TIDMGINV
RNS Number : 6063Q
Global Invacom Group Limited
01 March 2021
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Final Results for the year ended 31 December 2020
Singapore/London, 1 March 2021 - Global Invacom (SGX: QS9) (AIM:
GINV), the fully integrated provider of satellite communications
equipment and electronics, announces its financial results for the
year ended 31 December 2020 ("FY2020").
Despite the international challenges brought about by the
COVID-19 pandemic, the Group is pleased to report a profit for the
year.
Key financial highlights:
-- Revenue for FY2020 decreased 23.4% to US$103.1 million (FY2019: US$134.5 million)
-- Gross profit increased to US$25.7 million (FY2019: US24.1* million)
-- Net profit increased to US$2.6 million (FY2019: US$12.3 million net loss**)
-- Robust net cash at 31 December 2020 of US$7.4 million
* includes US$4.1 million impairment costs related to the
closure of the Group's Shanghai manufacturing facility.
** Includes US$16.3 million costs relating to the closure of the
Shanghai manufacturing facility and the impairment loss on goodwill
and receivables.
Key operational highlights:
-- Completed the full relocation of Shanghai manufacturing operations to third-party subcontract manufacturer in the
Philippines
-- Group identified as an essential supplier for its supply of equipment to the communications, healthcare and
defence markets
-- Majority of manufacturing sites remained operational during the COVID-19 pandemic; however widespread supply
chain disruption continues to cause delays in forward sales
-- Continued focus on Data over Satellite ("DOS") and Direct to Home markets with management emphasising on the
higher growth DOS market
The global COVID-19 pandemic has provided the economic backdrop
for 2020 and the Group's performance has been impacted by the
associated market and worldwide disruption and uncertainty. The
health and safety of our staff, partners, suppliers and customers
has been our priority throughout 2020 and into 2021. Global Invacom
has always been a people-driven business, with teams across the
Group being essential to our ongoing success. The board of
directors would like to thank the Group's employees for their
outstanding contribution, during what has been an especially
challenging period for all.
The impact of the COVID-19-related restrictions, including
lockdowns in all countries in which we operate and the
much-publicised disruption to global supply chains and
international travel was, in part, mitigated by our diversified
manufacturing footprint and by our classification as an essential
supplier, with the Group seeing continued demand for its equipment
from the key communications and healthcare sectors. The Group was
also able to safely and effectively transition some of its office
and R&D staff to remote working. The Group continues to monitor
the pandemic closely and, where it is safe and prudent to do so, is
returning staff to work following government guidelines.
The Group's customer base was also negatively affected by the
pandemic and order volume fell throughout 2020. However, Global
Invacom remained profitable in three out of four quarters of the
year and was profitable for the year as a whole. This was aided by
a number of strategic cost-saving initiatives implemented by
management last year. Most notably, our Shanghai site ceased
manufacturing in July 2020, as the Group transitioned to
third-party subcontractors, based in the Philippines. In Europe and
the United States ("US"), the Group restructured development, sales
and marketing teams to focus on emerging DOS products. We expect
this transition to deliver meaningful annualised savings in 2021,
while also reducing the Group's exposure to increased production
costs and trade disputes between the US and China.
The Group continues to see increased demand for DOS technology
and services, as consumer appetite for constant connectivity grows.
With ever-growing data consumption across all geographies,
underpinned by increased levels of remote working, service
providers will continue to adopt satellite solutions to meet the
significant growth in demand.
The Group remains well-positioned to benefit from the recovery
of the global economy and the continued growth of its target, DOS
market. As worldwide COVID-19 vaccination programmes have their
desired effect and demand begins to normalise, Global Invacom's
products will continue to play a significant role in meeting the
continued growth in demand for data and connectivity.
Board Composition
Following Basil Chan's decision to step down from the board of
directors (the "Board") in June 2020, we were pleased to confirm
the appointment of Wayne Porritt in October 2020. Mr Porritt
replaced Mr Chan as an Independent Director. Having previously held
various directorship and advisory roles in corporate and non-profit
organisation, including Standard Chartered Bank, Bank of America,
Société Générale and Ernst & Young, Mr Porritt brings a wealth
of experience to the Board.
In December 2020, the Company announced that after seven years
with the business, Matthew Garner had stepped down as Chief
Financial Officer ("CFO") and as a member of the Board in order to
pursue other business interests. The Board has no current intention
to appoint a new CFO and the Group's joint Financial Controllers,
Wendy Isabel Wong and Andrew Martin have jointly assumed the
overall responsibility for the Group's financial function.
Tony Taylor, Executive Chairman of Global Invacom,
commented:
"2020 was a uniquely challenging year for Global Invacom and on
behalf of myself and the board, I would like to thank our teams
around the world for not only keeping the business running, but
also helping to deliver another profitable year for the Group.
Despite the many headwinds faced during 2020, our strategic
direction remains unchanged, and, whilst early in the year, we are
well positioned for a constructive 2021, as the global economy
recovers and the demand for uninterrupted connectivity and data
expands."
Financial Review
Revenue for the 12 months ended 31 December 2020 ("FY2020")
decreased 23.4% to US$103.1 million from US$ 134.5 million the
previous year ("FY2019"). Revenue of US$50.3 million for the second
half year ended 31 December 2020 ("2H FY2020") was 19.6% lower than
the corresponding period in 2019 ("2H FY2019").
