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RNS Number : 5810L
Telit Communications PLC
08 September 2019
 

 

9 September 2019

 

Telit Communications PLC

 

Interim results - continued improvement in financial performance

 

Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), has published its results for the six months ended 30 June 2019.

 

Financial highlights[1]

·      Revenue, excluding automotive business sold in February 2019, up by 7.6% to $180.3 million (H1 2018: $167.5 million)

o  Total Group revenue, including two months contribution from the automotive business, $190.7 million (H1 2018: $201.7 million, including six months of automotive business)

 

·      IoT Cloud and connectivity revenues up 13.3% to $18.7 million (H1 2018: $16.5 million)

·      Adjusted EBITDA, excluding automotive business, up by 57.4% to $15.9 million (H1 2018: $10.1 million)

o  Total Group adjusted EBITDA, including two months contribution from the automotive business, up by 28.0% to $16.0 million (H1 2018: $12.5 million, including six months of the automotive business).

 

·      $70.9 million improvement in profit before tax to $58.1 million (H1 2018: loss $12.8 million), including $57.2 million gain from sale of automotive business

 

·      $8.3 million improvement in profit in cash[2] to $2.6 million (H1 2018: loss $5.7 million), driven by cash OPEX saving following restructuring plan implementation

·      $78.7 million improvement in net cash position to $44.7 million at 30 June 2019 (31 December 2018: net debt $34.0 million)

Operational highlights

·     Restructuring and cost rationalisation programme completed with further reduction in cash operating expenses - optimised organisation with five R&D centres

·      Increased focus on high category LTE and 5G products - clear development plan to address growing demand for high bandwidth products

·      Further investment in OneEdge, our integrated hardware and services offering designed to enable enterprises to manage integration and scalability

·    Continued supply chain optimisation to stabilise gross margin - focus on material and manufacturing costs; plan for new production facility to counter US-China trade issues

·      Received certifications for NB-IoT and LTE-M modules from leading mobile operators 

 

Paolo Dal Pino, Chief Executive Officer, said:

 

"Since I joined Telit, our key focus has been on the completion of the automotive sale, the reorganisation of our management team and the refocus of our company's portfolio towards more innovative industrial IoT products and services, all of which has helped improve our financial performance.

 

"Thanks to these efforts, we have seen significant improvement in our cash generation, driven by solid revenue growth and our cost optimisation plan is fully on track to meet our targets."

 

"We are encouraged by our performance in H1 and remain confident that full-year results will be in line with the Board's expectations"

 

For further information:

 

Telit Communications PLC

Paolo Dal Pino, Chief Executive Officer

Yariv Dafna, Finance Director & President

Tel: +44 203 289 3831

 

finnCap (Nomad and broker)

Henrik Persson/Giles Rolls/Hannah Boros (corporate finance)

Tim Redfern/Richard Chambers (corporate broking)

Tel: +44 20 7220 0500

 

 

FinElk

Tel: +44 20 7631 8618

Robin Haddrill/ Cornelia Schnepf

 

 

 

 

 

 

 

 

 

 

Operational review

 

On 27 February 2019, Telit completed the sale of its automotive business for $105 million, an important milestone in its strategy to become a leading end-to-end IoT provider enabling enterprises to successfully execute their digital transformation.

 

The disposal of the automotive business, which represented in 2018 approximately 17.3% of Group revenue, frees up considerable internal resources and provides the financial flexibility to accelerate the integration of IoT products and services.

 

The sale also means that the Group is now solely focussed on the industrial IoT market, the main driver of digital transformation for enterprises. Telit is committed to maintaining and growing its leading position in the IoT products' market, increasing the value and differentiation of its products by leveraging the combination of modules and IoT services and ensuring the better utilisation of its sales force.

 

Within the end-to-end model, connected devices will become more efficient and user friendly, with software playing a key role in simplifying an enterprise's approach to IoT. This integrated business approach enables Telit to focus on synergies, leveraging its combined offering of modules (cellular and short range), IoT connectivity and IoT platform and portal.

 

During 2018, we defined our 5G strategy, engaging with Qualcomm to shape our development plan. In just the first six months, we began the development of our first 5G product which will address the demand for high bandwidth products such as gateways and routers. We are making good progress to present advanced samples toward the end of this year.

 

Telit also continued to invest in the development of its "OneEdge" software suite which enables solutions for a new generation of Telit's cellular LPWA IoT modules. With integrated, secure and easy-to-use tools, "OneEdge" dramatically simplifies the design, deployment and management of IoT products and solutions, which will be critical in the new 5G super-connected environment. Combined with "SimWISE", Telit's iSIM solution, these technologies will help address long-standing challenges related to integration, scalability, management and transform their businesses.

 

In the first half of the year, the Group completed the restructuring plan launched in the last quarter of 2017 and, thanks to this as well as the automotive sale, now has an optimised organisation made up of five R&D centres. Telit also continued the cost rationalisation programme designed to further reduce its cash operating expenses by approximately $10 million in 2019.  It is on track to achieve this goal.

