Fusionex International Plc Annual report 2015
Fusionex International Plc
Annual report 2015
Specialists in Analytics and Big Data HELPING CLIENTS MANAGE, MAKE 
SENSE OF, AND GAIN INSIGHTS 
AND FORESIGHT FROM DATA.
Fusionex is a multi-award winning IT software group, 
specialising in Analytics, Big Data and the Internet 
of Things (IoT). We empower clients to start small 
but think big in their Big Data Analytics journey.
Growth in excellence
Consistent year-on-year growth
100% success rate
Presence in Asia, Europe
and the U.S.
No.1 Big Data Analytics
group in ASEAN
Target achieved every year
since IPO
F S G STRATEGIC REPORT
STRATEGIC REPORT
IFC Fusionex at a glance
02 Highlights
03 Chairman’s statement
04 CEO’s review
06 Financial review
08 Principal risks and uncertainties
CORPORATE GOVERNANCE
11 Board of Directors
12 Directors’ report
14 Remuneration Committee report
16 Corporate governance report
FINANCIAL STATEMENTS
18 Independent auditor’s report
19  C o n s o l i d a te d s t a te m e n t 
of financial position
20  C o n s o l i d a te d s t a te m e n t 
of comprehensive income
21  C o n s o l i d a te d s t a te m e n t  
of changes in equity
22 Consolidated statement of cash flows
23 Notes to the financial statements
...this is an emerging technology 
company with a growing reputation of 
beating, not just meeting expectations.
Shares Magazine, 4 June 2015
Find out more online at
 fusionex-international.com 2015 was a strong financial year and has proven to be a period 
of significant development for Fusionex.
Fusionex International Plc Annual report 2015 02
S G F
Earnings per share (sen)
58.02
+28%
Gross profit*
58.9m
+33%
EBITDA*
35.0m
+29%
Revenue*
77 .0m
+35%
Highlights
for the year ended September 2015
MAJOR MILESTONES ACHIEVED
  Sales of GIANT ahead of expectations.
   Excellent progress for our Partner 
Channel Network.
   Significantly oversubscribed placing, with 
funds to be used to accelerate revenue 
growth and increase market share.
  Results ahead of expectations.
   Following a strong performance last year, 
the current financial year is building on this 
momentum. Sales of GIANT have been 
particularly encouraging, reflecting strong 
channels to market, ongoing product 
development and growing demand.
* RM (Malaysian Ringgit).
2015 77.0
2014 57.1
2013 44.4
2015 35.0
2014 27.0
2013 22.1
2015 58.9
2014 44.3
2013 34.3
2015
2014
2013
58.02
45.26
45.30 Overall 2015 was another year of 
positive progress for the Company.
STRATEGIC REPORT
Fusionex International Plc Annual report 2015 03
Chairman’s statement
with John Croft
in this aspect of our business is critical to driving sales growth, 
and I am, therefore, particularly pleased to note that the second 
half of the year showed strong momentum in this area. Since the 
year end we have also announced a strategic partnership with 
Dell, about which we are very excited, and we are confident that 
it will generate significant new business opportunities by 
combining the skills from both companies and creating a powerful, 
scalable and efficient Big Data Analytics platform.
Fusionex’s achievements in the IT industry have once again been 
recognised this year. Fusionex has won the Microsoft Global 
Partnership award for an unprecedented fourth consecutive year. 
We were also the winner of the highly coveted Asian-Oceania 
Computing ICT Organisation (ASOCIO) award for Outstanding ICT 
Company. Additionally, Fusionex was a finalist in the AIM 
International Company of the Year 2015 award, demonstrating 
the high regard in which the Company is held amongst the 
investment community and our success in completing our stated 
goals since our London IPO. This was also underpinned by the 
heavily oversubscribed share placement in October 2015 to 
support the Company’s plan to accelerate sales growth in the 
years ahead.