Geographically, Group revenue for FY2020 decreased in America
and Europe by US$24.4 million (-26.1%) and US$7.3 million (-23.4%),
respectively, offset by an increase in Rest of the World ("RoW") by
US$0.2 million (+3.7%). Revenue for Asia remained constant in the
comparative period. Revenue for 2H FY2020 decreased in America,
Europe and Asia by US$8.1 million (-19.5%), US$4.3 million (-26.8%)
and US$0.8 million (-26.2%), respectively, offset by an increase in
RoW by US$0.9 million (+43.8 %) compared to the prior year.
The decrease in revenue, offset by a more profitable product
mix, manufacturing efficiencies and cost reduction programs,
resulted in a 6.8% increase in gross profit for FY2020 to US$25.7
million compared with FY2019 of US$24.1 million.
Administrative expenses decreased to US$23.0 million in FY2020
from US$27.4 million in FY2019, due to r eduction in travelling,
marketing and trade shows during this pandemic period. Excluding
the one-off compensation and restructuring costs for the closure of
the Shanghai manufacturing facility and restructuring process in
the UK based facilities in both FY2020 and FY2019, the
administrative expenses would be US$22.5 million and US$23.2
million, respectively .
In the year ended 31 December 2020, the Group recorded a net
profit of US$2.6 million (FY2019: US$12.3 million net loss).
Reversing the one-off costs for the Shanghai planned closure,
impairment of goodwill and receivables, would give the Group a net
profit of US$4.0 million in FY2019.
The Group recorded a net increase in cash and cash equivalents
amounting to US$2.3 million in FY2020 bringing cash and cash
equivalents per the consolidated statement of cash flows to US$11.3
million as at 31 December 2020. Overall net cash in the Group,
combining cash and cash equivalents against borrowings, improved by
US$7.4 million in FY2020.
For further information, please contact:
Global Invacom Group Limited www.globalinvacom.com
Tony Taylor, Executive Chairman via Vigo Communications
Strand Hanson Limited (Nominated Adviser www.strandhanson.co.uk
and Broker)
James Harris / Jack Botros Tel: +44 20 7409 3494
Vigo Communications (Media & Investor www.vigocomms.com
Relations)
Jeremy Garcia / Charlie Neish Tel: +44 20 7390 0238
ginv@vigocomms.com
About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment
provider with sites across Singapore, China, Indonesia,
Philippines, Malaysia, Israel, UK and the US. Its customers include
satellite broadcasters such as Sky Group of the UK and Dish Network
of the USA and Data over Satellite providers including Hughes
Network Systems, Viasat and Gilat Satellite Networks.
Global Invacom provides a full range of satellite ground
equipment including antennas, LNB receivers, transceivers, fibre
distribution equipment, transmitters, switches, and video
distribution components, as well as manufacturing services for the
defence and healthcare sectors. The Group is the world's only
full--service outdoor unit supplier.
Global Invacom is listed on the Mainboard of the Singapore
Exchange Securities Trading Limited and its shares are admitted to
trading on the AIM Market of the London Stock Exchange.
For more information, please refer to www.globalinvacom.com
.
FINANCIAL STATEMENT ANNOUNCEMENT FOR 2H AND YEARED 31 DECEMBER
2020
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 2H and the
year ended 31 December 2020. These figures have not been
audited.
Group Group
-------------------------------------------------- ---------------------------------------------
2H 2H FY2019 Increase/ Increase/
FY2020 (Decrease) FY2020 FY2019 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Revenue 50,285 62,564 (19.6) 103,058 134,509 (23.4)
Cost of sales (36,930) (53,577) (31.1) (77,353) (110,443) (30.0)
Gross profit 13,355 8,987 48.6 25,705 24,066 6.8
Other income 2,099 275 663.3 2,224 244 811.5
Distribution
costs (67) (120) (44.2) (182) (292) (37.7)
Administrative
expenses (11,959) (15,232) (21.5) (22,989) (27,429) (16.2)
Impairment loss
on other
receivables - (2,538) (100.0) - (2,538) (100.0)
Other operating
expenses (516) (5,445) (90.5) (894) (5,678) (84.3)
Finance income 1 132 (99.2) 22 230 (90.4)
Finance costs (333) (736) (54.8) (762) (1,146) (33.5)
Profit/(Loss)
before
income tax(i) 2,580 (14,677) N.M. 3,124 (12,543) N.M.
Income tax
(expense)/credit (313) 802 N.M. (515) 254 N.M.
---------------------- ------------ ------------ --------------- ------------- -------------
Profit/(Loss)
for the
period 2,267 (13,875) N.M. 2,609 (12,289) N.M.
---------------------- ------------ ------------ --------------- ------------- -------------
Other comprehensive
income/(loss):
Items that may be reclassified
subsequently to profit
or loss
* Exchange differences on translation of foreign
subsidiaries 358 170 110.6 253 72 251.4
Other comprehensive
income for the period,
net of tax 358 170 110.6 253 72 251.4
------------ ------------ ------------------ ------------ -------------------------- ------------------
Total comprehensive
income/(loss) for the
period 2,625 (13,705) N.M. 2,862 (12,217) N.M.
------------ ------------ ------------------ ------------ -------------------------- ------------------
Profit/(Loss) for the
period attributable
to:
Equity holders of the
Company 2,269 (13,864) N.M. 2,614 (12,278) N.M.
Non-controlling interests (2) (11) (81.8) (5) (11) (54.5)
------ --------- ------- ------ --------- -------
2,267 (13,875) N.M. 2,609 (12,289) N.M.