 

In the first half of the year, Telit saw 7.6% growth in revenue, excluding the automotive business.  IoT Cloud and connectivity revenues rose by 13.3%, thanks to growing market traction in the connectivity business, as well as IoT project wins with customers that started to ramp up.

Improved and stable gross margins remain a major objective for Telit. The Group continues to focus on the actions launched in 2018, including the optimisation of material and manufacturing costs as well as the planning of a new production facility to better navigate the ongoing US-China trade dispute. Due to a challenging component market and these macroeconomic conditions, the gross margin in the first half decreased slightly from 33.6% to 32.0% in comparison with the first half of 2018. However, the gross margin was up in comparison with H2 2018.

In the first half of the year, profit in cash improved significantly from a loss of $5.7 million in H1 2018 to a profit in cash of $2.6 in H1 2019, mainly as a result of the continued cash OPEX optimisation.

In the first half of the year, adjusted EBITDA, excluding the automotive business, increased by 57.4% to $15.9 million (H1 2018: $10.1 million). The adjusted EBITDA was negatively affected by lower level of R&D capitalisation and benefitted from the implementation of the IFRS 16 (see note 3).

 

 

 

Outlook

 

The IoT market remains a fast growing and dynamic space, and Telit remains well positioned to capitalise on growth opportunities in this market. The Board is fully committed to delivering value and growth for the business as a leading enabler in the industrial IoT space.

 

Following the automotive sale completion and the overall improvement in H1 2019, Telit is confident that its operational performance in the full year 2019 will continue to make good progress in line with the Board's expectations.

 

Financial review

 

Financial results

 

 

H1 2019

$m

H1 2018

$m

Change

$m

Revenues

190.7

201.7

(11.0)

Gross profit

61.0

67.8

(6.8)

Gross margin

32.0%

33.6%

 

Other operating income

1.7

1.0

0.7

Research and development

(24.4)

(30.9)

(6.5)

Selling and marketing

(24.4)

(33.0)

(8.6)

General and administrative

(12.1)

(13.2)

(1.1)

Exceptional expenses related to restructuring

(0.4)

(0.6)

(0.2)

Other exceptional items

56.8

(0.9)

57.7

Profit operating/ (loss)- EBIT

58.2

(9.8)

68.0

Adjusted EBITDA

16.0

12.5

3.5

Adjusted EBIT

4.1

(0.6)

4.7

Profit/ (loss) in cash

2.6

(5.7)

8.3

Profit/ (loss) before tax

58.1

(12.8)

70.9

Adjusted profit/ (loss) before tax

4.0

(3.6)

7.6

Basic profit/ (loss) per share (cents)

35.0

(9.1)

44.1

Adjusted basic profit/ (loss) per share (cents)

2.2

(3.0)

5.2

 

Adjusted EBIT is defined as Earnings Before Interest, Tax, share based payment expenses, amortisation of acquired intangibles, impairment of intangible assets, exceptional expenses related to restructuring and other exceptional items; 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, impairment of intangible assets, exceptional expenses related to restructuring and other exceptional items; and Adjusted net profit for the year as net Profit for the year plus share based payment expenses, amortisation of acquired intangibles, impairment of intangible assets, exceptional expenses related to restructuring and other exceptional items less change in deferred tax assets, net.

 

Revenues

 

Revenues, excluding the automotive business, increased by 7.6% to $180.3 million (H1 2018: $167.5 million). Total Group revenues, including a two months contribution from the automotive business, which was sold in February 2019, were $190.7 million (H1 2018: $201.7 million, including six months of automotive business). IoT Cloud and connectivity revenues up 13.3% to $18.7 million (H1 2018: $16.5 million).

 

 

 

The split of revenues is as follows:

 

 

H1 2019

$m

% of total revenues

H1 2018

$m

% of total revenues

Change H1-19 over H1-18

2018

$m

% of total revenues

Americas

88.1

46.2%

82.1

40.7%

7.3%

176.7

41.3%

EMEA

54.1

28.4%

53.9

26.7%

0.4%

112.3

26.3%

APAC

38.1

20.0%

31.5

15.6%

21.0%

64.4

15.1%

Total

180.3

 

167.5

 

 

353.4

 

Automotive

10.4

5.4%

34.2

17.0%

 

74.1

17.3%

Total

190.7

 

201.7

 

 

427.5

 

 

Americas - revenues were up by 7.3% to $88.1 million (H1 2018: $82.1 million), in line with our expectations.

 

EMEA - revenues slightly increased by 0.4% to $54.1 million (H1 2018: $53.9 million). This region is still slow to adopt LTE and we expect the market to grow at a faster rate with growing adoption of 4G products. In addition, the competition from low cost suppliers in this region, which still use a lot of 2G devices, is more significant. 

 

APAC - revenues increased by 21.0% to $38.1 million (H1 2018: $31.5 million), thanks to continued improvement in performance following the recovery from a delay in a big project we suffered since 2017.

