The 2013 financial year ended on the 30 June
2013.
Key highlights of the
financial results for FY13 include:
· Revenue up 31% to $29.9 million
· Gross profit up 24% to $21.0 million
· Underlying EBITDA up 24% to $12.1 million
· Underlying Net Profit after tax up 24% to $5.5
million
· Underlying Earnings Per Share up 17% to 3.4
cents
· Strong balance sheet with no debt and $2.1
million cash; pro forma net debt post completion of
· Intelligent IP Communications will be less than
$7 million and pro forma gearing (net debt to equity) of 12%
· Final dividend declared of 1.0 cent per share
fully franked
Acquisitions
FY13 included the acquisition of 2 businesses; Allegro
Networks (Allegro Networks Pty Ltd & RadioCorp Pty Ltd) and Link
Innovations.
Allegro’s contribution to the Group results
Revenue generated from the acquisition of
Allegro included in the consolidated revenue of the Group for the financial
reporting year of 30 June 2013 amounted to $4,485,481. Net loss generated from
the acquisition of Allegro included in the consolidated profit of the Group for
the financial reporting year of 30 June 2013 amounted to $943,356. The values
identified in relation to the acquisition of Allegro are final as at 30 June
2013.
Link’s contribution to the Group results
Revenue generated from the acquisition of
Link included in the consolidated revenue of the Group for the financial
reporting year of 30 June 2013 amounted to $2,311,600. Net profit generated
from the acquisition of Link included in the consolidated profit of the Group
for the financial reporting year of
30 June 2013 amounted to $627,360. The values
identified in relation to the acquisition of Link are final as at 30 June 2013.
Subsequent
events
On 6 August 2013, the Group entered into a
share sale agreement to acquire all of the shares in Western Australia-based
telecommunications carrier Intelligent IP Communications Pty Ltd (“IIPC”). The
acquisition is expected to complete on or before 31 August 2013.
Funding for the acquisition
The upfront cash payment will be funded via a
3 year debt facility and any future earn out cash payments will be paid from
net operating cash flow. BigAir has enjoyed strong growth in its free cash flow
over the last two years and the Board believes that now is the right time to
take advantage of the reduced cost of capital available through a conservative
amount of debt funding.