------ --------- ------- ------ --------- -------
Total comprehensive
income/(loss) for the
period attributable
to:
Equity holders of the
Company 2,627 (13,694) N.M. 2,867 (12,206) N.M.
Non-controlling interests (2) (11) (81.8) (5) (11) (54.5)
------ --------- ------- ------ --------- -------
2,625 (13,705) N.M. 2,862 (12,217) N.M.
------ --------- ------- ------ --------- -------
N.M.: Not Meaningful
Note:
(i) Profit/(Loss) before income tax was determined after (charging)/crediting the following:
(ii)
Group Group
--------------------------------- --------------------------------
2H 2H Increase/ Increase/
FY2020 FY2019 (Decrease) FY2020 FY2019 (Decrease)
US$'000 US$'000 % US$'000 US$'000 %
Interest income 1 132 (99.2) 22 230 (90.4)
Interest expense (333) (736) (54.8) (762) (1,146) (33.5)
Write-back of payables - 74 (100.0) - 74 (100.0)
Waiver of loan 1,472 - N.M. 1,472 - N.M.
Amortisation of intangible assets (343) (460) (25.4) (789) (920) (14.2)
Depreciation of property, plant and equipment (1,261) (1,710) (26.3) (2,649) (3,283) (19.3)
Depreciation of right-of-use assets (1,188) (1,252) (5.1) (2,264) (2,404) (5.8)
Gain on disposal of property, plant and
equipment 424 33 N.M. 424 20 N.M.
Impairment loss on property, plant and
equipment - (2,185) (100.0) - (2,185) (100.0)
Impairment loss on trade receivables (35) - N.M. (309) - N.M.
Impairment loss on other receivables - (2,538) (100.0) - (2,538) (100.0)
Impairment loss on goodwill - (3,260) (100.0) - (3,260) (100.0)
Bad debts written off - - - - (16) (100.0)
Inventory written off (2,663) (1,256) 112.0 (2,663) (1,256) 112.0
Restructuring costs (510) (4,113) (87.6) (510) (4,188) (87.8)
Reinstatement costs (299) - N.M. (299) - N.M.
Operating lease expense (15) (10) 50.0 (15) (10) 50.0
Write-back/(Allowance) for inventory
obsolescence, net 3,229 (3,080) N.M. 3,210 (2,816) N.M.
(Loss)/Gain on foreign exchange (182) 166 N.M. (284) (214) 32.7
Research and development expense (708) (610) 16.1 (1,589) (1,671) (4.9)
1(b)(i) A statement of financial position (for the issuer and
group), together with a comparative statement as at the end of the
immediately preceding financial year.
Group Company
------------------------------------------ -----------------------------------------
31 Dec 31 Dec 31 Dec 31 Dec
2020 2019 2020 2019
US$'000 US$'000 US$'000 US$'000
ASSETS
Non-current Assets
Property, plant and
equipment 9,410 10,254 82 168
Right-of-use assets 6,340 7,533 162 144
Investments in
subsidiaries - - 27,102 27,586
Goodwill 6,092 6,092 - -
Intangible assets 2,291 3,104 - -
Other financial assets 8 8 - -
Deferred tax assets 1,363 975 - -
Other receivables and
prepayments 54 54 10,563 10,100
25,558 28,020 37,909 37,998
------------------- --------------------- -------------------- -------------------
Current Assets
Due from subsidiaries - - 4,045 4,105
Inventories 26,816 25,795 - -
Trade receivables 10,689 19,846 - -
Other receivables and
prepayments 2,033 1,909 3,513 3,407
Tax receivables - 38 - -
Cash and cash equivalents 11,273 8,912 150 610
------------------- --------------------- -------------------- -------------------
50,811 56,500 7,708 8,122
------------------- --------------------- -------------------- -------------------
Total assets 76,369 84,520 45,617 46,120
------------------- --------------------- -------------------- -------------------
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 (11,824) (14,691) (28,302) (26,853)
------------------- --------------------- -------------------- -------------------
Equity attributable to
owners of the Company 46,943 44,076 44,282 45,731
Non-controlling interests (16) (11) - -
------------------- --------------------- -------------------- -------------------
Total equity 46,927 44,065 44,282 45,731
------------------- --------------------- -------------------- -------------------
Non-current Liabilities
Other payables 124 108 - -
Lease liabilities 4,848 5,948 39 35
Deferred tax liabilities 634 428 - -
5,606 6,484 39 35
------------------- --------------------- -------------------- -------------------
Current Liabilities
Due to subsidiaries - - 835 -
Trade payables 12,509 12,903 - -
Other payables 5,589 10,238 333 238
Borrowings 3,883 8,929 - -
Lease liabilities 1,854 1,897 128 116
Provision for income
tax 1 4 - -
------------------- --------------------- -------------------- -------------------
23,836 33,971 1,296 354
------------------- --------------------- -------------------- -------------------
Total liabilities 29,442 40,455 1,335 389
------------------- --------------------- -------------------- -------------------
Total equity and
liabilities 76,369 84,520 45,617 46,120
------------------- --------------------- -------------------- -------------------
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 2020 As at 31 Dec 2019
Secured Unsecured Secured Unsecured
----------- --------- -----------
US$'000 US$'000 US$'000 US$'000
----------- --------- -----------
3,883 - 8,929 -
----------- --------- -----------
Amount repayable after one year
As at 31 Dec 2020 As at 31 Dec 2019
Secured Unsecured Secured Unsecured
----------- --------- -----------
US$'000 US$'000 US$'000 US$'000
----------- --------- -----------
- - - -
----------- --------- -----------
Details of any collateral
The revolving credit loans of US$3,883,000 were secured over the
assets of the subsidiaries and corporate guarantees provided by the
Company and the subsidiaries.