 

Automotive - two months contribution ahead of the disposal amounted to $10.4 million compared to $34.2 million in H1-2018, which reflected a full six-month contribution.

 

Gross margin and gross profit

 

Gross profit in H1 2019 was $61.0 million (H1 2018: $67.8 million), primarily due to the sale of the automotive business in February 2019.

 

In terms of gross margin, Telit saw a year-on- year decline to 32.0% (H1 2018: 33.6%), albeit improved against H2 2018. Despite the US-China trade dispute that brought supply chain challenges, margins have substantially stabilised and even slightly improved half-on-half with the LTE product margin improving through the maturity and growth in volumes.

 

Operating expenses

 

The Group's cost base and expenses were substantially reduced in H1 2019, reflecting both the removal of automotive operating costs from 28 February 2019 as well as from the restructuring plan implementation.

 

Gross R&D expenses as follows:

 

 

H1 2019

$m

H1 2018

m$

Change

$m

Gross research & development expenses (1)

26.1

34.7

(8.6)

Less - Capitalisation (2)

(8.1)

(13.7)

5.6

Add - Amortisation

6.2

7.5

(1.3)

Add - Impairment

0.2

2.4

(2.2)

Research and development

24.4

30.9

(6.5)

 

(1)  Gross research and development expenses decreased to $26.1 million, 13.7% of revenues (H1 2018: $34.7 million, 17.2% of revenues) reflecting mainly the removal of automotive R&D from 28 February 2019.

(2)  The amount capitalised in respect of internally generated development assets decreased from $13.7 million in H1 2018 to $8.1 million in H1 2019, reflecting mainly the removal of automotive R&D from 28 February 2019. The decrease is also shown, as a percentage of gross R&D expenses from 39.5% in H1 2018 to 31.0% in H1 2019. The capitalised costs in H1 2019 mainly relate to the development of additional 4G and 5G products.

 

Selling and marketing expenses decreased to $24.4 million, or 12.8% of revenues (H1 2018: $33.0 million, 16.3% of revenues). The decrease was mainly a result of the completion of the cost optimisation plan and the exclusion of the automotive sales team from 28 February 2019.

 

General and administrative expenses decreased to $12.1 million, or 6.3% of revenues (H1 2018: $13.2 million, 6.5% of revenues).

 

Other exceptional items:

 

 

H1 2019

$m

H1 2018

$m

Capital gain from automotive sale (1)

(57.2)

-

Legal and other expenses related to crisis management (2)

0.2

0.7

Other

0.2

0.2

Total

(56.8)

0.9

 

 

 

(1)  On February 2019 Telit completed the sale of its automotive business to TUS for a total consideration of $105 million plus working capital adjustment. (see note 7)

(2)  Costs related mainly to legal and advisory costs in association with the 2017 crisis management, FCA investigation and the BAMES litigation.

 

Cash OPEX decrease by $13.6 million to $56.5 million (H1 2018: $70.1 million) reflecting both the automotive sale and the operating cost optimisation:

 

 

H1 2019

$m

H1 2018

$m

Change

$m

Gross research & development expenses

26.1

34.7

(8.6)

Selling and marketing expenses

24.4

33.0

(8.6)

General and administrative expenses

12.1

13.2

(1.1)

 

62.6

80.9

(18.3)

Less share-based payment charges

(1.1)

(3.4)

2.3

Less other depreciation and amortisation

(6.9)

(7.4)

0.5

Add back lease expenses in cash (see note 3)

1.9

-

1.9

Total Cash OPEX

56.5

70.1

(13.6)

 

 

Restructuring plan

 

Following the review of the Group's activities, cost base and product portfolio initiated in 2017, Telit continues to optimise the operating cost structure and improve future profitability as part of a restructuring plan with the aim of cutting $10 million in cash operating expenses in both 2018 and 2019. The Group is on track to achieve this goal.

 

Restructuring costs recognised in H1 2019 include termination fees and other employee related costs and inventory write-off related to the restructuring plan, which was completed during the period.

 

 

 

Finance costs, net

 

 

H1 2019

$m

 H1 2018

$m

Change

$m

Bank fees and other bank expenses

0.8

0.6

0.2

Non-cash expenses related to effective interest rate on preferred loan

 

0.5

 

0.6

 

(0.1)

Interest related to lease liabilities (1)

0.3

-

0.3

Interest expense on bank loans and overdrafts (2)

0.6

1.5

(0.9)

Loss from Hedging Transactions (3)

0.3

0.2

0.1

Exchange rate differences, net (4)

(1.9)

0.2

(2.1)

Interest income

(0.5)

(0.1)

(0.4)

Total

0.1

3.0

(2.9)

 

(1)  Interest related to IFRS 16 - see note 3.

(2)  Interest expenses related to loans and overdrafts decreased by $0.9 million, due to the repayment of HSBC and BHI credit facilities, following the sale of automotive.

