IoT Services business revenues increase 36.5% as multinational
enterprises embrace end-to-end IoT solutions
Telit Communications PLC (AIM: TCM, “Telit”, the “Group”), a
global enabler of the Internet of Things (IoT), has published its
results for the year to 31 December 2016 today.
Financial highlights*
- Revenues up 11.0% to $370.3
million (2015: $333.5 million)
- IoT services revenues up 36.5% to $35.1
million (2015: $25.7 million); as the Group increasingly focuses on
IoT services, business segmental analysis disclosure is now
provided
- Gross Profit increased by 13.2% to
$150.6 million (2015: $133.1 million)
- Gross margin increased to 40.66% (2015:
39.9%)
- Adjusted EBITDA up 19.9% to $54.4
million (2015: $45.3 million)
- Adjusted EBIT increased 11.8% to $34.2
million (2015: $30.6 million)
- Profit before tax increased 20.3% to
$19.1 million (2015: $15.9 million)
- Adjusted EPS up 21.7% to 26.4 cents
(2015: 21.7 cents), basic EPS up 17.1% to 14.4 cents (2015: 12.3
cents);
- Net cash flow generated from operating
activities up 15.6% to $47.6 million (2015: $41.2 million)
- Total dividend for the year of 7.4
cents per share, up 23.3% (2015: 6 cents per share).
- Net debt $17.7 million (30 June 2016:
net debt $29.1 million; 31 December 2015: net cash $1.1 million)
after $15.4 million for acquisitions and $9.8 million for
dividends.
Operational highlights
- Americas region returned to strong
growth in H2, as anticipated, following the certifications from
AT&T and Verizon for LTE Cat-1 and Cat-4 products.
- High double digit growth in the IoT
Services business, considered by the Group to be its future growth
engine, supported by increased investments, with resultant losses
of $10.2 million.
- Two acquisitions during the period and
a third in 2017 enhance product portfolio and end-to-end solution:
- BLE assets from Stollman
- several cellular module product lines
& related IP from Novatel Wireless
- GainSpan added, after the year end,
ultra-low power Wi-Fi systems-on-chip and modules for battery- and
line-powered devices; With this acquisition, Telit completes set of
communications technologies for IoT market
- Partnerships with SAP® and Tech
Mahindra address the growing enterprise IoT market and resell
Telit’s deviceWISE IoT platform
* For the definition of ‘Adjusted’ figures and reconciliation
from IFRS financial results to adjusted financial results see note
4.
Oozi Cats, Group Chief Executive, commented:
“Our strong competitive positioning and global reach has
enabled us to continue to achieve double-digit growth in revenue
and profits with our IoT Services unit reporting a significant jump
in revenue, up 36.5%. This reflects our continued investment
in this unit and the increasing take up, across a range of
industries, of our comprehensive IoT capabilities.
“We have now established a very strong position in the
communication products market, particularly after our recent
purchase of the GainSpan Wi-Fi business. We have a full
scope of communications technologies in order to provide the
comprehensive end to end IoT solutions that our multi-national
customers require.
“The IoT market is rapidly gaining momentum across an
increasing number of industrial enterprises - large and small -
around the world. With our wide range partners and our
unique end to end IoT solution capabilities, we are very well
positioned to address the numerous opportunities.”
Analyst and investor meeting and call
There is an analyst meeting at 9:30am UK time today at the
offices of Instinctif Partners, 65 Gresham Street, London, EC2V
7NQ. There is also an investor call at 1:00pm UK time / 9:00am ET
(NB revised UK time – see link for dial in details
http://www.telit.com/uploads/media/Notice_of_full_year_results_13_March_2017_RNS_FINAL.pdf)
Telit and the Internet of Things
Telit is a global enabler of the IoT. Collectively the IoT is
the numerous technologies that allow both wireless and wired
systems to communicate, exchange data with an extremely wide range
of devices typically in a vast number of locations.
The Group sells its products and services directly, and through
a network of distributors, to approximately 7,000 direct and
indirect customers, in more than 80 countries around the world.
Telit’s customers are of all sizes, covering substantially all
verticals in the IoT market.
With over 15 years of experience doing business around the
globe, Telit has established strong channels and excellent access
to key suppliers, customers and distributors in all major
markets.
The Group offers the industry’s broadest portfolio of integrated
products and services for end-to-end IoT deployments. This includes
cellular communication modules, GNSS, short-to-long range wireless
modules, low power WI-Fi and Bluetooth, IoT connectivity and IoT
platform services. Combining these unmatched IoT expertise and
developer resources enables end-to-end IoT solutions across markets
and industries around the world.
Working with our extensive ecosystem of blue chip companies,
technology partners, system integrators, maker communities and
mobile network operators, we enable companies, with IoT concept
ideas, system architecture, prototype development and commercial
deployments. Our customers see material returns on investment from
IoT deployments through efficiencies on cost and increase in
through-put was as well as other areas such as improved
compliance.
At the end of 2016 the Group employed 972 people worldwide, an
increase of 10.1% over 2015 (2015: 883). The acquisition of
GainSpan Corporation in February 2017 increased this number to
approximately 1,070.
Overview
Telit’s strong competitive positioning and global reach has
enabled it to continue to achieve double-digit growth during the
year.
The focus in 2016 was on the continued investment in the IoT
Services business unit, which Telit considers to be the future
growth engine of the Group. The Group has seen good growth in its
Services business, with revenues up 36.5%.
As expected, this business unit recorded an operating loss of
$10.2 million in 2016 (2015: loss $8.2 million), which is the
result of the continued heavy investment in this growing business
(see segmental analysis).
The Group’s IoT Products business unit increased its operating
profit to $55.4 million in 2016 (2015: $49.4 million), while
improving the gross margin to 38.3% (2015: 37.3%). In 2016, Telit
sold over 22.0 million modules (2015: 17.9 million).
The Group continued to invest heavily also in its modules
product line, focusing on LTE products, both low category products
(Cat-1, NB-IoT and Cat-M) and high category products for the
automotive business line.
As LTE technology is expected to be viable for many years to
come, Telit expects to see good returns from these investments in
the coming years and believes LTE deployments will continue to
increase.
Another area of focus was the portfolio of short range
connectivity technology products, mainly low power Bluetooth. The
recent acquisition, post year end, of GainSpan is a notable
development as it will allow the Group to enhance its short-range
portfolio with low power Wi-Fi products, an increasingly important
component in IoT connectivity.
deviceWISE for Factory continues to grow and has established
itself as a leader for data exchange within and outside of the
factory. Outside of the factory’s four walls, Telit’s deviceWISE
cloud provides remote data collection and seamlessly integrates
into the factory products.