1(c) A statement of cash flows (for the group), together with a
comparative statement for the corresponding period of the
immediately preceding financial year.
Group Group
---------------------- -------------------
2H FY2020 2H FY2019 FY2020 FY2019
US$'000 US$'000 US$'000 US$'000
Cash Flows from Operating Activities
Profit/(Loss) before income tax 2,580 (14,677) 3,124 (12,543)
Adjustments for:
Depreciation of property, plant and equipment 1,261 1,710 2,649 3,283
Amortisation of intangible assets 343 460 789 920
Depreciation of right-of-use assets 1,188 1,252 2,264 2,404
Gain on disposal of property, plant and equipment (424) (33) (424) (20)
Impairment loss on property, plant and equipment - 2,185 - 2,185
Impairment loss on goodwill - 3,260 - 3,260
(Write-back)/Allowance for inventory obsolescence, net (3,229) 3,080 (3,210) 2,816
Impairment loss on trade receivables 35 - 309 -
Impairment loss on other receivables - 2,538 - 2,538
Unrealised exchange loss 368 308 315 213
Interest income (1) (132) (22) (230)
Interest expense 333 736 762 1,146
Share-based payments - - - 2
Gain on disposal of subsidiary - (4) - (4)
Inventory written off 2,663 1,256 2,663 1,256
Bad debts written off - - - 16
Write-back of payables - - - (74)
Waiver of loan (1,472) - (1,472) -
---------- ---------- -------- ---------
Operating cash flow before working capital changes 3,645 1,939 7,747 7,168
Changes in working capital:
Inventories 782 1,932 (474) 1,758
Trade receivables 9,170 2,270 8,846 5,016
Other receivables and prepayments (70) (988) (465) (1,130)
Trade and other payables (2,432) 5,184 (5,188) (119)
Cash generated from operating activities 11,095 10,337 10,466 12,693
Interest paid (338) (737) (398) (972)
Income tax paid (480) (661) (480) (859)
Net cash generated from operating activities 10,277 8,939 9,588 10,862
---------- ---------- -------- ---------
Cash Flows from Investing Activities
Interest received 1 29 22 59
Purchase of property, plant and equipment (1,010) (1,473) (1,976) (3,315)
Proceeds from disposal of property, plant and equipment 479 78 479 79
Acquisition of a business - - - (279)
Payment for financial asset, at fair value through profit or loss - - - (500)
---------- ---------- -------- ---------
Net cash used in investing activities (530) (1,366) (1,475) (3,956)
---------- ---------- -------- ---------
Group Group
--------------------------------- ----------------------------------
2H FY2020 2H FY2019 FY2020 FY2019
US$'000 US$'000 US$'000 US$'000
Cash Flows from Financing Activities
Proceeds from borrowings 21,578 18,439 44,816 54,933
Repayment of borrowings (26,484) (23,235) (48,390) (58,053)
Principal repayment of lease liabilities (1,108) (1,561) (2,217) (3,020)
Acquisition of non-controlling interests - (11) - (11)
Net cash used in financing activities (6,014) (6,368) (5,791) (6,151)
------------------ ------------- ------------------ --------------
Net increase in cash and cash equivalents 3,733 1,205 2,322 755
Cash and cash equivalents at the beginning
of the period 7,478 7,891 8,912 8,381
Effect of foreign exchange rate changes on
the balance of cash held in foreign
currencies 62 (184) 39 (224)
------------------ ------------- ------------------ --------------
Cash and cash equivalents at the end of the
period(i) 11,273 8,912 11,273 8,912
------------------ ------------- ------------------ --------------
Note:
(i) For the purpose of presentation in the consolidated
statement of cash flows, the consolidated cash and cash equivalents
comprise the following:
2H 2H
FY2020 FY2019 FY2020 FY2019
US$'000 US$'000 US$'000 US$'000
Cash and bank balances 11,242 8,882 11,242 8,882
Fixed deposits 31 30 31 30
------------- ------------ ------------- ---------------
Cash and cash equivalents per the consolidated
statement of cash flows 11,273 8,912 11,273 8,912
------------- ------------ ------------- ---------------
1(d)(i) A statement (for the issuer and group) showing either
(i) all changes in equity or (ii) changes in equity other than
those arising from capitalisation issues and distributions to
shareholders, together with a comparative statement for the
corresponding period of the immediately preceding financial
year.