(3)  The Company entered into a hedging arrangement to protect the operating costs denominated in Euro - as the Euro currency against the USD was lower than expected, the hedging arrangement resulted in a loss.

(4)  The exchange rate income in H1 2019 derive mainly from the weakness of the GBP and the Euro over the US dollars.

 

Net cash/ debt and cash flow

 

As at June 2019, net cash was $44.7 million (31 December 2018: net debt $34.0 million). The significant improvement of $78.7 million in the cash position came mainly from the sale of the automotive business.

 

Cash flow generated from operating activity before working capital, increased by $4.8 million to $16.1 million (H1 2018: $11.3 million), due to the improved financial performance.

Cash flow used in operating activity, after working capital movement, was $11.8 million (H1 2018: generated from $21.1 million), the amount invested in working capital related mainly to decline in the accounts payable together with significant increase in the accounts receivable.

 

Following the sale of the Automotive business the Group signed a transitional service agreement (TSA) to provide certain services to support TUS International Limited ("TUS") subsidiary (Titan) in the short term, mainly with IT services, procurement and production management to the divested business. The increase in the account receivables includes approximately $24.0 million for products and services provided to Titan under the TSA of which approximately $11.5 million was overdue as at 30 June 2019. Telit is in ongoing discussions with TUS and Titan to resolve the payment delay and the future of the TSA.

 

Cash flow provided by investing activity was $90.9 million (H1 2018: used in $18.1 million), mainly due to the consideration of the sale of the automotive business.

 

Cash flow used in financing activity was $39.4 million (H1 2018: $6.6 million), mainly due to the repayment of all bank loans following the sale of the automotive business.

 

 

Dividend

 

The Board is not proposing to pay an interim dividend.

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

Six months ended

30 June

Year ended 31 December

 

2019

2018

2018

 

Unaudited

Audited

 

$'000

$'000

$'000

 

 

 

 

Revenue

190,732

201,669

427,483

Cost of sales

(129,742)

(133,866)

(288,310)

 

 

 

 

Gross profit

60,990

67,803

139,173

 

 

 

 

Other operating income

1,651

1,014

1,903

Research and development expenses

(24,393)

(30,943)

(72,985)

Selling and marketing expenses

(24,430)

(32,967)

(59,139)

General and administrative expenses

(12,078)

(13,209)

(25,973)

Exceptional expenses related to restructuring

(346)

(621)

(10,842)

Other exceptional items

56,843

(892)

(5,545)

 

 

 

 

Operating Profit / (loss) - EBIT

58,237

(9,815)

(33,408)

 

 

 

Operating Profit / (loss) - EBIT

58,237

(9,815)

(33,408)

Share based payment charges

1,081

3,443

5,715

Exceptional expenses related to restructuring

346

621

10,842

Impairment of internally generated development assets

196

2,362

10,238

Other exceptional expenses

(56,843)

892

5,545

Amortisation of intangible assets acquired

1,084

1,907

3,381

 

 

 

 

Adjusted EBIT (*)

4,101

(590)

2,313

 

 

 

 

Finance income

2,377

86

147

Finance costs

(2,523)

(3,062)

(6,552)

 

 

 

 

Profit/ (Loss) before income taxes

58,091

(12,791)

(39,813)

 

 

 

 

Tax (expense)/ credit

(12,229)

881

3,453

 

 

 

 

Net profit/ (loss)

45,862

(11,910)

(36,360)

 

 

 

 

         

 

*    Adjusted EBIT is a company specific non-GAAP measure which excludes share based payment charges, exceptional expenses related to restructuring, impairment of internally generated development assets, other exceptional items and amortisation of intangible assets acquired. The Group's management believes that 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 other exceptional items, which are not inherent to the business. 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

 

 

Six months ended

30 June

Year ended 31 December

 

2019

2018

2018

 

Unaudited

Audited

 

$'000

$'000

$'000

 

 

 

 

 

 

 

 

Net profit/ (loss) 

45,862

(11,910)

(36,360)

 

 

 

 

Other comprehensive income

 

 

 

Items to be reclassified in subsequent periods to profit and loss:

 

 

 

Foreign currency translation differences

(3,923)

(3,936)

(5,352)

Items not to be reclassified in subsequent periods to profit and loss:

 

 

 

Remeasurement loss on defined benefit plan, net of tax

182

-

(4)

 

 

 

 

Total comprehensive income for the period

42,121

(15,846)

(41,716)

 

 

 

 

         

 

 

 

 

 

 

Basic profit (loss) per share (in USD cents)

35.0

(9.1)

(27.9)

Diluted profit (loss) per share (in USD cents)

34.2

(9.1)

(27.9)

Adjusted basic profit (loss) per share (in USD cents)

2.2

(3.0)

(3.8)

Adjusted diluted profit (loss) per share (in USD cents)

2.2

(3.0)

(3.8)

Basic weighted average number of equity shares

131,045,493

130,222,745

130,446,810

Diluted weighted average number of equity shares

134,276,207

130,222,745

130,446,810

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

30 June

31 December

 

