)

Profit/(Loss) before income tax(i)

971

(2,396)

N.M.

3,694

(1,547)

N.M.

Income tax expense

(187)

(576)

(67.5)

(745)

(1,156)

(35.6)

 

Profit/(Loss) after income tax attributable to equity holders of the Company

 

 

 

784

 

 

(2,972)

 

 

N.M.

 

 

 

2,949

 

 

 

(2,703)

 

 

 

N.M.

 

Other comprehensive (loss)/income:

Items that may be reclassified subsequently to profit or loss

- Exchange differences on translation of foreign subsidiaries

(38)

64

N.M.

114

295

(61.4)

 

Other comprehensive (loss)/income for the period, net of tax

(38)

64

N.M.

114

295

(61.4)

 

Total comprehensive income/(loss) for the period attributable to equity holders of the Company

746

(2,908)

N.M.

3,063

(2,408)

N.M.

 

N.M.: Not Meaningful

 

Note:

 

(i) Profit/(Loss) before income tax was determined after (charging)/crediting the following:

 

Group

Group

Q4

FY2017

Q4 FY2016

Increase/(Decrease)

FY2017

FY2016

Increase/

(Decrease)

US$'000

US$'000

%

US$'000

US$'000

%

Interest income

16

4

300.0

30

17

76.5

Interest expense

(165)

(21)

685.7

(483)

(572)

(15.6)

Gain/(Loss) on foreign exchange

325

(93)

N.M.

599

(180)

N.M.

Write-back of payables

-

-

N.M.

578

-

N.M.

Gain/(Loss) on disposal of property, plant and equipment

7

(7)

N.M.

(6)

(7)

(14.3)

Impairment of property, plant and equipment

-

(139)

(100.0)

(86)

(139)

(38.1)

Depreciation of property, plant and equipment

(693)

(603)

14.9

(2,563)

(2,478)

3.4

Amortisation of intangible assets

(154)

(198)

(22.2)

(628)

(314)

100.0

Write-back/(Allowance) for inventory obsolescence, net

160

28

471.4

351

(455)

N.M.

(Allowance)/Write-back for impairment of trade receivables, net

(46)

355

N.M.

(46)

355

N.M.

Write-off of trade receivables

-

(363)

(100.0)

-

(363)

 (100.0)

Operating lease expense

(595)

(486)

22.4

(2,857)

(2,987)

(4.4)

Research and development expense

(453)

(475)

(4.6)

(1,646)

(1,652)

(0.4)

Restructuring costs

-

(2,316)

(100.0)

-

(2,316)

(100.0)

Provision for litigation

-

(241)

(100.0)

-

(241)

(100.0)

 

 

 

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.

 

 

 

Group

Company

31 Dec 2017

31 Dec 2016

31 Dec 2017

31 Dec 2016

US$'000

US$'000

US$'000

US$'000

ASSETS

Non-current Assets

Property, plant and equipment

12,393

13,177

7

4

Investments in subsidiaries

-

-

44,874

53,415

Goodwill

9,352

9,352

-

-

Intangible assets

2,172

2,828

-

-

Available-for-sale financial assets

8

8

-

-

Deferred tax assets

198

355

-

-

Other receivables and prepayments

55

55

9,154

-

24,178

25,775

54,035

53,419

Current Assets

Due from subsidiaries

-

-

1,895

867

Inventories

29,022

28,841

-

-

Trade receivables

19,268

16,934

-

-

Other receivables and prepayments

3,361

3,110

5,263

11,202

Tax receivables

11

1,002

-

-

Cash and cash equivalents

7,152

7,942

733

1,251

58,814

57,829

7,891

13,320

 

Total assets

82,992

83,604

61,926

66,739

EQUITY AND LIABILITIES

Equity

Share capital

60,423

60,423

74,240

74,240

Treasury shares

(1,656)

(1,656)

(1,656)

(1,656)

Reserves

(3,297)

(6,453)

(13,320)

(12,929)

Total equity

55,470

52,314

59,264

59,655

Non-current Liabilities

Other payables

111

1,222

-

-

Deferred tax liabilities

489

681

-

-

600

1,903

?

-

-

Current Liabilities

Due to subsidiaries

-

-

2,140

6,820

Trade payables

12,206

16,602

-

-

Other payables

6,528

6,323

454

196

Borrowings

8,025

6,108

-

-

Provision for income tax

163

354

?