In addition, the IoT platform, secureWISE, has been widely
recognised as the leading solution for highly secured remote
access. With over 98% acceptance in 300mm FABs, more OEMs are using
secureWISE for secure, configurable end-to-end remote connectivity
across private networks than any other platform.
During the year, the automotive business achieved a number of
design wins with Car OEMs and tier-1 companies including one major
tier-1 supporting a premium car OEM in Korea, for worldwide
markets; three tier 1s in China, supporting five different local
and international brand OEMs and an Emerging North America car
OEM.
All these projects involve LTE products and will begin
production in 2018 onwards. The significant number of Telit’s
design wins helps underpin the growth of business during the next
five years.
With the addition of Wi-Fi products through the recent
acquisition of GainSpan, the combination of products and services
needed to deliver IoT capabilities for global enterprises is now in
place. Major corporations around the world are poised to exploit
this new development to drive down their cost base, improve
efficiencies and create new revenue streams.
With the Group’s market leading position in modules as well as
its connectivity, connectivity management and Platform as a
Service, Telit is well positioned to exploit these market
developments.
Due to the Stollmann acquisition in February 2016 and the
structuring of a global end-to-end solution sales team that started
in late 2015, the 2016 operating expenses as a percentage of
revenues were flat or marginally above 2015 numbers. As stated
previously, the Group expects that gross R&D, sales and
marketing and G&A expenses will decline as percentage of
revenues in the next few years.
Strategy
The Group’s strategy in recent years has been to focus
increasingly on the development of its IoT services and end-to-end
IoT solutions capabilities in order to leverage its best-in-class
product portfolio. This has been accompanied by continued heavy
investments in new product development, on the operational
infrastructure and the acquisition of several businesses to widen
and enhance the Group’s product and services capabilities, as well
as geographical coverage.
The rapidly growing IoT Services business unit is increasing
Telit’s recurring revenues.
The Group has now established a leading position in the IoT
industry and intends to continue to focus on its strategy of
becoming a single point of reference, with its unique IoT as a
Service concept.
The combination of products and services needed to deliver IoT
capabilities for global enterprises is now in place. Major
corporations around the world are poised to exploit this connected
environment to drive down their cost base, improve efficiencies and
create new revenue streams.
Outlook
The outlook for the IoT sector overall, including all industrial
sectors, continues to be very encouraging.
Telit’s acquisitions over the past few years have materially
enhanced its cloud platform capabilities, which is a key factor in
delivering one of its strategies to increase recurring revenues
from the IoT Services business unit.
Telit will continue to make selective acquisitions to enhance
its products and services capabilities.
With the Group’s market leading position in modules, its wide
range of industry partners and its comprehensive range of IoT
services and connectivity technologies, Telit is well positioned to
exploit the numerous opportunities developing around the world in
growing markets.
The Board is confident of increasing its recurring revenues and
maintaining Telit’s double-digit revenue growth in the current
financial year.
Operational review
Telit’s end-to-end capabilities
Today’s competitive markets demand creative and innovative
solutions to stay ahead in business. The new digital led paradigm
of a data-driven-economy or data-driven-innovation is still in its
early days yet its impact is already being felt broadly.
The underlying assumption is that it is possible and
increasingly affordable to collect the right information, process
it into actionable knowledge, transmit that knowledge to the right
person, and act on it. In doing so, this allows us to solve an
increasing number of problems, including many that we had never
thought of.
Cheap sensors and transmission capacity are used to generate
enormous amounts of fresh data, which can then be fed into a system
capable of analysing and acting on it to solve existing
problems.
Telit’s business is at the forefront of this new industrial
revolution, Industry 4.0 - providing the key ingredients critical
to fulfil the need for real time data from the physical world.
These include:
- Industry’s broadest portfolio of
connected modules that allow for sensors to be connected using the
best available and most suitable RF technology (Cellular -
GSM/GPRS, CDMA/EV-DO, UMTS/HSPA+, LTE, Wi-Fi, as well as unlicensed
spectrum offerings such as BLE) for the application being
developed. These provide cost performance and a modular form factor
preserving the investment in application development and a
significant reduction in time-to-market.
- Dedicated IoT Connectivity services.
These allow scaling and global deployments of customers’ IoT
solutions with a single point of contact. They deliver the ease of
a single bill and dedicated IoT support services at competitive
rates without the need for in-house know-how and mapping and
contracting separately with multiple global Mobile Network
Operators.
- Telit IoT Platforms. Companies can
create value by using data to solve problems. The challenge is that
the data needed to solve a problem has often been difficult or
expensive to collect or needs to be enriched with other related
data.Telit’s deviceWISE IoT platform is an industrial grade carrier
class Application Enablement Platform, or AEP, suite of software
that allows for the creation and management of IoT Applications.
From standalone applications such as metering and asset tracking to
full factory automation - where deviceWISE handles entire
production floors and provides full process automation with
embedded logging and reporting.
Telit’s core business of hardware and service is aligned with
the industry’s compelling need for driving data from sensor to
applications. Cloud computing has increased the power of the
information system.
The ability to lease cheap storage and processing power has two
important economic impacts. First, it transforms a large fixed cost
into a variable cost on an easily scalable, as-needed basis.
Second, even the smallest companies now have access to the fastest
servers and most sophisticated processing power at affordable
rates.
Telit’s IoT Platform leverages these benefits for IoT and makes
it easier for all companies to enter new and existing markets
benefiting from data sourced from IoT Sensors.
IoT Products
Technological innovation and enabling the Group’s customers to
easily integrate its state-of-the art products and benefit from
them is Telit’s core capability. The Group’s R&D centres
provide a comprehensive portfolio of quality modules ranging from
cellular to short-range, Low Power Wide Area (LPWA) and location
technologies.
The Group’s modules are currently integrated in a wide range of
applications, including asset tracking, remote industrial
monitoring, automated utility meter reading, insurance telematics,
consumer electronics, mobile health devices and many more.
In the industrial IoT products business unit, the Group markets
to numerous verticals including asset tracking, health care,
security, telematics, point of sale, wearables, telemetry, industry
and energy and smart metering. These verticals are set to continue
to grow significantly during the next few years, with substantial
projects already in advanced stages around the world.