 

2019

2018

2018

 

 

Unaudited

Audited

 

 

$'000

$'000

$'000

ASSETS

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Intangible assets

 

66,396

108,773

97,012

Property, plant and equipment

 

27,819

25,296

23,101

Other long-term assets

 

1,313

1,689

1,456

Deferred tax asset

 

2,505

16,125

19,043

 

 

98,033

151,883

140,612

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

21,292

27,120

27,187

Trade receivables

 

105,421

82,816

99,550

Income tax receivables

 

782

505

759

Other current assets

 

12,302

13,551

15,531

Deposits - restricted cash

 

1,611

546

345

Cash and cash equivalents

 

73,849

37,025

35,006

 

 

215,257

161,563

178,378

 

 

 

 

 

Total assets

 

313,290

313,446

318,990

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

Share capital

 

2,167

2,165

2,165

Share premium account

 

49,932

49,778

49,778

Other reserve

 

(2,727)

(2,727)

(2,727)

Translation reserve

 

(21,972)

(16,633)

(18,049)

Retained earnings

 

101,547

79,557

55,319

Total equity

 

128,947

112,140

86,486

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

Long term borrowings

 

24,676

43,428

24,092

Post-employment benefits

 

2,050

3,093

2,771

Deferred tax liabilities

 

649

1,366

1,451

Provisions

 

1,658

1,138

1,373

Lease liability

 

8,054

-

-

 

 

37,087

49,025

29,687

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

6,107

19,184

45,238

Trade payables

 

107,657

105,510

120,824

Provisions

 

2,692

702

2,254

Income tax payables

 

1,218

2,255

2,836

Accruals and other current liabilities

 

29,582

24,630

31,665

 

 

147,256

152,281

202,817

 

 

 

 

 

Total equity and liabilities

 

313,290

313,446

318,990

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

Six months ended

30 June

Year ended 31 December

 

2019

2018

2018

 

Unaudited

Audited

 

$'000

$'000

$'000

CASH FLOWS - OPERATING ACTIVITIES

 

 

 

Profit/ (loss) for the period

45,862

(11,910)

(36,360)

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

4,891

4,603

8,905

Amortization of intangible assets

8,118

10,367

23,428

Impairment of intangible assets

196

2,362

11,829

Loss on sale of property, plant and equipment

-

-

294

Capital gain from sale of automotive business

(57,221)

-

-

Change in provision for post-employment benefits

1,098

(75)

(362)

Change in long term provisions, net

761

450

501

Finance costs, net

147

2,977

6,405

Tax expenses/ (income)

12,229

(881)

(3,453)

Share-based payment charge

46

3,443

3,659

Operating cash flows before movements in working capital

16,127

11,336

14,846

(Increase) Decrease in trade receivables

(15,998)

17,481

(326)

Decrease in other current assets

2,468

2,221

2,007

Decrease (Increase) in inventories

4,257

(3,985)

(4,238)

(Decrease) increase in trade payables

(9,757)

1,697

16,744

(Decrease) increase in other current liabilities

(6,165)

(5,569)

481

Cash from operations

(9,068)

23,181

29,514

Income tax paid

(1,852)

(179)

(10)

Interest received

451

86

142

Interest paid

(1,296)

(2,020)

(3,880)

Net cash (used in) / from operating activities

(11,765)

21,068

25,766

 

 

 

 

CASH FLOWS - INVESTING ACTIVITIES

 

 

 

Consideration from sale of automotive, net

103,760

-

-

Acquisition of property, plant and equipment

(1,467)

(4,376)

(8,296)

Acquisition of intangible assets

(2,437)

(190)

(869)

Capitalised development expenditure

(8,074)

(13,725)

(25,300)

Proceeds from disposal of property, plant and equipment

374

334

762

Decrease (increase) in restricted cash deposits

(1,267)

(129)

28

Net cash from/ (used in) investing activities

90,889

(18,086)

(33,675)

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

           

 

 

Six months ended

30 June

Year ended 31 December

 

 

2019

2018

2018

 

 

Unaudited

Audited

 

$'000

$'000

$'000

CASH FLOWS - FINANCING ACTIVITIES

 

 

 

Proceeds from exercise of stock options

154

-

-

Proceeds from long-term borrowings

3,707

4,814

4,616

Repayment of lease liabilities

(1,822)

-

-

Repayment of long-term borrowings

(18,316)

(4,547)

(9,326)

Short-term borrowings from banks, net

(23,127)

(6,898)

6,895

Net cash (used in)/ from financing activities

(39,404)

(6,631)

2,185

 

 

 

 

Increase (decrease) in cash and cash equivalents

39,720

(3,649)

(5,724)

 

 

 

 

Cash and cash equivalents-balance at beginning of period

35,006

41,908

41,908

Effect of exchange rate differences

(877)

(1,234)

(1,178)

Cash and cash equivalents-balance at end of period

73,849

37,025

35,006

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

Six months ended 30 June 2019 (Unaudited)