With regard to the market in which we operate, leading technology 
research groups such as Gartner, Forrester and IDC all predict 
that data analytics will continue to be a key focus globally. More 
and more companies are realising the importance of data analytics 
and “data-driven decision making” as being the key to success 
and survival of companies in this modern era. The emergence of 
the phenomenon of the Internet of Things (IoT) will also propel 
Big Data Analytics to even greater heights, with the number of 
connected devices predicted to grow from 3 billion to 25 billion 
in three years’ time. This dynamic environment will provide the 
impetus and catalyst which will continue to drive the need for Big 
Data Analytics where demand is growing exponentially and where 
Fusionex remains a key driving force in the industry.
Overall 2015 was another year of very positive progress for your 
Company, with strong momentum in the second half of the year 
as GIANT became fully deployed and built substantial momentum 
and industry recognition. We are excited by the opportunities 
facing the Company in many different customer sectors and 
through both direct and indirect sales channels. Our Board plans 
to continue to invest in all areas of the business to ensure we are 
well placed to take full advantage of these. 
I am confident that we will be able to deliver another successful 
outcome this year and I would like to take this opportunity to 
thank all of our staff for their outstanding achievements and 
hard work over the past year. I would also like to thank you, our 
shareholders, for your continued support.
John Croft
Non-Executive Chairman
20 January 2016
I am delighted to report on another very successful year for our 
Company, during which we have once again delivered positive 
results ahead of market expectations. With Asia Pacific 
accounting for the bulk of our sales, revenues have grown 35% 
to RM77.0 million with EBITDA increasing by 29% to RM35.0 
million. We have also maintained a strong balance sheet with a 
healthy operating cash flow, despite the substantial investments 
that we have made in our technology, infrastructure and people 
over the past year to support our forecast growth levels in the 
years ahead. Our results have been driven by sales of our 
flagship Big Data product, GIANT, which has seen a very strong 
take-up from customers, with 36 cumulative clients during the 
year against an original objective of 30. It is also very pleasing to 
note the calibre of these clients, many of them blue-chip, global 
organisations, which once again demonstrates the quality and 
the unique characteristics of our GIANT product.
During the year we continued to make significant investments 
across divisions including sales, marketing and, in particular, R&D 
to ensure we maintain and improve the competitive positioning 
of our core products. The benefits of this have been evidenced 
by the quality and quantity of the new business wins which we 
have been able to achieve during the year. Additionally, I am very 
pleased to report that our major initiative to develop the indirect 
sales partner channel has seen very positive results. Development  We will remain focused on developing our business and our product 
offerings to ensure that we are in pole position this year 
for Big Data innovation and adoption.
Fusionex International Plc Annual report 2015 04
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CEO’s review
with Ivan Teh 
Overview
The 2015 financial year showed significant progress for Fusionex, 
building on the foundations put in place in 2014. Our Big Data 
Analytics product, Fusionex Insights (GIANT), continued to go from 
strength to strength, driven by the accelerating interest in Big 
Data Analytics across a wide range of sectors and underpinned 
by our growing number of channel partnerships. We ended the 
year with a record number of enterprise client wins for GIANT, a 
total of 36 cumulative clients, which was well ahead of our target 
of 30 GIANT clients by the end of FY2015. This also led to our 
FY2015 results being ahead of market expectations.
Our Product Offerings
Having achieved considerable success in 2014 for the then new 
GIANT product, we started the year under review (FY2015) with 
a bang to accelerate the adoption of our GIANT Big Data Analytics 
product. It is particularly pleasing, therefore, to see that we 
exceeded our targets by every measure. Key highlights include 
marquee contract wins such as those from clients of varied 
verticals including: Brother Industries, Intel, AEON as well as the 
announced Smart Government initiative, just to name a few. 
We also benefited from quality channel partnerships in FY2015 
with the likes of Avnet, EMC, Microsoft/Revolution Analytics, etc. 