68

68

26,922

29,387

2,662

7,084

Total liabilities

27,552

31,290

2,662

7,084

Total equity and liabilities

82,992

83,604

61,926

66,739

1(b)(ii) Aggregate amount of group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

 

As at 31 Dec 2017

As at 31 Dec 2016

Secured

Unsecured

Secured

Unsecured

US$'000

US$'000

US$'000

US$'000

8,025

-

6,108

-

 

Amount repayable after one year

 

As at 31 Dec 2017

As at 31 Dec 2016

Secured

Unsecured

Secured

Unsecured

US$'000

US$'000

US$'000

US$'000

-

-

-

-

 

Details of any collateral

 

The revolving credit loans of US$8,025,000 were secured over the assets of the subsidiaries and corporate guarantees provided by the Company and the subsidiaries.

 

1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.

 

Group Group

Q4 FY2017

Q4 FY2016

FY2017

FY2016

 

US$'000

US$'000

US$'000

US$'000

 

Cash Flows from Operating Activities

 

Profit/(Loss) before income tax

971

(2,396)

3,694

(1,547)

 

Adjustments for:

 

Depreciation of property, plant and equipment

693

603

2,563

2,478

 

Amortisation of intangible assets

154

198

628

314

 

(Gain)/Loss on disposal of property, plant and equipment

(7)

7

6

7

 

Impairment of property, plant and equipment

-

139

86

139

 

(Write-back)/Allowance of inventory obsolescence

(160)

(28)

(351)

455

 

Impairment/(Write-back) of allowance for trade receivables

46

(355)

46

(355)

 

Write-off of trade receivables

-

363

-

363

 

Provision for litigation

-

241

-

241

 

Unrealised exchange (gain)/loss

(230)

210

(203)

140

 

Interest income

(16)

(4)

(30)

(17)

 

Interest expense

165

21

483

572

 

Share-based payments

Write-back of payables

8

-

42

-

93

(578)

260

-

 

Operating cash flow before working capital changes

1,624

(959)

6,437

3,050

 

Changes in working capital:

 

Inventories

2,176

365

171

(1,437)

 

Trade receivables

(1,101)

743

(2,242)

4,224

 

Other receivables and prepayments

(1,056)

341

(242)

857

 

Trade and other payables

(2,260)

(1,543)

(4,867)

(2,011)

 

Cash (used in)/generated from operating activities

(617)

(1,053)

(743)

4,683

 

Interest paid

(58)

(128)

(333)

(662)

 

Income tax refund/(paid)

255

(312)

205

(825)

 

Net cash (used in)/generated from operating activities

(420)

(1,493)

(871)

3,196

 

 

Cash Flows from Investing Activities

 

Interest received

16

10

30

23

 

Purchase of property, plant and equipment

(593)

(517)

(1,923)

(1,888)

 

Proceeds from disposal of property, plant and equipment

23

-

55

-

 

Decrease in restricted cash

-

213

1,200

218

 

Net cash used in investing activities

(554)

(294)

(638)

(1,647)

 

 

 

Group Group

Q4 FY2017

Q4 FY2016

FY2017

FY2016

US$'000

US$'000

US$'000

US$'000

Cash Flows from Financing Activities

Proceeds from borrowings

8,216

10,554

49,193

45,757

Repayment of borrowings

(8,913)

(11,928)

(47,276)

(44,997)

Repayment of shareholders' loan

-

-

-

(2,850)

Net cash (used in)/generated from financing activities

(697)

(1,374)

1,917

(2,090)

 

Net (decrease)/increase in cash and cash equivalents

(1,671)

(3,161)

408

(541)

 

Cash and cash equivalents at the beginning of the period

8,873

10,044

6,742

7,448

 

Effect of foreign exchange rate changes on the balance of cash held in foreign currencies

(50)

(141)

2

(165)

 

Cash and cash equivalents at the end of the period(i)

7,152

6,742

7,152

6,742

 

 

 

Note:

 

(i) For the purpose of presentation in the consolidated statement of cash flows, the consolidated cash and cash equivalents comprise the following:

 