 

 

Share capital

Share premium

Other reserve

Translation reserve

Retained earnings

Total

 

$'000

$'000

$'000

$'000

$'000

$'000

 

 

 

 

 

 

 

Balance at 1 January 2019

2,165

49,778

(2,727)

(18,049)

55,319

86,486

 

 

 

 

 

 

 

Total comprehensive income for the period

 

 

 

 

 

 

Profit for the period

-

-

-

-

45,862

45,862

Other comprehensive income

-

-

-

(3,923)

182

(3,741)

Total comprehensive profit for the period

-

-

-

(3,923)

46,044

42,121

 

 

 

 

 

 

 

Transaction with owners:

 

 

 

 

 

 

Exercise of options

2

154

-

-

-

156

Share based payment charge

-

-

-

-

184

184

Total transactions with owners

2

154

-

-

184

340

 

 

 

 

 

 

 

Balance at 30 June 2019

2,167

49,932

(2,727)

(21,972)

101,547

128,947

 

 

Six months ended 30 June 2018 (Unaudited)

 

 

Share capital

Share premium

Other reserve

Translation reserve

Retained earnings

Total

 

$'000

$'000

$'000

$'000

$'000

$'000

 

 

 

 

 

 

 

Balance at 1 January 2018

2,165

49,778

(2,727)

(12,697)

88,024

124,543

 

 

 

 

 

 

 

Total comprehensive income for the period

 

 

 

 

 

 

Loss for the period

-

-

-

-

(11,910)

(11,910)

Other comprehensive income

-

-

-

(3,936)

-

(3,936)

Total comprehensive loss for the period

-

-

-

(3,936)

(11,910)

(15,846)

 

 

 

 

 

 

 

Transaction with owners:

 

 

 

 

 

 

Share based payment charge

-

-

-

-

3,443

3,443

Total transactions with owners

-

-

-

-

3,443

3,443

 

 

 

 

 

 

 

Balance at 30 June 2018

2,165

49,778

(2,727)

(16,633)

79,557

112,140

 

 

 

NOTES TO THE INTERIM FINANCIAL STATEMENT AT 30 JUNE 2019 (Unaudited)

 

Note 1 - General

 

The Company was incorporated and registered in England and Wales as a public limited company on 30 November 2004 under the Companies Act 1985.

 

Note 2 - Basis of preparation

 

The interim financial statements include the results of operations and the financial position of the Company and its subsidiaries (together the "Group") as at and for the six months ended 30 June 2019. The consolidated interim financial statements of the Company have been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the AIM Rules using the accounting policies set out in the Group's 31 December 2018 statutory accounts. The AIM Rules do not require compliance with the requirements of IAS 34 "Interim Financial Statements" and these consolidated interim financial statements have not been prepared in compliance with the disclosure requirements of that standard. The consolidated interim financial statements have not been audited or reviewed and do not constitute the Company's statutory accounts within the meaning of Section 435 of the Companies Act 2006. The financial information for the year ended 31 December 2018 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

Note 3 - Application of new International Financial Reporting Standards (IFRSs)

 

The Group has applied IFRS 16 Leases for the first time in the current year.

 

General impact of application of IFRS 16 Leases

 

IFRS 16 provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessors and lessees. IFRS 16 superseded the previous lease guidance, including IAS 17 Leases and the related interpretations, starting 1 January 2019 when it became effective. The Group adopted the initial application of IFRS 16 on 1 January 2019.

 

The Group has chosen the modified retrospectively application of IFRS 16 in accordance with IFRS 16:C5(b). Consequently, the Group did not restate comparative information. Instead, the Group recognised the cumulative effect of initially applying this standard as an adjustment to the opening balance of retained earnings at the date of initial application. There was no effect on the opening balance of retained earnings.

In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17.

 

Impact of the new definition of a lease

 

The Group made use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 continued to apply to those leases entered or modified before 1 January 2019.

The change in definition of a lease mainly relates to the concept of control. IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has:

the right to obtain substantially all of the economic benefits from the use of an identified asset; and

the right to direct the use of that asset.

 

The Group applied the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or after 1 January 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time application of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 has not changed significantly the scope of contracts that meet the definition of a lease for the Group.

Impact on Lessee Accounting

 

Operating leases

 

IFRS 16 will change how the Group accounts for leases previously classified as operating leases under IAS 17, which were off-balance sheet.

 

On initial application of IFRS 16, for all leases (except as noted below), the Group:

 

Recognised right-of-use assets and lease liabilities in the consolidated statement of financial position, initially measured at the present value of the future lease payments.

Recognised depreciation of right-of-use assets and interest on lease liabilities in the consolidated statement of profit or loss.

Separated the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within operating activities) in the consolidated cash flow statement.

 

Under IFRS 16, right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets. This replaced the previous requirement to recognise a provision for onerous lease contracts.

For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office furniture), the Group has chosen to recognise a lease expense on a straight-line basis as permitted by IFRS 16.