In FY2015, over 30% of revenue has come through our channel 
partners, demonstrating the effectiveness of the channel 
partner programme that we have developed, a marked increase 
from the previous year. This has led to a change in profile of our 
receivables due to the strategic development of our sales model, 
the success of which has been demonstrated by our new and 
exciting partner channels, which are fundamental to the next 
stage of our growth. It is noteworthy that we have continued to 
build our channels to market, with a new partnership during the 
year announced with Mesiniaga Berhad, a leading ICT solutions 
provider and systems integrator in Malaysia, listed on the Main 
Market of Bursa Malaysia, and a new strategic partnership post-
period with Dell, a global leading technology business, to provide 
its customers in Asia with GIANT.
Our GIANT contracts are typically multi-year deals; clients are 
attracted by the ability of GIANT to deliver Big Data initiatives 
easily and flexibly in any environment, whether on premises, in 
the Cloud or via a hybrid of the two. A key driver for our clients is 
the need for their employees to be able to access virtually any 
data source, and translate such data into actionable insights 
delivering business value. We have again invested in GIANT 
during the year to enhance its functionality, usability and reach 
further in line with our vision and market demands. 
The Company continues to invest significantly in R&D as we build 
out new features for GIANT. GIANT is all about discovering and 
actioning on data. At the forefront, the GIANT user experience is 
elegant, simple and self-service oriented. Behind the scenes, 
Fusionex’s engineering masks the underlying technology 
complexity, allowing GIANT to effectively address the core  STRATEGIC REPORT
Fusionex International Plc Annual report 2015 05
challenges of Big Data. Masking the complexity allows Fusionex 
to address the frustrations that Big Data Generation 1 customers 
have with the complexities of generating return on investments. 
GIANT provides the full spectrum of analytics ranging from 
descriptive analytics (i.e. what happened?), advanced 
visualisation and diagnostic analytics (i.e. why did it happen?), 
predictive analytics (sharing what could happen) as well as 
prescriptive analytics (suggested courses of action based on 
analytics). This allows for a speedy, simple, seamless transition 
that masks the complexity of the Apache Hadoop environment, 
amplifying the user-friendly nature of the product. We believe 
that these differentiators will continue to drive growth and an 
even greater adoption rate moving forward.
As the Company moves into the new financial year, trading is 
strong  and rapidly accelerating. The Company has recorded a 
number of notable enterprise wins post-period which have been 
recently announced.
The Big Data Market Backdrop and the Internet of Things
The blue-chip nature of our client base and our channel 
partners,  mentioned above, reflects a marked and growing 
demand for effective, differentiated Big Data Analytics products. 
Strong growth in demand is expected to continue, with the Big 
Data technology and services market forecasted to achieve a 
compound annual growth rate (CAGR) of 23.1% to 2019, where 
annual spending is predicted to reach $48.6 billion in 2019 
(source: IDC). 
This demonstrates the scale of the market opportunity for 
Fusionex and we anticipate that as the Big Data market matures, 
we will see demand underpinned by business leaders seeking 
actionable insights and tangible returns on investment. Indeed, 
Gartner has noted the trend of a shift in the role of initiators of 
Big Data projects within an organisation in 2015. Gartner found 
that business unit heads were almost as likely to initiate Big Data 
projects as Chief Information Officers in 2015, with 31% of 
projects initiated by business unit heads and 32% by Chief 
Information Officers, compared to 25% and 37% respectively in 
2014. GIANT is well placed to benefit from this trend, providing 
an easy-to-use interface which enables users to derive actionable 
insights and foresight from huge amounts of data analysed and 
processed in a fast and efficient manner.
Also supporting the substantial growth in demand is the impact 
of the IoT. IDC has forecasted that IoT analytics will be hot, with a 
five-year CAGR of 30%, and that the IoT will be the next critical 
focus for data analytics services. The International Institute of 
Analytics has in turn commented that while the IoT trend has 
focused on the data generation and production (sensors) side of 
the equation, the “Analytics of Things” is a particular form of Big 
Data Analytics that often  involves anomaly detection and 
“bringing analytics to life”.