Q4

FY2017

Q4

FY2016

FY2017

FY2016

US$'000

US$'000

US$'000

US$'000

Cash and bank balances

7,122

7,500

7,122

7,500

Fixed deposits

30

442

30

442

7,152

7,942

7,152

7,942

Less: Restricted cash*

-

(1,200)

-

(1,200)

Cash and cash equivalents per the consolidated statement of cash flows

7,152

6,742

7,152

6,742

 

* Restricted cash in Q4 FY2016 included cash collateral of US$1,000,000 and fixed deposits amounted to US$200,000 pledged with the banks for banker's guarantee and loans granted to the Group. As at 31 December 2017, the Group had utilised US$8,025,000 of the facilities and loans granted.

 

 

 

 

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

 

 

 

 

Group

 

 

Share

capital

 

 

Treasury shares

 

 

Merger reserves

 

Capital redemption reserves

 

Share options reserve

 

 

Capital reserve

Foreign currency translation reserve

 

 

Retained profits

 

 

Total

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

Balance as at 1 Jan 2017

60,423

(1,656)

(10,150)

6

613

(3,695)

(986)

7,759

52,314

Share-based payments

-

-

-

-

40

-

-

-

40

Profit for the period

-

-

-

-

-

-

-

605

605

Other comprehensive loss:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

(113)

 

-

 

(113)

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

(113)

 

605

 

492

Balance as at 31 Mar 2017

60,423

(1,656)

(10,150)

6

653

(3,695)

(1,099)

8,364

52,846

Share-based payments

-

-

-

-

35

-

-

-

35

Profit for the period

-

-

-

-

-

-

-

873

873

Other comprehensive income:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

221

 

-

 

221

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

221

 

873

 

1,094

Balance as at 30 Jun 2017

60,423

(1,656)

(10,150)

6

688

(3,695)

(878)

9,237

53,975

Share-based payments

-

-

-

-

10

-

-

-

10

Profit for the period

-

-

-

-

-

-

-

687

687

Other comprehensive income:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

44

 

-

 

44

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

44

 

687

 

731

Balance as at 30 Sep 2017

60,423

(1,656)

(10,150)

6

698

(3,695)

(834)

9,924

54,716

Share-based payments

-

-

-

-

8

-

-

-

8

Profit for the period

-

-

-

-

-

-

-

784

784

Other comprehensive loss:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

(38)

 

-

 

(38)

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

(38)

 

784

 

746

Balance as at 31 Dec 2017

60,423

(1,656)

(10,150)

6

706

(3,695)

(872)

10,708

55,470

 

 

 

 

Group

 

 

Share

capital

 

 

Treasury shares

 

 

Merger reserves

 

Capital redemption reserves

 

Share options reserve

 

 

Capital reserve

Foreign currency translation reserve

 

 

Retained profits

 

 

Total

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

Balance as at 1 Jan 2016

60,423

(1,656)

(10,150)

6

353

(3,786)

 (1,281)

10,553

54,462

Share-based payments

-

-

-

-

87

-

-

-

87

Loss for the period

-

-

-

-

-

-

-

(654)

(654)

Other comprehensive loss:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

578

 

-

 

578

Total other comprehensive loss for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

578

 

(654)

 

(76)

Balance as at 31 Mar 2016

60,423

(1,656)

(10,150)

6

440

(3,786)

(703)

9,899

54,473

Share-based payments

-

-

-

-

86

-

-

-

86

Profit for the period

-

-

-

-

-

-

-

225

225

Other comprehensive loss:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

(99)

 

-

 

(99)

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

(99)

 

225

 

126

Balance as at 30 Jun 2016

60,423

(1,656)

(10,150)

6

526

(3,786)

(802)

10,124

54,685

Share-based payments

-

-

-

-

45

-

-

-

45

Transfer to capital reserve in accordance with statutory requirements

 

-

 

-

 

-

 

-

 

-

 

91

 

-

 

(91)

 

-

Profit for the period

-

-

-

-

-

-

-

698

698

Other comprehensive loss:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

(248)

 

-

 

(248)

Total other comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

(248)

 

698

 

450

Balance as at 30 Sep 2016

60,423

(1,656)

(10,150)

6

571

(3,695)

(1,050)

10,731

55,180

Share-based payments

-

-

-

-

42

-

-

-

42

Loss for the period

-

-

-

-

-

-

-

(2,972)