To cater to all these verticals, the Group continuously develops
a wide range of cellular LTE products, from the high-end Cat-11 for
automotive, routers and gateways down to Cat-1 for industrial
verticals.
With the standardization of the new IoT centric LTE
technologies, the Group is also developing a wide range of Cat-M1
and NB-IoT modules. It is in the front line with MNOs, test
equipment manufacturers and silicon vendors, to accelerate the
technology commercialisation and enable the Group’s customers to be
the first to exploit its benefits.
In addition, Telit continued the development of
multi-constellation GNSS (GPS, GLO, GAL and BDS) and Dead Reckoning
(DR) enabled modules, including its innovative MEMS-only Dead
Reckoning (MoDR), which dramatically improve navigation
performance. New GNSS variants were released with improved
performance, integrated antenna, LNA and DC blocking capacitor.
Furthermore, the Group has made significant progress in
extending its portfolio of short range and LPWA modules based on
BT/BLE, Wi-Fi, and other technologies in a wide range of
configurations tailored to the unique requirements of different
verticals.
Vehicles equipped with location receivers and cellular
connectivity have now become mainstream and Telit is an
established key supplier in this area. The Group has six dedicated
automotive sales offices in Detroit, Munich, Hamburg, Shanghai,
Seoul and Tokyo, with access to car makers and their relevant tier
one suppliers.
Telit continued its investments in expanding its automotive
portfolio, In particular its ATOP product line of automotive
connectivity modules that offer embedded security features and
processing power, as well as LTE Cat-4 and Cat-6 modules. These
were delivered in 2016 to several Tier1 customers.
Telit modules embed a connection to Telit’s IoT platform, and
together with the connectivity portfolio enable its customers with
complete end-to-end sensor-to-cloud IoT solutions.
IoT Services
Telit continues to focus on enhancing and expanding its IoT
services offering and premium managed connectivity as well as a
range of complementary value added services and AEPs (the Telit IoT
platform).
The Group’s IoT Portal is designed to enable customers to manage
their IoT deployments through a single portal that makes IoT
deployments easier and efficient and cuts the time to market.
The IoT Portal provides customers with access to data
management, including collection, storage and big data export,
connectivity management, device management including remote module
management. This facilitates interaction with mobile network
operators, dash boarding tools, security and administration.
The Group continued to invest and develop the IoT connectivity
business, which provides it with a recurring revenue stream. The
IoT connectivity offering covers all customer connectivity needs,
including subscription management, integration of several MNOs
through the IoT portal CDP pro, remote module management, security,
reporting and monitoring, supply of SIM cards, rate plans and
customer support.
Telit IoT platform connects ‘things’ to ‘apps’. It seamlessly
integrates any devices, production assets and remote sensors with
web-based and mobile apps and enterprise systems. deviceWISE
reduces risk, time-to-market, complexity and cost of deploying
solutions for monitoring and control, industrial automation, asset
tracking and field service operations across all industries and
market segments around the world.
The IoT factory solutions business unit, through deviceWISE
enterprise software for factory and the Industrial Internet of
Things (IIoT) is designed to easily connect production machines and
processes with enterprise resource planning (ERP) and manufacturing
resource planning (MRP) systems and SCADA applications.
deviceWISE supports all popular PLCs from Siemens, Mitsubishi,
Rockwell, Omron and most widely used production equipment, and is
compatible with virtually any database, message queuing and
application server system available, including IBM, SAP, ORACLE and
Microsoft.
Acquisitions
- In February 2016 Telit acquired BLE
assets from Stollmann, a developer and marketer of low power
hardware products and software solutions for wireless
communications for a cash consideration of $4.6 million.The
acquired assets include Stollmann’s Bluetooth IP, NFC and other
wireless communications IP. Thirty-five Stollmann employees, mainly
R&D engineers, were transferred to Telit.The acquisition
materially enhances Telit’s short-range low-power Bluetooth product
offering and is another step in the Group’s strategy to provide a
comprehensive solution to connect edge devices, such as sensors, to
the Telit IoT enablement platform.
- In April 2016 Telit acquired several
cellular module product lines, related IP and inventory from
Novatel, for a cash consideration of $11 million.As part of this
acquisition, the Group acquired specific IP and was granted an
exclusive license to other Novatel IP related to the acquired
cellular module lines, including subsequent versions currently in
development.This acquisition forms an important part of the Group’s
strategy to enhance its product offering in the security market
segment.
- After the year-end, in February 2017
Telit acquired GainSpan, for a cash consideration of $8 million
(subject to certain working capital adjustments). GainSpan designs,
develops, manufactures and commercialises ultra-low power Wi-Fi
systems-on-chip and modules for battery- and line-powered devices,
and it also owns the intellectual property in network stacks,
system and application software it has developed.The acquisition
augments Telit’s existing portfolio of IoT products and services
and positions the Group to deliver on its “Sensor to Cloud”
vision.It is widely projected that the overall IoT market will
continue on a rapid growth trajectory, with a steady expansion of
cellular-based IoT solutions. However, much more rapid and
significant growth is expected to come from Short Range based
solutions.The acquisition of GainSpan positions Telit to capitalise
on these new Short Range opportunities and the ubiquity of Wi-Fi by
increasing sales to existing customer base and capturing customers
in many new segments.Telit’s expanded Short Range capabilities -
combined with the Group’s leading cellular and location modules,
connectivity and platform services - deliver unmatched end-to-end
IoT solutions that range from telematics and security to building
management, healthcare, smart home and cities, and many other
emerging IoT markets and segments around the world.GainSpan’s
employees, mostly R&D and support, are being integrated into
Telit’s short range business unit - 60 of which are in the R&D
Centre in Bangalore, India and the rest in San Jose,
California.GainSpan is expected to have a negative impact on the
adjusted EBITDA by some $4 million in 2017. However, after fully
integrating the business, Telit expects this important asset to
make a positive contribution in 2018 and to make both a material
financial and operational contribution in the longer term.
Market position and competitive advantage
With extensive R&D experience, gained through hundreds of
engineering staff-years, Telit has developed several
differentiators. Telit’s market position and competitive advantage
are based on several factors, including:
- Flexibility: it offers customers
cross-technology products and services to take a stand-alone device
and connect it to the IoT and to business Apps. Customers have the
flexibility of sourcing any single or combination of these services
and products.Telit modules are all designed in a family concept:
all modules in a family have the same form factor and software
compatibility, but offer different functionality to meet the
requirements of different vertical application segments and
regional configuration.The advantage for users is substantial: all
modules in a family are interchangeable. Above all, customers can
easily replace the modules with successive products without
changing the application. This reduces effort, time and costs
associated with development.
