Commitments Test Entity - Second Quarter Report Announced on 2000/07/28 09:51:26. Part:A 902 words Status: Market sensitive (Y) Industry Sub Group: Equipment, Services (183)
OPEN TELECOMMUNICATIONS LIMITED 2000-07-28 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++ SECOND QUARTER 2000 CASHFLOW
Open Telecommunications Limited ("Company") today announced its cashflow statement for the quarter ending 30 June 2000. The Company has delivered substantial growth in cashflow during the quarter and highlights include:
* Receipts from customers grew by 117% over the quarter.
* The Company moved from negative operating cashflow in the previous quarter to operating cashflow positivity in the quarter.
* The net operating cashflow for the quarter was more than sufficient to ensure that the Company was net operating cashflow positive for the six months to 30 June 2000
* The net operating cashflow included continued substantial investment in research and development. Total R&D expenditure in the quarter was $2.99 million and totals $5.5 million for the six months to 30 June 2000.
* The Company continues to invest heavily in its business infrastructure and expended $2.33 million on predominantly technology capital investment in the quarter.
* The Company raised $30.0 million from QP Investments Pty Limited during the quarter, a net inflow of $29.35 million after payment of fees associated with the capital raising.
* The Company is in a strong cash position, holding $31.53 million in cash at 30 June 2000.
For further information contact:
Wayne Passlow Richard Kuo MANAGING DIRECTOR SENIOR VICE PRESIDENT (612) 8925 3000 (612) 8925 3000
Rosemary Luker MEDIA RELATIONS (612) 9212 7590
APPENDIX 4C QUARTERLY REPORT FOR ENTITIES ON BASIS OF COMMITMENTS
Name of entity Open Telecommunications Limited
ACN or ARBN Quarter ended ("current quarter") 056 010 121 30/06/2000
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date operating activities Quarter (6 months) AUD'000 AUD'000
1.1 Receipts from customers 12,057 17,598 1.2 Payments for (a) staff costs (7,119) (11,898) (b) advertising & marketing (25) (65) (c) research & development (2,985) (5,475) (d) leased assets - - (e) other working capital (1,125) (2,493) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 224 411 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (Grants Received) 965 2,007
1.8 Net Operating Cash Flows 1,992 85
Cash flows related to investing activities 1.9 Payment for acquisition of: (a) businesses (item 5) - (1,000) (b) equity investments (35) (8,239) (c) intellectual property - - (d) physical non-current assets (2,310) (3,803) (e) other non-current assets - - 1.10 Proceeds from disposal of: (a) businesses - - (b) equity investments - - (c) intellectual property - - (d) physical non-current assets 16 16 (e) other non-current assets - - 1.11 Loans to other entities (546) (546) 1.12 Loans repaid by other entities 546 546 1.13 Other (provide details if material) - -
Net investing cash flows (2,329) (13,026) 1.14 Total operating and investing cash flows (337) (12,941)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 30,000 30,000 1.16 Proceeds from sale of forfeited shares - - 1.17 Proceeds from borrowings - - 1.18 Repayment of borrowings - - 1.19 Dividends paid - (200) 1.20 Other (provide details if material) (646) (677)
Net financing cash flows 29,354 29,123
Net increase (decrease) in cash held 29,017 16,182
1.21 Cash at beginning of quarter/ year to date 2,532 15,361
1.22 Exchange rate adjustments to item 1.20 (15) (9)
1.23 Cash at end of quarter 31,534 31,534
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES
Current Quarter AUD'000
1.24 Aggregate amount of payments to the parties included in item 1.2 207
1.25 Aggregate amount of loans to the parties included in item 1.11 546
1.26 Explanation necessary for an understanding of the transactions
On 29 May 2000 an amount of $546,226 was loaned to an entity associated with the managing director, Wayne Passlow, on arms length commercial terms. This loan was repaid in full by 30 June 2000 including accrued interest
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest N/A
FINANCING FACILITIES AVAILABLE Add notes as necessary for an understanding of the position.
Amount Amount available used AUD'000 AUD'000
3.1 Loan facilities - - 3.2 Credit standby arrangements - -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous of the quarter (as shown in the quarter quarter consolidated statement of cash flows) AUD'000 AUD'000 to the related items in the accounts is as follows.
4.1 Cash on hand and at bank 31,534 2,532 4.2 Deposits at call - - 4.3 Bank overdraft - - 4.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 31,534 2,532
ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals (item 1.9(a)) (Item 1.10(a))
5.1 Name of entity N/A
5.2 Place of incorporation or registration N/A
5.3 Consideration for acquisition or disposal N/A
5.4 Total net assets N/A
5.5 Nature of business N/A
COMPLIANCE STATEMENT
1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX.
2. This statement does give a true and fair view of the matters disclosed.
D Marshall COMPANY SECRETARY Date: 28/07/2000
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