 

As at 1 January 2019, the Group recognised right-of-use assets of $12.9m and a corresponding lease liability of $12.9m. As at 30 June 2019, the Group had right-of-use assets of $11.1m, current lease liability of $3.2m and long-term lease liability of $8.1m.

 

There was also an impact to the income statement, resulting in an increase to adjusted operating profit through an operating lease expense of $1.9m being removed and replaced with a smaller depreciation charge of $1.7m. There were interest expenses under the new accounting standard amounting to $0.3m that would not have occurred under IAS 17, which substantially offset the increase in adjusted operating profit and resulted in an immaterial difference to profit before tax. There was no impact on total cash flows, however there was an increase in cash flows from operating activities of $1.6m, and a corresponding decrease in cash flows from financing activities of $1.8m.

 

 

Note 4 - Alternative performance measures

 

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, adjusted profit before tax and profit in cash are provided as additional information only and should not be considered as a substitute for operating profit/loss (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, impairment and other exceptional items; Adjusted EBITDA as Adjusted EBIT plus depreciation and other amortisation; profit/loss in cash as Adjusted EBITDA less capitalisation of internally generated development assets, less acquisition of tangible and intangible assets net of proceeds from disposal of assets.

Adjusted (Loss) / Profit before tax as (Loss) / Profit before tax plus share based payment expenses, amortisation of acquired intangibles and other exceptional items; and Adjusted net (loss) / profit for the year as net (Loss) / Profit for the year plus share based payment expenses, amortisation of acquired intangibles and non-recurring items less deferred tax (credit) / expense. 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 other exceptional items, which are not inherent to the business. Consequently, Adjusted EBIT, Adjusted EBITDA, profit / (loss) in cash, Adjusted (loss) / profit before tax and Adjusted net (loss) / profit for the year are presented in addition to the reported results.

 

 

H1 2019

$'000

H1 2018

$'000

FY 2018

$'000

Operating profit/ (loss) - EBIT

58,237

(9,815)

(33,408)

Share based payments

1,081

3,443

5,715

Exceptional expenses related to restructuring

346

621

10,842

Impairment of internally developed assets

196

2,362

10,238

Other exceptional items

(56,843)

892

5,545

Amortization- intangibles acquired

1,084

1,907

3,381

Adjusted EBIT

4,101

(590)

2,313

Depreciation and amortization (1)

11,947

13,063

27,770

Adjusted EBITDA

16,048

12,473

30,083

Capitalisation of internally generated development assets

(8,074)

(13,725)

(25,300)

Acquisition of tangible and intangible assets, net of proceeds from disposal of assets

 

(3,529)

 

(4,468)

(8,402)

Lease liabilities adjustment (IFRS 16)

(1,877)

-

-

Profit (Loss) in cash

2,568

(5,720)

(3,619)

 

 

 

 

 

 

 

 

Profit (loss) before tax

58,091

(12,791)

(39,813)

Share-based payments

1,081

3,443

5,715

Exceptional expenses related to restructuring

346

621

10,842

Other exceptional items 

(56,843)

892

5,545

Impairment of internally developed assets

196

2,362

10,238

Amortisation - intangibles acquired

1,084

1,907

3,381

Adjusted profit (loss) before tax

3,955

(3,566)

(4,092)

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

45,862

 

(11,910)

(36,360)

Share-based payments

1,081

3,443

5,715

Exceptional expenses related to restructuring

346

621

10,842

Other exceptional items

(56,843)

892

5,545

Impairment of internally developed assets

196

2,362

10,238

Amortisation- intangibles acquired

1,084

1,907

3,381

Change in Deferred taxes debit (credit)

11,200

(1,189)

(4,268)

Adjusted net profit (loss) for the period

2,926

(3,874)

(4,907)

 

 

 

Note 5 - Net cash (debt) position:

 

 

H1 2019

H1 2018

FY 2018

 

$'000

$'000

$'000

 

 

 

 

Cash and cash equivalent

73,849

37,025

35,006

Restricted cash deposits

1,611

546

337

Working capital borrowings (1)

-

(12,658)

(24,442)

Long term loans (2)

(3,020)

(22,783)

(20,033)

Governmental loan (3)

(25,800)

(25,049)

(22,862)

Mortgage loan (4)

(1,963)

(2,122)

(1,993)

 

 

 

 

Net cash (debt)

44,677

(25,041)

(33,987)

 

(1)  All credit facilities were fully repaid on February 2019. As of 2018 short term borrowings, balances reflect less than one year, committed credit facilities used for working capital. The Group is in process to secure new credit facilities for working capital financing.

                                               

(2)  Representing long term loan from banks in Italy 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. In 2018 including also long term from HSBC that was fully repaid in February 2019.

 

(3)  Representing preferential long-term loan with fixed rate of 0.5% and is repayable in 14 semi-annual instalments that commenced in December 2016, supported by the Italian MISE (Ministry of Economic Development) to develop an innovative platform for the application of IoT technologies. The loan is initially recognised at fair value and subsequently measured at amortised cost.