- Scalability: its portfolio of
products and services includes offerings for an extensive set of
application types and different deployment scales with products and
services to cover quantities from a few, to millions of units.Telit
was the first Group to add non-cellular modules, including
short-range location technologies, to its portfolio so customers
will have more options to connect their application and build their
IoT solutions.
- Innovation: Being the owner of
key intellectual property enables Telit to remain on the cutting
edge of innovation for solutions to connect ‘things’ to the IoT.
Delivering GSM/GPRS, CDMA/EV-DO, UMTS/HSPA+, LTE, short range RF,
Bluetooth/BLE, Wi-Fi and GNSS technologies in product families,
enables customers to choose among the various technologies,
selecting the best solution in the market for their application.Key
advantages include no need for changes to the application for use
of different modules in a family and embedded intellectual property
to enhance module use with Telit services including the IoT
connectivity and the IoT platforms.
- Focus: Telit is a pure play IoT
business. It focuses on customer needs to connect and maximise
value from assets on the IoT. The Group’s R&D and M&A
efforts are focused on creating the best portfolio of products and
services to provide customers with the solutions necessary to
effectively run and grow their businesses deriving value from
deploying IoT solutions.
Financial review
2016 was the seventh consecutive year of double-digit revenue
growth for Telit and improvements in all profitability
parameters.
Financial results**
2016
2015 $‘000
$‘000
Revenue
370,264 333,493 Gross
profit 150,560
133,060 Gross margin 40.66%
39.90% Other operating income
2,842 1,979 Research and
development expenses (38,256) (32,768)
Selling and marketing expenses (63,848)
(55,508) General and administrative
expenses (29,996) (26,582)
Other operating expenses (780)
(1,386)
Adjusted EBITDA
54,363 45,333
Operating profit ("EBIT") 20,522
18,795 Adjusted EBIT
34,215 30,617
Profit before tax 19,089
15,873 Adjusted profit before tax
32,782 27,695
Basic profit per share (cents)
14.4 12.3 Adjusted
basic profit per share (cents)
26.4 21.7
** For the definition of ‘Adjusted’ figures and reconciliation
from IFRS financial results to adjusted financial results refer to
note 4.
Revenue
Group revenue increased by 11.0% to $370.3 million (2015: $333.5
million), mainly driven by organic growth. Revenues in the second
half of the year were up 15.2% to $204.1 million (H2-2015: $177.2
million), supported by the return of the Americas region to strong
growth.
The IoT Services business unit generated revenues of $35.1
million (2015: $25.7 million), up 36.5%, while the IoT Products
business unit generated revenues of $335.1 million (2015: $307.8
million), up 9%.
Segmental analysis
Segment performance is evaluated based on operating profit or
loss.
The Group is active in three geographical regions: EMEA, APAC
and the Americas. In recent years, up to and including 2015, this
was the sole segmental presentation with no distinction between
products and services.
The Group’s activities in the IoT services business unit have
significantly grown in recent years. Although operational results
from this business unit still comprise less than 10% from Telit’s
results, the Group focuses more and more on IoT services and
end-to-end IoT solutions, as the future engine of growth for the
Group.
Therefore, the Group now presents its operational results in two
business segments: IoT Services and IoT Products. These two
business lines are active across all geographic regions.
Segmental information for each business line is presented
below:
2016 IoT Products IoT
services Consolidated
$‘000
$‘000
$‘000
Revenue External sales 335,132 35,132 370,264
Inter-segment sales (1) - - - Total revenue
335,132 35,132 370,264
Result
Gross Profit 128,420 22,140 150,560 Gross Margin 38.3 % 63.0 %
40.66 % Segment EBIT 55,408 (10,230 ) 45,178 16.5 % (29.1 %)
Unallocated expenses (2) (24,656 ) Operating profit 20,522 Finance
income 2,109 Finance costs (3,542 ) Profit before income taxes
19,089 Income taxes (2,474 ) Profit for the period 16,615
2015 (4)
IoT Products IoT services Consolidated
$‘000
$‘000
$‘000
Revenue External sales 307,751 25,742 333,493 Inter-segment
sales (1) - - - Total revenue 307,751
25,742 333,493
Result Gross Profit
114,753 18,307 133,060 Gross Margin 37.3 % 71.1 % 39.9 % Segment
EBIT 49,353 (8,196 ) 41,157 16.0 % (31.8 %)
Unallocated expenses (2)
(22,362 ) Operating profit 18,795 Finance income 12 Finance costs
(2,934 ) Profit before income taxes 15,873 Income taxes (1,757 )
Profit for the period 14,116 (1) There are no
transactions between business unit segments. (2) Unallocated
expenses principally including general and administrative expenses
such as director’s compensation, salaries of certain senior
executives, professional fees and other expenses which cannot be
directly allocated to one of the segments. (3) Total assets and
liabilities are not disclosed as from 2015 this information is not
provided by segment to the Chief Operating decision maker on a
regular basis. (4) 2015 numbers have been changed to present the
new segmental information.
Geographical revenue
The split of revenue on a geographical basis is as follows:
2016$m
% of total revenue
2015$m
% of total revenue
Americas 149.0 40.2%
129.4 38.8% EMEA 137.3
37.1% 133.2 40.0%
APAC 84.0 22.7%
70.9 21.2%
Total
370.3
333.5
Americas
Revenue returned to strong growth with a 15.1% increase, to $149
million (2015: $129.4 million). The pace picked up in the second
half as anticipated, with an increase of 26.5%, to $81.7 million
(H2-2015: $64.6 million).
The overall market for LTE products continued to grow, with
additional certifications of the Group’s CAT-1 products. In
addition, the US carriers have announced their plans to gradually
shut down 3G and CDMA networks and to focus exclusively on LTE.
This will boost migration towards new technologies, including not
only new deployments but also re-farming of exiting devices.
During Q4 Telit announced its participation in the field trials
with both AT&T and Verizon for their Cat M1 networks. Arrival
of Cat M1 will reduce overall ASPs while expanding the market into
new verticals not previously served by cellular products.
Telit is well positioned with its family concept to enable
customers to migrate from 3G and CDMA designs towards LTE, either
Cat 1 or Cat M1, by its pin to pin compatible products.