Foreign Attributable
Capital Share currency to equity
Group Share Treasury Merger redemption options Capital translation Retained holders of Non-controlling
capital shares reserves reserves reserve reserve reserve profits the Company interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Balance as at
1 January
2020 60,423 (1,656) (10,150) 6 725 (5,109) (1,217) 1,054 44,076 (11) 44,065
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Profit/(Loss)
for the
period - - - - - - - 345 345 (3) 342
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Other
comprehensive
loss:
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Exchange
differences
on
translating
foreign
operations - - - - - - (105) - (105) - (105)
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Total other
comprehensive
(loss)/income
for the
period - - - - - - (105) 345 240 (3) 237
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Balance as at
30 June 2020 60,423 (1,656) (10,150) 6 725 (5,109) (1,322) 1,399 44,316 (14) 44,302
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Profit/(Loss)
for the
period - - - - - - - 2,269 2,269 (2) 2,267
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Other
comprehensive
income:
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Exchange
differences
on
translating
foreign
operations - - - - - - 358 - 358 - 358
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Total other
comprehensive
income/(loss)
for the
period - - - - - - 358 2,269 2,627 (2) 2,625
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Balance as at
31 December
2020 60,423 (1,656) (10,150) 6 725 (5,109) (964) 3,668 46,943 (16) 46,927
--------- ---------- ---------- ------------ --------- --------- ------------ ---------- -------------- ----------------- --------
Foreign Attributable
Capital Share currency to equity
Share Treasury Merger redemption options Capital translation Retained holders of Non-controlling
Group capital shares reserves reserves reserve reserve reserve profits the Company interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Balance as at
1 January
2019 60,423 (1,656) (10,150) 6 723 (3,560) (1,289) 12,109 56,606 - 56,606
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Adoption of
SFRS(I) 16 - - - - - - - (239) (239) - (239)
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Adjusted
balance as at
1 January
2019 60,423 (1,656) (10,150) 6 723 (3,560) (1,289) 11,870 56,367 - 56,367
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Share-based
payments - - - - 2 - - - 2 - 2
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Profit for the
period - - - - - - - 1,586 1,586 - 1,586
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Other
comprehensive
loss:
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Exchange
differences
on
translating
foreign
operations - - - - - - (100) - (100) - (100)
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Total other
comprehensive
(loss)/income
for the
period - - - - - - (100) 1,586 1,486 - 1,486
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Balance as at
30 June 2019 60,423 (1,656) (10,150) 6 725 (3,560) (1,389) 13,456 57,855 - 57,855
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Adoption of
SFRS(I) 16 - - - - - - - (87) (87) - (87)
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Adjusted
balance as at
30 June 2019 60,423 (1,656) (10,150) 6 725 (3,560) (1,389) 13,369 57,768 - 57,768
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Transfer from
capital
reserve in
accordance
with
statutory
requirements - - - - - (1,549) - 1,549 - - -
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Loss for the
period - - - - - - - (13,864) (13,864) (11) (13,875)
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Other
comprehensive
income:
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Exchange
differences
on
translating
foreign
operations - - - - - - 172 - 172 - 172
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Total other
comprehensive
income/(loss)
for the
period - - - - - - 172 (13,864) (13,692) (11) (13,703)
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Balance as at
31 December
2019 60,423 (1,656) (10,150) 6 725 (5,109) (1,217) 1,054 44,076 (11) 44,065
--------- ---------- ---------- ------------ --------- ---------- ------------ ----------- -------------- ----------------- -----------
Foreign
Share currency
Share Treasury options Capital translation Accumulated
Company capital shares reserve reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at
1 January 2020 74,240 (1,656) 725 (4,481) (2,506) (20,591) 45,731
Loss for the
period - - - - - (391) (391)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Total other
comprehensive
loss for the
period - - - - - (391) (391)
Balance as at
30 June 2020 74,240 (1,656) 725 (4,481) (2,506) (20,982) 45,340
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Loss for the
period - - - - - (1,058) (1,058)
Other
comprehensive
loss:
Exchange
differences - - - - - - -
on translating
foreign
operations
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Total other
comprehensive
loss for the
period - - - - - (1,058) (1,058)
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Balance as at
31 December 2020 74,240 (1,656) 725 (4,481) (2,506) (22,040) 44,282
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Balance as at
1 January 2019 74,240 (1,656) 723 (4,481) (1,927) (8,303) 58,596
Adoption of
SFRS(I)
16 - - - - - (5) (5)
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Adjusted balance
as at 1 January
2019 .
74,240 (1,656) 723 (4,481) (1,927) (8,308) 58,591
Share-based
payments - - 2 - - - 2
Profit for the
period - - - - - 1,812 1,812
Other
comprehensive
income:
Exchange
differences - - - - - - -
on translating
foreign
operations
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Total other
comprehensive
income for the
period - - - - - 1,812 1,812
Balance as at
30 June 2019 74,240 (1,656) 725 (4,481) (1,927) (6,496) 60,405
Loss for the
period - - - - - (14,095) (14,095)
Other
comprehensive
loss:
Exchange
differences
on translating
foreign
operations - - - - (579) - (579)
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Total other
comprehensive
loss for the
period - - - - (579) (14,095) (14,674)
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
Balance as at
31 December 2019 74,240 (1,656) 725 (4,481) (2,506) (20,591) 45,731
---------------------- ----------------------- ------------------- ----------------------- --------------------- ------------------------ ----------------------
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.
FY2020 No. of shares US$'000
Balance as at 1 Jan 2020 and 31 Dec 2020 271,662,227 72,584
------------------ -----------
FY2019 No. of shares US$'000
Balance as at 1 Jan 2019 and 31 Dec 2019 271,662,227 72,584
------------------ -----------
There were 10,740,072 treasury shares held by the Company as at
31 December 2020 and 31 December 2019 and there was 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 2020 31 Dec 2019
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.
FY2020 No. of shares US$'000
Balance as at 1 Jan 2020 and 31 Dec
2020 10,740,072 1,656
-------------- --------
1(d)(v) A statement showing all sales, transfers, cancellation
and/or use of subsidiary holdings as at the end of the current
financial period reported on.
FY2020 No. of shares US$'000
Balance as at 1 Jan 2020 and 31 Dec - -
2020
-------------- --------
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 modifications or emphasis of a matter).