 

(4)  Representing a preferential rate mortgage loan from a regional fund in Italy provided in connection with the Group's acquisition of the campus used for the Company'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 loan is initially recognised at fair value and subsequently measured at amortised cost.

 

 Note 6 - Shareholder equity

 

Net shareholders' equity increased to $128.9 million as at 30 June 2019 from $86.5 million as at 31 December 2018, mainly due to the net profit in the period.

 

In June 2019 the company granted employees and management 1,064,000 restricted shares units (RSUs). The RSUs will vest three years from the grant date, subject to share price performance conditions being met.  Failure to achieve share price targets will reduce vesting by up to 50%.  In addition, attainment of a defined share price target on the 18th month following the grant date, will trigger vesting of 40% of the RSUs.  The vested RSUs are subject to a six-month holding period following the vesting date.

 

The issued share capital of Telit as at 30 June 2019, comprised 131,691,291 Ordinary Shares, each with voting rights.  There are no shares held in treasury.

 

Note 7 - Sale of automotive business  

·      On 13 July 2018, Telit Communications PLC agreed to sell its automotive business to TUS International Limited ("TUS"). On 27 February 2019 the sale was completed for a total consideration of $105.0 million, including a short-term vendor loan of $38.5m which was repaid in full on 15 April 2019.

As of 27 February 2019, the net book value of the net assets, including working capital items, of the disposed business units is approximately $50.6 million includes intangible assets of approximately $37 million. The capital gain before tax was $57.2 million.

The final capital gain calculation might be adjusted once the net consideration for the sale of the automotive business is finalized.  The net consideration will be calculated in the light of the net working capital items adjustment, which was initially scheduled to be completed by May 2019. The working capital adjustment date was extended at TUS's request to the 5th of August 2019, but TUS did not make that revised deadline and the adjustment is still yet to be finalized.

·      In connection with its agreement to sell the automotive business to TUS, Telit agreed to provide certain transitional IT, procurement and production management services to Titan, pursuant to a transitional services agreement (TSA).  Titan is required to pay Telit for these services and, as at 30 June 2019, the account receivable balance under the TSA was approximately $24 million, approximately $11.5 million was overdue. Telit is in ongoing discussions with TUS and Titan to resolve the payment delay and the future of the TSA.

 

Note 8 - Tax  

 

·      In May of this year, Telit Brazil received an infraction notice from the Sao Paulo state tax authority regarding allegedly failure to collect and remit indirect taxes ICMS for FY 2016-2017 under the ICMS-ST substitution rule. Telit timely filed its defence arguments in June. This is currently the first level solely administrative process. The Administrative Court has up to one year to judge this matter, and the decision from the first-level Administrative Court is generally appealable to a second-level Administrative Court where appropriate. Decisions from Administrative Courts may be subject to review in by a Court of Law. The total potential liability for this claim is approximately $4.2M consisting of the underlying ICMS claim (approximately $2.1M), interest (approximately $432k) and penalties (approximately $1.7M). Based on professional advice and the relevant facts, the Group believes, that it has strong arguments in favour of the tax treatment applied. Accordingly, no provision has been made for this claim.

 

·      In May 2019, Telit reached a resolution of a dispute with the Italian tax authorities regarding the merits of VAT assessments for the 2004-2007 tax years. Telit's Italian subsidiary has agreed to pay approximately €400,000 without any admission of liability to close this matter and to avoid associated costs and distraction. Telit continues to vigorously defend its position with regard to tax penalty deeds separately issued against Telit in August 2015 which was announced on 19 March 2018.

 

Note 9 - post balance sheet events

 

·      In July, Telit granted a total of 2,400,000 options over ordinary shares of 1p in Telit ("Ordinary Share") to Paolo Dal Pino, Telit CEO, and Yariv Dafna, Telit Finance Director and President.  Of the total options awarded, Mr. Dal Pino and Mr. Dafna received 2,000,000 and 400,000 Options, respectively. The options have an exercise price of 161p per Ordinary Share.  The options will vest on the third anniversary of the date of grant, subject to attainment of share price growth targets.  All the options will vest if the share price has grown by 50% or more.  There will be partial vesting where the share price growth is between 30% and 50% and no options will vest where the share price growth is below 30%. Unexercised Options expire on the 5th anniversary of the grant date.  Accelerated vesting of the Options may apply on attainment of share price targets on a change of control.

 

·      On 6 September the Group appointed Mazars LLP as the Company's auditor. Mazars will be the Company's auditor for the financial year ended 31 December 2019.

 

 

[1] For reconciliation from IFRS financial results to adjusted financial results, see Note 4.

[2] Profit in cash defined as Adjusted EBITDA less development costs capitalised, less capital expenditures, less lease expenses in cash 


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Quick facts: Telit Communications PLC

Price: 157.4

Market: AIM
Market Cap: £208.86 m
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