EMEA
EMEA revenues continue to be impacted by cellular technology
stagnation, with the majority of the deployments remaining in 2G.
Revenues grew marginally by 3.1% to $137.3 million (2015: $133.2
million).
The uncertainty with the MNOs moving to the new technologies in
LTE, Cat 1, Cat M1 and NB-IoT, and at the same time not knowing how
long they will support 2G or 3G networks, is creating a complex
technology map that makes it difficult for customers to make
decisions regarding investments for new deployments.
Telit has developed a full set of products supporting the new
LTE technologies with fall-back to the legacy 2G and 3G networks,
to allow customers to go through this uncertain period without any
issue in the serviceability of their devices in the field.
The EMEA team was able to achieve significant design wins in
telematics, metering and security, while maintaining its large and
diversified customer base within the full EMEA region.
Telit foresees that the move to NB-IoT will make a significant
impact in the adoption of IoT for new verticals and will contribute
to the growth of total number of units sold in Europe towards the
end of 2017 and continuing the trend in 2018.
Telit is developing new modules following its family concept and
supporting this technology in all its form factors.
APAC
The trend of strong, double digit revenue growth rate,
continued, with an 18.5% increase to $84.0 million (2015: $70.9
million).
The growth in the region is driven by the continuous flow of new
projects going into mass production across different countries in
the region, but especially in Japan where Telit has been very
successful promoting its new LTE products.
Telit plans to release new LTE products for Japan and Korea
during 2017, both in XE910 and XE866 form factors and it is
confident that the trend will continue in adoption of its modules
for new designs and deployments.
During 2016 Telit also released new LTE products for other
countries in the region where it expects carriers to push and
deploy new 4G technology along 2017 and 2018.
Gross margin and gross profit
Gross margin continued to improve, up from 39.55% in 2014 to
39.9% in 2015 to 40.66% in 2016, due to the Group’s strong
positioning in the IoT industry, further improvements in the
hardware business and the increasing share of IoT services business
revenues with its higher margin.
Gross profit increased by 13.2% to $150.6 million (2015: $133.1
million).
Gross profit generated by the IoT Products business unit was
$128.4 million, reflecting a gross margin of 38.3% (2015: $114.8
million; 37.3%), while gross profit generated by the IoT Services
business unit was $22.1 million, reflecting a gross margin of 63.0%
(2015: $18.3 million; 71.1%) (see segmental analysis above).
Operating expenses
Gross research and development operating expenses (expenses
before capitalisation and amortisation of internally generated
development costs – see note 5) increased to $57.4 million (2015:
$51.2 million). The growth in expenditure is mainly due to the
acquisition of Stollmann and the acceleration in the 4G
developments and new automotive projects.
As a percentage of revenues, expenses remained flat at 15.5%
(2015: 15.4%).
The amount capitalised in respect to internally generated
development assets was $30.8 million (2015: $26.1 million), an 8.3%
of revenues (2015: 7.8%). This figure is mainly related to the
development of the 4G product lines for high and low categories
including the Cat-M1 and NB-IoT; the automotive products; and the
IoT Services.
The amortisation of internally generated development assets
increased by 51.4% to $11.6 million (2015: $7.7 million). This
increase relates mainly to the release of 3G and 4G products to the
market during the course of 2015 and 2016. 60% of the Capitalised
assets are now being amortised (2015: 45%).
Selling and marketing expenses increased to $63.8 million (2015:
$55.5 million) and represented 17.2% of revenues (2015: 16.6%). The
increase is mainly due to the substantial recruitment starting at
the end of 2015 for an end-to-end solutions sales force and the
acquisition of Stollmann.
General and administrative expenses increased to $30.0 million
(2015: $26.6 million) and remained flat as a percentage of revenues
at 8.1% (2015: 8%). This increase reflect the continued expansion
of the Group activities.
As stated before Telit expects that gross research and
development, sales and marketing and general and administrative
expenses will decline as a percentage of revenues during the next
few years.
Finance costs , net
2016$m
2015$m
Difference
Non-cash expenses related to effective rate interest on
preferred loan 1.1 1.1 -
Interest on loans and overdrafts 1.6 0.9
0.7 Bank fees 0.8 0.5
0.3 Exchange rate differences (1.9)
0.4 (2.3) Interest income
(0.2) - (0.2)
Total
1.4 2.9
(1.5)
Finance cost, net was $1.4 million (2015: $2.9 million). The
change was mainly due to exchange rate differences which changed
from $0.4 million loss in 2015 to $1.9 million gain in 2016.
Interest expenses related to loans and overdrafts increased to
$1.6 million (2015: $0.9 million) and bank fees increased to $0.8
million (2015: $0.5 million). This is due to an increased
utilisation of the Group’s bank facilities, mainly for
acquisitions.
Profitability
Adjusted EBITDA increased by 19.9% to $54.4 million (2015: $45.3
million); as a percentage of revenues it increased to 14.7% (2015:
13.6%). These improvements reflect the operational leverage that
the Group has now obtained.
Adjusted EBIT increased by 11.8% to $34.2 million (2015: $30.6
million); as a percentage of revenues it remain flat at 9.2%.
Adjusted profit before tax increased by 18.4% to $32.8 million
(2015: $27.7 million) and reported profit before tax increased by
20.3% to $19.1 million (2015: $15.9 million).
The adjusted figures exclude a share based payment charge of
$8.1 million (2015; $6.3 million), a non-recurring expense of $0.7
million (2015: $1.3 million) and amortisation of intangible
acquired assets of $4.9 million (2015: $4.1 million).
Profit for the year increased by 17.7% to $16.6 million (2015:
$14.1 million).
Adjusted basic earnings per share increased by 21.7% to 26.4
cents (2015: 21.7 cents). Basic earnings per share increased 17.1%
to 14.4 cents (2015: 12.3 cents) and reported diluted earnings per
share increased 18.6% to 14.0 cents (2015: 11.8 cents).
Dividend
On May 27, 2016, the Group paid its first ever dividend, for the
financial year ended 31 December 2015, of 6 cents per share. This
dividend represented 28% of the 2015 Adjusted earnings per
share.
On September 23, 2016, the Group paid an interim dividend
of 2.5 cents per share. This represented approximately 1/3 of
the expected dividend for the year, based on the directors’
expectations (as reflected in the full year guidance) for adjusted
earnings per share of 24-30 cents.