(2,972)

Other comprehensive income:

Exchange differences on translating foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

 

64

 

-

 

64

Total other comprehensive loss for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

64

 

(2,972)

 

(2,908)

Balance as at 31 Dec 2016

60,423

(1,656)

(10,150)

6

613

(3,695)

(986)

7,759

52,314

 

 

 

 

Company

 

Share

capital

 

 

Treasury shares

 

Share options reserve

 

 

Capital reserve

Foreign currency translation reserve

 

 

Accumulated losses

 

 

 

Total

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

Balance as at 1 Jan 2017

74,240

(1,656)

613

(4,481)

(2,067)

(6,994)

59,655

Share-based payments

-

-

38

-

-

-

38

Loss for the period

-

-

-

-

-

(85)

(85)

Other comprehensive income:

Exchange differences on translating foreign operations

-

 

-

-

 

-

140

-

 

140

Total other comprehensive income for the period

-

 

-

-

 

-

140

 

(85)

 

55

Balance as at 31 Mar 2017

74,240

(1,656)

651

(4,481)

(1,927)

(7,079)

59,748

Share-based payments

-

-

37

-

-

-

37

Loss for the period

-

-

-

-

-

(56)

(56)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive loss for the period

-

-

-

 

-

-

(56)

 

(56)

Balance as at 30 Jun 2017

74,240

(1,656)

688

(4,481)

(1,927)

(7,135)

59,729

Share-based payments

-

-

10

-

-

-

10

Loss for the period

-

-

-

-

-

(371)

(371)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive loss for the period

-

-

-

 

-

-

(371)

 

(371)

Balance as at 30 Sep 2017

74,240

(1,656)

698

(4,481)

(1,927)

(7,506)

59,368

Share-based payments

-

-

8

-

-

-

8

Loss for the period

-

-

-

-

-

(112)

(112)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive loss for the period

-

-

-

 

-

-

(112)

 

(112)

Balance as at 31 Dec 2017

74,240

(1,656)

706

(4,481)

(1,927)

(7,618)

59,264

 

 

 

 

Company

 

Share

capital

 

 

Treasury shares

 

Share options reserve

 

 

Capital reserve

Foreign currency translation reserve

 

 

Accumulated losses

 

 

 

Total

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

Balance as at 1 Jan 2016

74,240

(1,656)

353

(4,481)

(2,067)

(5,007)

61,382

Share-based payments

-

-

87

-

-

-

87

Loss for the period

-

-

-

-

-

(527)

(527)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

 

-

-

-

 

-

Total other comprehensive loss for the period

-

 

-

-

 

-

-

 

(527)

 

(527)

Balance as at 31 Mar 2016

74,240

(1,656)

440

(4,481)

(2,067)

(5,534)

60,942

Share-based payments

-

-

86

-

-

-

86

Loss for the period

-

-

-

-

-

(996)

(996)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive loss for the period

-

-

-

 

-

-

(996)

 

(996)

Balance as at 30 Jun 2016

74,240

(1,656)

526

(4,481)

(2,067)

(6,530)

60,032

Share-based payments

-

-

45

-

-

-

45

Profit for the period

-

-

-

-

-

50

50

Other comprehensive income:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive income for the period

-

-

-

 

-

-

50

 

50

Balance as at 30 Sep 2016

74,240

(1,656)

571

(4,481)

(2,067)

(6,480)

60,127

Share-based payments

-

-

42

-

-

-

42

Loss for the period

-

-

-

-

-

(514)

(514)

Other comprehensive loss:

Exchange differences on translating foreign operations

-

 

-

-

-

 

-

-

 

-

Total other comprehensive loss for the period

-

-

-

 

-

-

(514)

 

(514)

Balance as at 31 Dec 2016

74,240

(1,656)

613

(4,481)

(2,067)

(6,994)

59,655

 

1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on.

State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.

 

FY2017

No. of shares

US$'000

 

 

Balance as at 1 Jan 2017 and 31 Dec 2017

271,662,227

72,584

 

 

FY2016

No. of shares

US$'000

 

 

Balance as at 1 Jan 2016 and 31 Dec 2016

271,662,227

72,584

 

There were 10,740,072 treasury shares held by the Company as at 31 December 2017 and 31 December 2016 and there were no subsidiary holdings.