Not applicable.
3A. Where the latest financial statements are subject to an
adverse opinion, qualified opinion or disclaimer of opinion: -
(a) Updates on the efforts taken to resolve each outstanding audit issues.
(b) Confirmation from the Board that the impact of all
outstanding audit issues on the financial statements have been
adequately disclosed.
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 Group has applied the same accounting policies and methods
of computation consistent with those used in the most recent
audited financial statements for the year ended 31 December
2019.
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 various new and revised SFRS(I)s and IFRSs
that are relevant to its operations and effective for the period
beginning 1 January 2020. The adoption of the new and revised
SFRS(I)s and IFRSs has no material financial impact on the Group's
financial statements.
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 Group Group
any provision for preference dividends
2H 2H
FY2020 FY2019 FY2020 FY2019
US$ US$ US$ US$
------------ -------------- ------------ --------------
(a) Based on weighted average number of ordinary shares 0.84 cent (5.10) cents 0.96 cent (4.52) cents
on issue; and
(b) On a fully diluted basis 0.84 cent* (5.10) cents* 0.96 cent* (4.52) cents*
Weighted average number of ordinary shares used in
computation of basic earnings per share 271,662,227 271,662,227 271,662,227 271,662,227
Weighted average number of ordinary shares used in
computation of diluted earnings per share 271,662,227 271,662,227 271,662,227 271,662,227
------------ -------------- ------------ --------------
* Diluted earnings per share are 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 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
US$ US$ US$ US$
------------ ------------ ------------ ------------
Net asset value per ordinary share based on issued share 17.28 cents 16.22 cents 16.30 cents 16.83 cents
capital
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
T he Group's revenue for the year ended 31 December 2020
("FY2020") decreased by US$31.5 million to US$103.1 million from
US$134.5 million in the prior year ("FY2019"). Revenue for the
second half year ended 31 December 2020 ("2H FY2020") was US$50.3
million against US$62.6 million in the prior year ("2H FY2019").
Given the Group's global footprint, the on-going COVID-19 pandemic
and its impact on different countries, has impacted the ability of
the Group's end customers to rollout the communications services
and networks that were originally planned for 2020. This, together
with component shortages, disrupted design resources and the lack
of consistent availability of logistics has resulted in reduced
shipments to our customers. The efficiency of our production
facilities was also negatively impacted as they adapted to social
distancing and other international COVID-19 best practices.
Geographically, Group revenue for FY2020 decreased in America
and Europe by US$24.4 million (-26.1%) and US$7.3 million (-23.4%),
respectively, and increased in Rest of the World ("RoW") by US$0.2
million (+3.7%). Revenue for Asia remained constant in the
comparative period. Revenue for 2H FY2020 decreased in America,
Europe and Asia by US$8.1 million (-19.5%), US$4.3 million (-26.8%)
and US$0.8 million (-26.2%), respectively, offset by an increase in
RoW by US$0.9 million (+43.8 %) compared to the prior year.
Gross Profit
Gross profit increased by US$1.6 million from US$24.1 million in
FY2019 to US$25.7 million in FY2020; gross profit margin increased
from 17.9% to 24.9%. In FY2019, the Group recognised impairment
costs in the Shanghai manufacturing facility following the
relocation of its operations to third-party contract manufacturers.
Excluding these, gross profit in FY2019 would have been US$28.2
million, with a gross profit margin of 20.9%, which would result in
a gross profit margin increase of 4.0% in FY2020, primarily due to
a more profitable product mix, manufacturing efficiencies and cost
reduction programs.
Similarly, gross profit margin for 2H FY2020 increased from
14.4% to 26.6%, with gross profit at US$13.4 million against US$9.0
million for 2H FY2019. Excluding the impairment costs, gross profit
in 2H FY2019 would have been US$13.1 million, with a gross profit
margin of 20.9%, an increase of 5.7 percentage points in
FY2020.
Other Income
Other income in 2H FY2020 and FY2020 relates primarily to a loan
waiver from the US government of US$1.5 million, gain on disposal
of equipment of US$0.4 million and subsidy support received from
various government bodies across the Group due to COVID-19
pandemic.
Administrative Expenses
Administrative expenses for FY2020 decreased 16.2% to US$23.0
million compared to US$27.4 million in FY2019, representing 22.3%
and 20.4% of revenue, respectively. In FY2019, the Group included
compensation to be made to the employees in the Shanghai
manufacturing facility and costs related to restructuring process
in the UK entities. The restructuring process continued in 2020 in
the UK entities. After excluding the compensation and restructuring
costs in both FY2020 and FY2019, administrative expenses were
US$22.5 million and US$23.2 million, representing 21.8% and 17.3%
of revenue, respectively. Reduction in travelling, marketing and
trade shows during this period has also contributed to lower
administrative expenses.
Administrative expenses for 2H FY2020 decreased 21.5% to US$12.0
million compared to US$15.2 million in the previous year,
representing 23.8% and 24.3% of revenue respectively. After
excluding the compensation and restructuring costs in both 2H
FY2020 and 2H FY2019, administrative expenses were US$11.4 million
and US$11.0 million, representing 22.8% and 17.8%,
respectively.
Other Operating Expenses and Impairments
Other operating expenses in FY2020 relates primarily to the
impairment loss on trade receivables of US$0.3 million,
reinstatement cost of the Shanghai manufacturing facility of US$0.3
million as well as the loss on foreign exchange of US$0.3 million.