The Board recommends a final dividend of 4.9 cents per share,
giving a total dividend for 2016 of 7.4 cents per share, up 23.3%
(2015: 6 cents per share).
Subject to shareholder approval at the Annual General Meeting,
the final dividend will be paid on 5 May 2017 to shareholders on
the register as at 7 April 2017, with a corresponding ex-Dividend
date of 6 April 2017.
The default payment for dividends is in US dollars. However,
shareholders can elect to have dividends paid in sterling (GBP) and
the option to elect a sterling dividend payment will be available
to shareholders until 7 April 2017 (the “Election Date”). The
pounds sterling equivalent dividend payment will be announced as
soon as practicable following the Election Date.
Further details together with a copy of the Dividend Currency
Election Form, which should be sent to Capita Asset Services, The
Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU when
completed, will be available on the Group’s website shortly at
www.telit.com/investor-relations/financial-statements. CREST
shareholders must elect via CREST.
Cash/debt
As at 31 December 2016, net debt was $17.7 million (June 30,
2016: $29.1 million; 2015: net cash of $1.1 million). The change
from 31 December 2015 is due, mainly, to $15.4 million used by the
Group for acquisitions and the payment of dividends in the amount
of $9.8 million.
Operating cash flow increased by 15.6% to $47.6 million (2015:
$41.2 million).
Committed Credit Facilities - In October 2016 the Group entered
into committed credit facilities with HSBC Bank plc and certain of
its affiliates (“HSBC") and Bank Hapoalim B.M. (“BHI USA") for
an aggregate amount of $110 million (the “Facilities"). The
Facilities replace the Group’s existing non-committed credit lines,
which amounted to about $70 million.
The Facilities consist of a committed five-year term credit
facility for $40 million and a committed three-year term revolving
credit facility for $35 million, in total $75 million with HSBC,
and a committed three-year term revolving credit facility with BHI
USA for $35 million.
The Facilities provide the Group with additional financial
resources as it continues to strengthen its position in the rapidly
developing and growing IoT market.
Balance sheet
Internally generated development assets, net
As at 31 December 2016 increased by $15.6 million to $69.8
million (2015: $54.2 million). The split of the net assets by
technology is as follows:
Technology
Internally generateddevelopment assets,
netas at 31 December 2016
Internally generateddevelopment assets,
netas at 31 December 2015
Change year over year
$m %
$m % $m
IoT Services 11.1
16% 7.1 13%
4.0 4G 36.4
52% 22.1 41% 14.3
3.5G 6.9 10% 6.7
12% 0.2 3G
6.5 9% 9.4 17%
(2.9) GNSS & SR 6.0
9% 4.8 9% 1.2
Other IoT Products (2G & CDMA) 2.9
4% 4.1 8%
(1.2)
IoT Products 58.7
84% 47.1
87% 11.6
31 December
69.8 54.2
15.6
Internally generated development assets that completed the
development phase, moved to mass production phase and which have
started to be amortised, increased to 60% of the total internally
generated development assets (2015: 45%). The period of
amortisation is 3 to 5 years.
The net assets that are in development phase, before starting to
be amortised, are mainly 4G products and IoT services software.
Technology
Assets started to beamortised, net
Assets in developmentprocess (not
amortisedyet)
Internally generateddevelopment assets,
net asat 31 December 2016
$m %
$m % $m
%
IoT Services
6.3 15%
4.8 17% 11.1
16% 4G 18.2
43% 18.2 65% 36.4
52% 3.5G 5.6
13% 1.3 5% 6.9
10% 3G 5.4
13% 1.1 4% 6.5
9% GNSS & SR 3.4
9% 2.6 9% 6.0
9% Other IoT Products (2G & CDMA)
2.9 7% - -
2.9 4%
IoT
Products 35.5 85%
23.2 83%
58.7 84%
31 December 2016 41.8
28.0
69.8 31
December 2015 24.3
29.9 54.2
2016$m
%
2015$m
% Assets in
development process (not amortised yet) 28.0
40% 29.9 55%
Assets started to be amortised, net 41.8
60% 24.3 45%
Total 69.8
54.2
Total equity
Grew from $110.2 million as at 31 December 2015 to $120.4
million as at 31 December 2016. This increase is mainly due to the
growth in profits, off-set in part by the distribution of cash
dividends.
The Group repurchased 207,722 ordinary shares for a
consideration of $0.6 million during the year (2015: purchase of
409,400 ordinary shares, for a consideration of $1.3 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2016 2015
$‘000
$‘000
Revenue 370,264 333,493 Cost of sales (219,704 ) (200,433 )
Gross profit 150,560 133,060 Other
operating income 2,842 1,979 Research and development expenses
(38,256 ) (32,768 ) Selling and marketing expenses (63,848 )
(55,508 ) General and administrative expenses (29,996 ) (26,582 )
Other operating expenses (780 ) (1,386 )
Operating
profit 20,522 18,795 Finance income 2,109 12 Finance
costs (3,542 ) (2,934 )
Profit before income taxes
19,089 15,873 Tax expense (2,474 ) (1,757 )
Net
profit 16,615 14,116
Other comprehensive income
Items which will be
reclassified in subsequent periods to profit and loss:
Foreign currency translation differences (4,242 ) (7,002 )
Total
comprehensive income for the year 12,373 7,114
Basic earnings per share (in USD cents) 14.4
12.3
Diluted earnings per share (in USD cents)
14.0 11.8
Adjusted basic profit per
share1 (in USD cents) 26.4 21.7
Adjusted diluted profit per share2 (in USD
cents) 25.6 20.9
Basic weighted average number
of equity shares 115,157,534 114,809,803
Diluted weighted average number of equity shares 118,891,032
119,192,610
1- Adjusted basic profit per share is defined as adjusted profit
for the year divided by basis weighted average number of equity
shares.2- Adjusted diluted profit per share is defined as adjusted
profit for the year divided by diluted weighted average number of
equity shares.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2016Audited