 

1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.

 

31 Dec 2017

31 Dec 2016

Total number of issued shares excluding treasury shares

271,662,227

271,662,227

 

1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.

FY2017

No. of shares

US$'000

Balance as at 1 Jan 2017 and 31 Dec 2017

10,740,072

1,656

 

 

1(d)(v) A statement showing all sales, transfers, cancellation and/or use of subsidiary holdings as at the end of the current financial period reported on.

 

FY2017

No. of shares

US$'000

Balance as at 1 Jan 2017 and 31 Dec 2017

-

-

 

 

2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.

 

These figures have not been audited or reviewed.

 

 

3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).

 

Not applicable.

 

 

 

4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.

 

The accounting policies and methods of computation have been applied consistently for the current financial period ended 31 December 2017 as those used in the audited financial statements for the year ended 31 December 2016, except for the adoption of the new or revised International Financial Reporting Standards ("IFRS") applicable for the financial period beginning 1 January 2017.

 

 

5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.

 

The Group has adopted all of the new or revised IFRS that are effective for the financial period beginning 1 January 2017 and are relevant to its operations. The adoption of these IFRS does not have financial impact on the Group's financial position or results.

 

 

6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.

 

Earnings per ordinary share of the Group, after deducting any provision for preference dividends

GroupGroup

Q4

FY2017

US$

Q4

FY2016

US$

FY2017

 US$

FY2016

US$

(a) Based on weighted average number of ordinary shares on issue; and

0.29 cent

(1.09) cents

1.09 cents

(1.00) cent

(b) On a fully diluted basis

0.29 cent*

(1.09) cents

1.08 cents

(1.00) cent

Weighted average number of ordinary shares used in computation of basic earnings per share

271,662,227

271,482,055

271,662,227

271,482,055

Weighted average number of ordinary shares used in computation of diluted earnings per share

224,888,356

272,078,632

271,915,839

271,724,745

 

* Diluted earnings per share for Q4 FY2017 is the same as the basic earnings per share because the potential ordinary shares to be converted are anti-dilutive as the effect of the share conversion would be to increase the earnings per share.

 

 

7. Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the:

(a) current financial period reported on; and

(b) immediately preceding financial year.

 

Group

Company

31 Dec 2017

US$

31 Dec 2016

US$

31 Dec 2017

US$

31 Dec 2016

US$

Net asset value per ordinary share based on issued share capital

 

20.42 cents

19.26 cents

21.82 cents

21.96 cents

Total number of issued shares

271,662,227

271,662,227

271,662,227

271,662,227

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:

(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and

(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.

 

Review of Financial Performance

 

Revenue

 

The Group's revenue for the twelve months ended 31 December 2017 ("FY2017") decreased by US$11.6 million to US$115.7 million from US$127.3 million in the prior year ("FY2016") primarily driven by the anticipated US$11.0 million reduction following the consolidation of the non-core Contract Manufacturing segment in the People's Republic of China ("PRC"). Revenue for the quarter ended ("Q4 FY2017") amounted to US$29.8 million, US$1.2 million lower than US$31.0 million in the prior quarter ("Q4 FY2016"), again mainly attributed to the US$2.0 million reduction from the consolidation of operations in Shenzhen.  

 

Geographically, and again largely impacted by the cessation of the Contract Manufacturing operation, Group revenue for FY2017 declined in America, Europe and Asia by US$3.4 million (-4.1%), US$7.1 million (-23.0%) and US$1.6 million (-19.1%), respectively, partially offset by contributions in Rest of the World ("RoW") by US$0.5 million (+11.3%). Revenue for Q4 FY2017 declined in Europe, Asia and RoW by US$0.3 million (-4.8%), US$1.6 million (-56.7%) and US$0.1 million (-10.4%), respectively, offset by an increase in America by US$0.8 million (+4.1%) compared to the earlier year.

 

Gross Profit

 

Although gross profit for FY2017 decreased by US$1.8 million to US$24.2 million compared to US$26.0 million in FY2016 due to reduced revenue, the gross profit margin improved 0.5% to 20.9%.

 

For Q4 FY2017, gross profit increased by US$0.5 million to US$6.3 million from US$5.8 million on lower revenues driven by a gross margin improvement of 2.3% to 21.1% from process improvements and a more favourable product mix.