The number of connected devices is predicted to grow from 3 
billion to 25 billion in three years’ time. In tandem with that, 
worldwide spending on IoT is forecasted to grow from $698.6 
billion in 2015 to nearly $1.3 trillion in 2019 (source: IDC). Notably, 
IDC highlights Asia Pacific as the region that’s leading the way 
with IoT, accounting for more than 40% of the total spend on IoT 
in 2015. With the proliferation of devices, organisations 
increasingly need to leverage the vast quantities of data created 
to create business value and this will continue to boost spending 
on Big Data Analytics. In short, data growth is outpacing data 
analytics, thus creating a great opportunity ahead for Fusionex 
in this growing space.
Growth Strategy
Utilising our unique Analytics and Big Data products, Fusionex is 
poised to ride the Big Data wave to provide high business value 
software solutions to existing and new customers in this fast 
growing market space. The Company will continue to focus on 
growth by leveraging on our existing customer/install base to 
cross-sell innovative and newer versions of our products as well 
as growth from new customer acquisitions through our proven 
track record, strong offerings and solid value proposition. At the 
same time, through continual establishment of our 
partner channel network, we will leverage this ecosystem and 
indirect sales channel to reach out to a wider audience. Finally, 
we also look towards accelerating growth by addressing new 
geographies.
Outlook
Looking ahead, we see exciting opportunities for our business, 
especially from our upcoming releases of GIANT, as well as 
exciting new market segments and geographies. Demand for Big 
Data products continues to accelerate across a diverse range of 
sectors and geographies, reinforced by the growth of connected 
devices (IoT) and the need for organisations to convert data into 
business value.
We are now investing in all aspects of our business to dramatically 
accelerate revenue growth and thereby take advantage of the 
current market opportunities.
The year has started strongly with new wins already secured for 
GIANT, as announced, coupled with a very strong pipeline and 
therefore the outlook for 2016 and beyond is positive and 
exciting for Fusionex.
Ivan Teh
Chief Executive Officer 
20 January 2016 Fusionex International Plc Annual report 2015 06
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Financial review
with Yuen Choong Lai 
Financial Review
The financial year ended 30 September 2015 has seen Fusionex 
deliver another strong financial performance ahead of 
market  expectations.
Revenue  
Revenue for the financial year totaled RM77.0 million, an increase 
of 35% on last year’s performance (2014: RM57.1 million), with 
product sales accounting for 88% (2014: 84%) of the Group’s 
total revenue. 
A significant portion of this revenue growth is attributable to the 
expansion of the Group’s partner channel network, with 
revenues from the Group’s partner channel network accounting 
for more than 30% of the total revenue for the financial year. The 
growth of the Group’s partner channel network continues to be 
a core part of the Group’s growth strategy and, as with some of 
the Company’s select customers, extended credit terms have 
been agreed with key channel partners. This, along with the 
closure of a number of sales towards the financial year end, has 
contributed to the increase in trade receivables as at 30 
September 2015. Nonetheless, cash collections post the balance 
sheet date have been significant. 
Gross profit
Gross profit increased from RM44.3 million in 2014 to RM58.9 
million in 2015 generating a gross profit margin of circa 76.4% 
(2014: 77.6%). In line with its ongoing strategy, Fusionex has 
again invested considerably in research and development to 
maintain its position as a market leader in Analytics and Big 
Data, capitalising RM16.5 million of development costs in the 
financial year. 
Profitability and EBITDA
The Group’s profit before tax increased to RM28.4 million (2014: 
RM22.8 million), with net profit (profit after tax) increasing to a 
RM24.9 million (2014: RM19.5 million). 