2015Audited
$‘000
$‘000
ASSETS Non-current assets Intangible assets 104,697
81,877 Property, plant and equipment 23,169 21,792 Other long term
assets 1,846 2,198 Deferred tax asset 6,025 5,907
135,737 111,774
Current assets
Inventories 28,486 20,080 Trade receivables 105,220 72,157 Income
tax receivables 801 776 Other current assets 13,751 12,264 Deposits
- restricted cash 84 75 Cash and cash equivalents 26,547
29,844 174,889 135,196
Total assets
310,626 246,970
LIABILITIES AND SHAREHOLDERS’
EQUITY
Shareholders’ equity
Share capital 1,984 1,969 Share premium account 103 24 Other
reserve (2,727 ) (2,727 ) Treasury stock fund (1,929 ) (1,323 )
Translation reserve (24,498 ) (20,256 ) Retained earnings 147,447
132,494
Total equity 120,380 110,181
Non-current liabilities long term borrowings
from banks 25,328 23,812 Post-employment benefits 2,965 4,737
Deferred tax liabilities 490 262 Provisions 4,121 3,894 Other
long-term liabilities 27 39 32,931 32,744
Current liabilities Short-term borrowings from
banks and other lenders 18,988 4,968 Trade payables 113,681 77,627
Provisions 555 585 Income tax payables 2,294 1,555 Accruals and
other current liabilities 21,797 19,310 157,315
104,045
Total equity and
liabilities 310,626 246,970
CONSOLIDATED STATEMENT OF CASH FLOW
2016Audited
2015Audited
$‘000
$‘000
CASH FLOWS - OPERATING ACTIVITIES Profit for the period from
continued operations 16,615 14,116 Adjustments for:
Depreciation of property, plant and equipment 6,820 5,306
Amortization of intangible assets 18,201 13,532 Gain on sale of
property, plant and equipment (3 ) (227 ) Change in fair value of
earn-out (532 ) - Increase in provisions for post-employment
benefits (1,628 ) 567 Finance costs, net 1,433 2,922 Tax expenses
2,474 1,757 Share-based payment charge 8,121 6,349
Operating cash flows before movements in working capital: 51,501
44,322 Increase in trade receivables (33,236 ) (12,486 ) Decrease /
(increase) in other current assets 61 (1,556 ) (Increase) /
decrease in inventory (5,370 ) 11 Increase in trade payables 36,439
13,231 Increase in other current liabilities 1,996 1,231 Increase
in provisions and other long term liabilities 309 1,472
Cash from operations 51,700 46,225 Income tax paid (1,823 )
(3,047 ) Interest received 201 12 Interest paid (2,427 ) (1,978 )
Net cash from operating activities 47,651
41,212
CASH FLOWS - INVESTING
ACTIVITIES
Acquisition of property, plant and equipment (9,321 ) (8,823 )
Acquisition of intangible assets (1,864 ) (1,397 ) Proceeds from
disposal of property, plant and equipment 508 677 Capitalized
development expenditures (30,771 ) (26,106 ) Acquisition of
business, net of cash acquired (15,391 ) (352 ) (Increase) /
decrease in restricted cash deposits (94 ) 657
Net cash
used in investing activities (56,933 )
(35,344 ) CASH FLOWS - FINANCING
ACTIVITIES Proceeds from exercise
of share options 94 264 Dividend paid (9,783 ) - Purchase of own
shares (606 ) (1,323 ) Short-term credit from banks 13,437 (4,949 )
Proceeds from long term borrowings from banks 8,813 11,562
Repayment of long term borrowings from banks (3,708 ) (2,337 )
Net cash from financing activities 8,247
3,217 (Decrease) / increase in cash and
cash equivalents (1,035 ) 9,085
Cash and cash equivalents at
beginning of year 29,844 25,399
Effect of exchange rate
differences (2,262 ) (4,640 )
Cash and cash equivalents at
end of year 26,547 29,844
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 December 2016
(audited)
Sharecapital
Sharepremium
Otherreserve
Treasurystock fund
Translationreserve
Retainedearnings
Total
$‘000
$‘000
$‘000
$‘000
$‘000
$‘000
$‘000
Balance at 1 January 2016 1,969 24 (2,727 )
(1,323
)
(20,256 ) 132,494 110,181
Total comprehensive income for
the period Profit for the period - - -
-
- 16,615 16,615 Foreign currency translation differences - - -
-
(4,242 ) - (4,242 ) Total comprehensive income for
the period - - -
-
(4,242 ) 16,615 12,373
Transaction with owners:
Exercise of options 15 79 - - - - 94 Dividend paid - - -
-
- (9,783 ) (9,783 ) Repurchase of shares - - - (606 ) - - (606 )
Share based payment charge - - -
-
- 8,121 8,121
Total transactions
with owners 15 79 -
(606
)
- (1,662 ) (2,174 )
Balance at 31 December
2016 1,984 103 (2,727 )
(1,929
)
(24,498 ) 147,447 120,380
Year ended 31 December 2015
(audited)
Sharecapital
Sharepremium
Mergerreserve
Otherreserve
Treasurystock fund
Translationreserve
Retainedearnings
Total
$‘000
$‘000
$‘000
$‘000
$‘000
$‘000
$‘000
$‘000
Balance at 1 January 2015 1,942 90,533 1,235 (2,727)
-
(13,254) 20,048 97,777
Total comprehensive income for the
period Profit for the period - - - - - - 14,116 14,116 Foreign
currency translation differences - - - -
-
(7,002) - (7,002) Total comprehensive income for the period - - - -
-
(7,002) 14,116 7,114
Transaction with owners:
Exercise of options 27 237 - - - - - 264 Reduction of share premium
and merger reserve - (90,746) (1,235) -
-
- 91,981 - Repurchase of shares - - - - (1,323) - - (1,323) Share
based payment charge - - - -
-
- 6,349 6,349
Total transactions with owners 27 (90,509)
(1,235) -
(1,323)
- 98,330 5,290
Balance at 31 December 2015
1,969 24 - (2,727)
(1,323)
(20,256) 132,494 110,181
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. This financial information is consistent with the
consolidated financial statements of the group, for the year ended
31 December, 2016. The Group’s consolidated financial statements
have been prepared in accordance with International Financial
Reporting Standards as adopted by the EU. 2. The financial
information set out above does not constitute Telit’s statutory
accounts for the years ended 31 December 2016 or 2015. Statutory
accounts for 2016 will be delivered to the Registrar of Companies.