 

Other Income and Other Operating Expenses

 

Other income in Q4 FY2017 derived primarily from foreign exchange gains while other operating expenses were made up from allowances for impairment of trade receivables.

 

Administrative Expenses

 

Administrative expenses for FY2017 decreased 20.6% to US$21.0 million compared to US$26.4 million in FY2016, representing 18.1% and 20.7% of revenue respectively, relating to cost-saving initiatives and the absence in FY2017 of employee compensation payments amounting to approximately US$2.3 million relating to the PRC restructuring. The absence of these latter costs together with the consolidation of the two PRC operations into one (in Shanghai) resulted in administrative expenses decreasing 31.3% to US$5.4 million in Q4 FY2017 from US$7.9 million the year earlier, representing 18.2% and 25.4% of revenue, respectively.

 

Profit Before Tax & Net Profit

 

The Group posted a profit before tax of US$3.7 million in FY2017, reversing a US$1.5 million loss before tax the year earlier. Underlying profit before tax also improved by US$1.9 million year-on-year taking into account the FY2016, one-off expense of US$2.5 million for restructuring and impairment of the Shenzhen subsidiary and US$0.8 million relating to associated professional fees. Correspondingly, FY2017 margins improved to 3.2%, overturning the 1.2% adverse contribution in FY2016.

 

For the quarter ended Q4 FY2017, the Group recorded US$1.0 million profit before tax compared to US$2.4 million loss before tax in the prior year quarter, representing margins of 3.3% and negative 7.7%, respectively.

Overall, the Group posted a net profit of US$2.9 million in FY2017, contrasting to a US$2.7 million net loss in FY2016, representing net margins improved to 2.5% from negative 2.1% respectively.

The Group recorded a net profit of US$0.8 million in Q4 FY2017 compared to a net loss of US$3.0 million the prior year quarter, representing a positive net margin of 2.6% against a negative net margin of 9.6%, respectively.

 

Review of Financial Position

 

Non-current assets decreased, primarily due to the depreciation of property, plant and equipment, amortisation of intangible assets as well as a reduction in deferred tax assets.

 

Net current assets increased by US$3.5 million to US$31.9 million as at 31 December 2017 compared to US$28.4 million as at 31 December 2016. Inventories increased marginally by US$0.2 million and trade and other receivables increased by US$2.6 million owing to late quarter revenues and slower customer payments at the year end. Trade and other payables decreased by US$4.2 million following the continuing rectification of trade supplier payments primarily in the US operation. Borrowings increased by US$1.9 million to US$8.0 million as part of these rectifications and cash and cash equivalents reduced marginally to US$7.1 million as at 31 December 2017 compared to US$7.9 million as at 31 December 2016. Net tax receivables decreased by US$0.8 million to net tax payables of US$0.2 million as at 31 December 2017.

 

Non-current liabilities reduced with the reclassification of payables to current payables and the contraction of deferred tax liabilities.

 

The Group's net asset value stood at US$55.5 million as at 31 December 2017, compared to US$52.3 million as at 31 December 2016.

 

Review of Cash Flows

 

In Q4 FY2017, net cash used in operating activities amounted to US$0.4 million, comprising US$1.6 million cash inflow from operating activities (before working capital changes), US$2.2 million net working capital outflow and US$0.1 million payment of interest, offset by US$0.3 million refund of income tax.

 

In FY2017, net cash used in operating activities amounted to US$0.9 million, comprising US$6.4 million cash inflow from operating activities (before working capital changes), US$7.2 million net working capital outflow and US$0.3 million payment of interest, offset by US$0.2 million refund of income tax.

 

Net cash used in investing activities in Q4 FY2017 and FY2017 amounted both to US$0.6 million, relating predominately to purchase of machinery.

 

Net cash used in financing activities amounted to US$0.7 million in Q4 FY2017 and net cash generated from financing activities amounted to US$1.9 million in FY2017, attributable to the net repayment and proceeds of borrowings, respectively.

Overall, the Group recorded a net decrease in cash and cash equivalents amounting to US$1.7 million in Q4 FY2017 opposed to a net increase of US$0.4 million in FY2017, bringing cash and cash equivalents per the consolidated statement of cash flows to US$7.2 million as at 31 December 2017.