Other operating expenses in FY2019 relates primarily to the
impairment loss on goodwill of US$3.3 million, other receivables of
US$2.5 million, equipment of US$2.2 million and loss on foreign
exchange of US$0.2 million.
Profit Before Tax & Net Profit
The Group posted a profit before tax of US$3.1 million in
FY2020, compared to a loss before tax of US$12.5 million the prior
year, representing a margin of 3.0% and a negative margin of 9.3%,
respectively. For 2H FY2020, the Group recorded US$2.6 million
profit before tax compared to a loss before tax of US$14.7 million
in the prior year, representing a margin of 5.1% and a negative
margin of 23.5%, respectively. After excluding the one-off cost as
described above, the Group's approximated profit before tax of
US$3.7 million and US$1.5 million for FY2019 and 2H FY2019,
representing a margin of 2.8% and 2.4%, respectively.
The Group posted a net profit of US$2.6 million in FY2020,
compared to a net loss of US$12.3 million the prior year,
representing a margin of 2.5% and a negative margin of 9.1%,
respectively. For 2H FY2020, the Group recorded a net profit of
US$2.3 million compared to a net loss of US$13.9 million in the
prior year, representing a margin of 4.5% and a negative margin of
22.2%, respectively. Excluding the one-off costs as described
above, the Group would have posted a net profit of US$4.0 million
and US$2.3 million for FY2019 and 2H FY2019, representing a margin
of 3.0% and 3.7%, respectively.
Review of Financial Position
Non-current assets decreased by US$2.5 million to US$25.6
million as at 31 December 2020, primarily due to the depreciation
of property, plant and equipment and right-of-use assets,
amortisation of intangible assets offset by the increase in
deferred tax assets.
Net current assets increased by US$4.4 million to US$27.0
million as at 31 December 2020 compared to US$22.5 million as at 31
December 2019. Inventories increased by US$1.0 million offset by
decrease in trade and other receivables and trade and other
payables by US$9.0 million and US$5.0 million respectively, with
faster collection and continuing payment to suppliers and
compensation made in the Shanghai facility. Repayment of loans
reduced the borrowings by US$5.0 million to US$3.9 million and cash
and cash equivalents increased by US$2.4 million to US$11.3 million
as at 31 December 2020 compared to US$8.9 million as at 31 December
2019.
Continuing repayment of the leases reduced the non-current
portion of the lease liabilities by US$1.1 million to US$4.8
million.
The Group's net asset value stood at US$46.9 million as at 31
December 2020, compared to US$44.1 million as at 31 December
2019.
Review of Cash Flows
In 2H FY2020, net cash generated from operating activities was
US$10.3 million, comprising US$3.6 million cash inflow from
operating activities (before working capital changes), US$7.5
million net working capital inflow and US$0.8 million payment of
interest and income tax.
In FY2020, net cash generated from operating activities was
US$9.6 million, comprising US$7.7 million cash inflow from
operating activities (before working capital changes), US$2.7
million net working capital inflow and US$0.8 million payment of
interest and income tax.
Net cash used in investing activities in 2H FY2020 and FY2020
amounted to US$0.5 million and US$1.5 million, respectively,
relating predominately to purchase of machinery and equipment,
offset against proceeds from disposal of property, plant and
equipment.
Net cash used in financing activities in 2H FY2020 and FY2020
was US$6.0 million and US$5.8 million, respectively, attributable
to the net proceeds of borrowings and repayment of lease
liabilities.
The Group recorded a net in crease in cash and cash equivalents
amounting to US$3.7 million and US$2.3 million in 2H FY2020 and
FY2020, respectively, bringing cash and cash equivalents per the
consolidated statement of cash flows to US$11.3 million as at 31
December 2020.
Overall net cash in the Group, combining cash and cash
equivalents against borrowings, improved by US$7.4 million in
FY2020.
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.
The global COVID-19 pandemic has provided the economic backdrop
for 2020 and the Group's performance has been impacted by the
associated market and worldwide disruption and uncertainty. The
health and safety of our staff, partners, suppliers and customers
has been our priority throughout 2020 and into 2021. Global Invacom
has always been a people-driven business, with teams across the
Group being essential to our ongoing success.
The impact of the COVID-19-related restrictions, including
lockdowns in all countries in which we operate and the
much-publicised disruption to global supply chains and
international travel was, in part, mitigated by our diversified
manufacturing footprint and by our classification as an essential
supplier, with the Group seeing continued demand for its equipment
from the key communications and healthcare sectors. The Group was
also able to safely and effectively transition some of its office
and R&D staff to remote working. The Group continues to monitor
the pandemic closely and, where it is safe and prudent to do so, is
returning staff to work following government guidelines.
The Group's customer base was also negatively affected by the
pandemic and order volume fell throughout 2020. However, Global
Invacom remained profitable in three out of four quarters of the
year and was profitable for the year as a whole. This was aided by
a number of strategic cost-saving initiatives implemented by
management last year. Most notably, our Shanghai site ceased
manufacturing in July 2020, as the Group transitioned to
third-party subcontractors, based in the Philippines. In Europe and
the United States ("US"), the Group restructured development, sales
and marketing teams to focus on emerging Data over Satellite
("DOS") products. We expect this transition to deliver meaningful
annualised savings in 2021, while also reducing the Group's
exposure to increased production costs and trade disputes between
the US and China.
The Group continues to see increased demand for DOS technology
and services, as consumer appetite for constant connectivity grows.