The auditors have reported on the 2016 and 2015 statutory accounts;
their reports were (i) unqualified, (ii) did not include references
to any matters to which the auditors drew attention by way of
emphasis without qualifying their reports and (iii) did not contain
statements under section 498 (2) or 498 (3) of the Companies Act
2006. 3. The Group finances its day to day working capital
requirements mainly from committed credit facilities from HSBC Bank
plc and certain of its affiliates and Bank Hapoalim B.M. (“Credit
Facilities"). The availability of the Credit Facilities is
conditioned upon the Group complying with the terms of the Credit
Facilities, including meeting certain financial covenants. In
addition, the Group has received a long-term preferential rate loan
supported by the Ministry of Trade and Commerce in Italy. Further
information is provided within note 5. The directors
consider the uncertainty over (a) the level of demand for the
Group’s products which may also affect the possibility of utilizing
some of these facilities since they depend upon the level of sales
in specific markets and in some instances to specific customers;
(b) the exchange rate between Euro and US dollars and thus the
consequence for the cost of the Group’s raw materials; (c)
compliance with the Financial Covenants, as a condition to the
continued availability of the Credit Facilities in the foreseeable
future; (d) the continuity of supply from key suppliers; and (e)
the forecasts in current market environments. The Group’s
forecasts and projections, taking into account the Group’s history
of successfully renewing its facilities in the past; the group’s
expected continued compliance with the Financial Covenants and the
fact that there are actions available to the Group to address these
risks, show that the Group should be able to operate within the
level of its current facilities. After making enquiries, the
directors are confident that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
4.
Reconciliation of operating profit,
profit before tax and net profit to the adjusted figures:
EBITDA is not a financial measure defined by IFRS as a
measurement of financial performance and may not be comparable to
other similarly-titled indicators used by other companies. Adjusted
EBIT, adjusted EBITDA and adjusted profit before tax are provided
as additional information only and should not be considered as a
substitute for EBIT or net cash provided by operating activities.
Adjusted EBIT is defined as Earnings Before Interest, Tax,
share based payment expenses, amortisation of acquired intangibles
and non-recurring expenses; Adjusted EBITDA as Adjusted EBIT plus
depreciation and other amortisation; Adjusted Profit before tax as
Profit before tax plus share based payment expenses, amortisation
of acquired intangibles and non-recurring expenses; and Adjusted
net profit for the year as net Profit for the year plus share based
payment expenses, amortisation of acquired intangibles and
non-recurring expenses less change in deferred tax assets, net. The
Group’s management believes that these non-GAAP measures provide
useful information to investors to evaluate operating results and
profitability for financial and operational decision-making
purposes and to provide comparability between the companies in this
sector, as they eliminate non-cash items and non-recurring expense,
which are not inherent to the business. Consequently, Adjusted
EBIT, Adjusted EBITDA, Adjusted profit before tax and Adjusted net
profit for the year are presented in addition to the reported
results.
2016 2015
$‘000
$‘000
EBIT 20,522 18,795 Share-based payments 8,121
6,349 Non-recurring expenses3 699 1,351 Amortisation - intangibles
acquired 4,873 4,122
Adjusted EBIT 34,215
30,617 Depreciation and amortisation3a 20,148 14,716
Adjusted EBITDA 54,363 45,333
Profit before tax 19,089 15,873 Share-based
payments 8,121 6,349 Non-recurring expenses3 699 1,351 Amortisation
- intangibles acquired 4,873 4,122
Adjusted profit before
tax 32,782 27,695
Net profit for the year
16,615
14,116
Share-based payments 8,121 6,349 Non-recurring expenses3 699 1,351
Amortisation of intangibles acquired 4,873 4,122 Change in deferred
tax asset, net 110 (997 )
Adjusted net profit for the year
30,418 24,941
3 - Non-recurring expenses relate to integration and transaction
costs.3a - Excluding amortisation on acquired intangibles
5. Research and development expenses, net,
were:
2016
2015
$‘000
$‘000
Research and development operating expenses 57,434 51,217
Capitalized development expenses (30,771 ) (26,106 ) Amortization
of internally generated development costs 11,593 7,657
Research and development expenses, net 38,256
32,768
6. Net (debt) /cash position
The table below presents the net (debt) / cash position at the
year-end:
2016
2015
$ ‘000
$ ‘000
Cash and cash equivalents 26,547 29,844 Restricted cash
deposits 84 75 Working capital borrowing (1) (13,516 ) (2,663 )
Long term loans (2) (8,582 ) (4,899 ) Governmental loans (3)
(19,582 ) (18,234 ) Mortgage loan (4) (2,636 ) (2,984 )
Net
(debt) / Cash (17,685 ) 1,139 (1)
Short term borrowings, less than one year, used for working
capital. (2) Representing long term loans from HSBC in the
amount of $4.5 million with interest at a rate of Liber plus 2.7%
and is being repaid in 7 half year instalments that commenced in
March 2018 and long term loans from banks in Italy- (i) for $5.3
million with interest at a rate of Euribor 3 months plus 3.25% and
is being repaid in 20 quarterly instalments that commenced in
September 2013, and (ii) $2.5 million with an interest rate of
Euribor 6 months plus + 5.5% and is repayable in 6 semi-annual
instalments that will commence in December 2020. (3)
Representing preferential long term loans (i) for $22.7 million
with fixed-rate of 0.5% and is repayable in 14 semi-annual
instalments that will commence in December 2016, supported by the
Italian MISE (Ministry of Economic Development) to develop an
innovative platform for the application of M2M technologies and,
(ii) for $7.9 million with a fixed-rate of 0.75% and is repayable
in 10 annual instalments that commenced in March 2009, supported by
the Ministry of Trade and Commerce in Italy, provided in connection
with the Group’s business development program in Sardinia. The
loans presented in fair value. (4) Representing a
preferential rate loan of $3.8 million from a regional fund in
Italy provided in connection with the Group’s acquisition of the
campus used for Telit’s main R&D facility in Trieste, Italy.
The mortgage loan is denominated in Euro, attracts interest at a
rate of 80% of Euribor 6 months, with a minimum interest rate of
0.85%, and is repayable in 15 semi-annual instalments that
commenced in June 2012. The loans presented in fair value.
The directors believe that the credit facilities will remain
available to the Group in the foreseeable future and that therefore
the Group will be able to continue to fund its operations from
these credit facilities.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170313006000/en/
Telit Communications PLCOozi Cats, CEOYosi Fait, Finance
Director & President+44 203 289 3831orCanaccord Genuity
Limited (Nominated Adviser and Joint Broker)Simon
Bridges/Martin Davison+44 20 7523 8000orBerenberg (Joint
Broker)Chris Bowman/Ben Wright+44 20 3465 2722orInstinctif
PartnersAdrian Duffield/Chantal Woolcock+44 20 7457 2020
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