 

 

9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

 

No prospect statement was made.

 

 

10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

 

In the face of the continuous newsflow regarding the increase in Over-The-Top (OTT) viewing and the reduction in satellite subscribers in the developed markets, it is interesting to note that the market for satellite ground equipment, according to the Satellite Industry Association's 2017 State of the Satellite Industry Report1, grew 2% to US$260.5 billion, attributed mainly to increasing consumer appetite for higher quality video (4K and developing 8K) and commercial viability in remote areas. Moreover, the inherent cost-effectiveness of satellite provision over its cable alternative reflects shifting avenues of media dissemination of an ever-growing library of video content.

 

Against the backdrop of this market, the Group has positioned itself for future growth through i) the turnaround of its US operation (acquisition completed in August 2015) and Israeli operation (acquisition completed in November 2014) both of which have just achieved their first year of profitability in over ten years; ii) the consolidation of its PRC manufacturing activities and the reduction of activities in contract manufacturing; and iii) enhancing its product pipeline. These have the potential to improve operational efficiency and Group-wide supply chain improvements while sharpening the Group's focus on its satellite ground equipment business.

 

The Group as a whole will continue to emphasise on R&D to strengthen its product offerings. New products launched in the second half of FY2017 included the Western Arc Hybrid LNB. For FY2018, new products to be launched include slimline products, new satellite antennas as well as low-cost Low Noise Blocks based on a new chip design. For the VSAT market, the Group continues to observe rising demand in developing countries and increasing availability, at a lower price point, proving satellites as a viable option over traditional avenues.

 

Despite OTT and service bundling, broadcasters will continue to offer new services and enter into new markets, leveraging on the latest innovations and technologies.

 

Global sporting events such as 2018 Football World Cup in Russia, 2019 Rugby World Cup and the 2020 Summer Olympics in Japan have garnered significant government and commercial attention and commitment to developing the infrastructure. The Japanese government is seeking to implement 8K in time for the 2020 Olympics. While 4K testing has already begun through the SKY Perfect JSAT satellite service, private and public architecture have accelerated the provision of the 7680 x 4320 (8K) resolution, 4 and 16 times as sharp as 4K and 1080p, respectively.

 

TV-makers Panasonic and Sony have partnered with broadcaster NHK and others to develop technology and TV sets capable of viewing the 8K video. On 31 January 2018, the Group incorporated an office in Japan which will utilise the sales and distribution services of our hub based in Malaysia that is looking to develop business opportunities in Asia and Australasia.

 

1 https://www.sia.org/wp-content/uploads/2017/07/SIA-SSIR-2017.pdf

 

 

 

11. Dividend

 

(a) Current Financial Period Reported On 

 

Any dividend declared for the current financial period reported on?

 

None.

 

(b) Corresponding Period of the Immediately Preceding Financial Year

 

Any dividend declared for the corresponding period of the immediately preceding financial year?

 

None.

 

(c) Date payable

 

Not applicable.

 

(d) Books closure date

 

Not applicable.

 

 

12. If no dividend has been declared/recommended, a statement to that effect.

 

No dividend has been declared or recommended for the year ended 31 December 2017.

PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

 

 

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year.

13(a) Reportable Operating Segments

 

The business of the Group is organised into the following product segments:

 

· Satellite Communications ("Sat Comms")

· Contract Manufacturing ("CM")

 

For management purposes, the Group is organised into business segments based on their products as the Group's risks and rates of return are affected predominantly by differences in the products produced. Each product segment represents a strategic business unit and management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.

 

Segment results represent the profit earned by each segment without allocation of finance income/costs and taxation. Segment assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprised mainly corporate assets and liabilities, borrowings and income taxes. Segment revenue includes transfers between operating segments. Such transfers are accounted for at competitive market prices charged to unaffiliated customers for similar goods. The transfers are eliminated on consolidation. No operating segments have been aggregated to form the following reportable operating segments.