With ever-growing data consumption across all geographies,
underpinned by increased levels of remote working, service
providers will continue to adopt satellite solutions to meet the
significant growth in demand.
The Group remains well-positioned to benefit from the recovery
of the global economy and the continued growth of its target, DOS
market. As worldwide COVID-19 vaccination programmes have their
desired effect and demand begins to normalise, Global Invacom's
products will continue to play a significant role in meeting the
continued growth in demand for data and connectivity.
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 and the reason(s) for the decision.
Due to the operating conditions faced by the Group, no dividend
has been declared or recommended for the year ended 31 December
2020.
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.
FY2020 Sat Comms CM Group
US$'000 US$'000 US$'000
Revenue 101,458 1,600 103,058
Operating profit/(loss) 3,885 (21) 3,864
------------------ -------------------
Finance income 22
Finance costs (762)
Income tax expense (515)
------------------
Profit for the year 2,609
------------------
Amortisation of intangible assets 789 - 789
Depreciation of property, plant
and equipment 2,648 1 2,649
Depreciation of right-of-use
assets 2,122 142 2,264
Addition to property, plant and
equipment 2,211 - 2,211
Impairment loss on trade receivables 296 13 309
Restructuring costs 510 - 510
Reinstatement costs 219 80 299
Inventories written off 1,947 716 2,663
Write-back for inventory obsolescence,
net (2,484) (726) (3,210)
Waiver of loan (1,472) - (1,472)
Assets and liabilities
Segment assets 73,953 561 74,514
Unallocated assets
- Non-current assets 82
- Other receivables 98
- Deferred tax assets 1,363
- Cash and cash equivalents 150
- Right-of-use assets 162
Total assets 76,369
------------------
FY2020 Sat Comms CM Group
US$'000 US$'000 US$'000
Segment liabilities 23,702 688 24,390
Unallocated liabilities
- Other payables 367
- Provision for income tax 1
- Deferred tax liabilities 634
- Borrowings 3,883
- Lease liabilities 167
Total liabilities 29,442
--------------------
FY2019
Revenue 129,262 5,247 134,509
Operating loss (9,359) (2,268) (11,627)
------------------ -------------------
Finance income 230
Finance costs (1,146)
Income tax credit 254
--------------------
Loss for the year (12,289)
--------------------
Amortisation of intangible assets 920 - 920
Addition to intangible assets 279 - 279
Depreciation of property, plant
and equipment 3,144 139 3,283
Depreciation of right-of-use
assets 2,282 122 2,404
Addition to property, plant and
equipment 3,154 161 3,315
Impairment loss on property,
plant and equipment 1,777 408 2,185
Impairment loss on other receivables 2,489 49 2,538
Impairment loss on goodwill 3,260 - 3,260
Restructuring costs 3,415 773 4,188
Inventories written off 1,016 240 1,256
Allowance for inventory obsolescence,
net 2,367 449 2,816
Assets and liabilities
Segment assets 79,817 2,677 82,494
Unallocated assets
- Non-current assets 168
- Other receivables 91
- Deferred tax assets 975
- Cash and cash equivalents 610
- Tax receivables 38
- Right-of-use assets 144
Total assets 84,520
--------------------
Segment liabilities 28,794 1,862 30,656
Unallocated liabilities
- Other payables 287
- Provision for income tax 4
- Deferred tax liabilities 428
- Borrowings 8,929
- Lease liabilities 151
Total liabilities 40,455
--------------------
13(b) Geographical Information
Revenue and non-current assets information based on the
geographical location of customers and assets respectively are as
follows:
Rest of
America Europe Asia the World Group
FY2020 US$'000 US$'000 US$'000 US$'000 US$'000
Revenue 69,246 23,884 4,193 5,735 103,058
-------------- ------------- -------------- ---------------- -------------
Non-current
assets* 8,857 12,974 2,227 129 24,187
-------------- ------------- -------------- ---------------- -------------
Rest of
America Europe Asia the World Group
FY2019 US$'000 US$'000 US$'000 US$'000 US$'000
Revenue 93,657 31,191 4,129 5,532 134,509
-------------- ------------- -------------- ---------------- -------------
Non-current
assets* 9,271 15,259 2,356 151 27,037
-------------- ------------- -------------- ---------------- -------------
* Exclude deferred tax assets and other financial assets.
14. In the review of performance, the factors leading to any
material changes in contributions to turnover and earnings by the
business or geographical segments.
Please refer to Note 8.
15. A breakdown of sales.
FY2020 FY2019 % increase/
US$'000 US$'000 (decrease)
Sales reported for first
(a) half year 52,773 71,945 (26.6)
-------------------------------- ----------- -------------- ---------------
Operating profit after income
tax before deducting minority
interests reported for first
(b) half year 342 1,586 (78.4)
-------------------------------- ----------- -------------- ---------------
Sales reported for second
(c) half year 50,285 62,564 (19.6)
-------------------------------- ----------- -------------- ---------------
Operating profit after income
tax before deducting minority
interests reported for second
(d) half year 2,267 (13,875) N.M.
-------------------------------- ----------- -------------- ---------------
16. A breakdown of the total annual dividend (in dollar value)
for the issuer's latest full year and its previous full year.
FY2020 FY2019
US$'000 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 for
the year ended 31 December 2020.
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 2021
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
FR SEMEFAEFSELE
(END) Dow Jones Newswires
March 01, 2021 02:00 ET (07:00 GMT)
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