 

FY2017

Sat Comms

CM

Group

 

US$'000

US$'000

US$'000

 

Revenue

109,314

6,392

115,706

Operating profit

3,494

653

4,147

Finance income

30

Finance costs

(483)

Income tax expense

(745)

Profit for the year

2,949

Amortisation of intangible assets

628

-

628

Depreciation of property, plant and equipment

2,479

84

2,563

Addition to property, plant and equipment

1,816

107

1,923

Impairment of property, plant and equipment

-

86

86

Write-back for inventory obsolescence, net

(351)

-

(351)

Allowance for impairment of trade receivables, net

46

-

46

Assets and liabilities

Segment assets

73,930

7,857

81,787

Unallocated assets

- Non-current assets

9

- Other receivables

254

- Deferred tax assets

198

- Cash and cash equivalents

733

- Tax receivables

11

Total assets

82,992

 

FY2017

Sat Comms

CM

Group

 

US$'000

US$'000

US$'000

 

Segment liabilities

16,641

1,711

18,352

Unallocated liabilities

- Other payables

493

- Provision for income tax

163

- Deferred tax liabilities

489

- Borrowings

8,025

Total liabilities

27,522

 

 

FY2016

 

Revenue

109,869

17,439

127,308

Operating profit/(loss)

1,318

(2,310)

(992)

Finance income

17

Finance costs

(572)

Income tax expense

(1,156)

Loss for the year

(2,703)

Amortisation of intangible assets

314

-

314

Depreciation of property, plant and equipment

2,297

181

2,478

Addition to property, plant and equipment

1,856

32

1,888

Impairment of property, plant and equipment

-

139

139

Allowance/(Write-back) for inventory obsolescence, net

794

(339)

455

Write-back of allowance for impairment of trade receivables, net

(20)

(335)

(355)

Write-off of trade receivables

28

335

363

Provision of litigation

241

-

241

Assets and liabilities

Segment assets

74,671

7,120

81,791

Unallocated assets

- Non-current assets

4

- Other receivables

201

- Deferred tax assets

355

- Cash and cash equivalents

251

- Tax receivables

1,002

Total assets

83,604

Segment liabilities

21,170

2,781

23,951

Unallocated liabilities

- Other payables

196

- Provision for income tax

354

- Deferred tax liabilities

681

- Borrowings

6,108

Total liabilities

31,290

 

 

13(b) Geographical Information

 

Revenue and non-current assets information based on the geographical location of customers and assets respectively are as follows:

 

 

 

FY2017

America

US$'000

Europe

US$'000

Asia

US$'000

Rest of the World

US$'000

Group

US$'000

Revenue

81,066

23,687

6,569

4,384

115,706

Non-current assets

5,256

15,941

2,661

114

23,972

 

 

 

FY2016

America

US$'000

Europe

US$'000

Asia

US$'000

Rest of the World

US$'000

Group

US$'000

Revenue

84,505

30,745

8,119

3,939

127,308

Non-current assets

5,500

12,949

6,854

109

25,412

 

 

14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.

 

Please refer to Note 8.

 

 

15. A breakdown of sales.

FY2017

US$'000

FY2016

US$'000

% increase/

(decrease)

(a)

Sales reported for first half year

57,424

64,275

(10.7)

(b)

Operating profit/(loss) after income tax before deducting minority interests reported for first half year

1,478

(429)

N.M.

(c)

Sales reported for second half year

58,282

63,033

(7.5)

(d)

Operating profit/(loss) after income tax before deducting minority interests reported for second half year

1,471

(2,274)

N.M.

 

 

16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year.

 

FY2017

US$'000

FY2016

US$'000

Ordinary

-

-

Preference

-

-

Total Annual Dividend

-

-

 

 

 

17. If the Group has obtained a general mandate from shareholders for Interested Person Transactions ("IPTs"), the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPTs mandate has been obtained, a statement to that effect.

 

The Company does not have a shareholders' mandate for IPTs and there were no IPTs for the year ended 31 December 2017.

 

 

18. Confirmation that the Company has procured undertaking from all its directors and executive officers pursuant to Rule 720(1).

 

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual of the Singapore Exchange Securities Trading Limited.

 

 

19. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13) in the format below. If there are no such persons, the issuer must make an appropriate negative statement.

 

Neither Global Invacom Group Limited nor any of its principal subsidiaries have any person occupying a managerial position who is related to a director, chief executive officer or substantial shareholder.

 

 

BY ORDER OF THE BOARD

Anthony Brian Taylor

Executive Chairman

 

 

1 March 2018

 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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