EBITDA for the period totaled RM35.0 million (2014: RM27.2 
million) calculated as profit before tax adjusted for: amortisation 
of intangible assets of RM4.6 million, depreciation of property, 
plant and equipment of RM2.2 million and net interest income 
totalling RM0.2 million. Profit before tax includes a gain on 
disposal of fixed assets of RM2.0 million (2014: RM1.4 million). 
Taxation
The Group continues to benefit from operating in certain 
geographies in which the income generated has been exempted 
from taxation or subject to tax allowances. The effective tax rate 
for the Group was 12.1% (2014: 14.6%). STRATEGIC REPORT
Fusionex International Plc Annual report 2015 07
Key Performance Indicators
(RM’million)
30 September
2015
30 September
2014
Revenue 77.0 57.1
By: Type
Products 68.0 47.9
Services 9.0 9.2
By: Region
Asia Pacific 77.0 50.8
UK & Europe 14.8 12.3
USA 5.6 3.7
Consolidation elimination (20.4) (9.7)
Gross Profit 58.9 44.3
EBITDA 35.0 27.0
Profit before tax 28.4 22.8
Profit after tax 24.9 19.5
EPS (RM) 0.58 0.45
Cash flow
Profit before tax grew c.25% in the financial year under review, 
while cash generated from operations was impacted by the 
increase in trade and other receivables amounting to RM28.5 
million, which primarily arose due to the expansion of the 
Group’s partner channel network and extended credit terms 
offered to channel partners as well as significant sales being 
secured in the latter part of the financial year under review. Cash 
collections post the balance sheet date have been significant 
and despite the increase in trade and other receivables, the cash 
position of the Group remains strong.
The principal movements in the net cash were as follows:
(RM’million)
30 September
2015
30 September
2014
Cash flows from operating activities 11.6 24.5
Acquisition of property, plant and, 
equipment & software (5.0) (7.9)
Proceeds from sale of property, 
plant and, equipment & software 5.4 4.9
Development costs incurred on 
intangible assets (16.5) (11.1)
Repayment of term loans (3.2) (4.1)
Dividend paid (5.0) (4.8)
Change in net cash and cash 
equivalent in the financial year (12.7) 1.4
Cash and cash equivalent at the 
beginning of the financial year 64.0 62.4
Effects of foreign exchange rate 
changes, net 6.4 0.2
Cash and cash equivalent at the end 
of the financial year 57.7 64.0
Borrowings and bank facilities
Total borrowings of the Group have decreased slightly to RM20.3 
million (2014: RM21.0 million). This is principally attributable to 
the repayment of the term loan facilities for the acquisition of 
the Group’s head office. 
Equity
The Group’s equity remains strong totalling RM128.7 million 
(2014: RM101.4 million). 
Earnings per share
The Group’s earnings per share increased to RM0.58 (2014: 
RM0.45).
Post-period placing
Following the year end, in October 2015, the Group successfully 
concluded a significantly oversubscribed placing of 4,300,000 
new Ordinary Shares at 325 pence per share to raise a total of 
£13.975 million (the “Placing”).  The risk management framework of the Group is designed to identify, 
manage and mitigate material risks for the achievement of the Group’s 
strategic and business objectives.
Fusionex International Plc Annual report 2015 08
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Principal risks and uncertainties
Risk description Mitigation Change
Business and market risk
Technological evolution
There may be impact to the Group’s business and 
prospects due to the continual technology evolution, 
introduction of new products, changing industry 
standards and customers’ needs.
The Group invests in continual R&D and market research 
to realise the potential of new and existing products as 
well as to maintain its market-leading position by 
continually developing and evolving its own technologies 
while monitoring the changes in industry standards in 
order to have its finger on the pulse of the needs of 
its customers.
Advances in competing technologies
The software market is a constantly developing and 
competitive one with many larger companies having 
significant financial resources and funding to develop and 
promote their products. There are also new entrants to 
the market who may develop products that compete with 
the products of the Group, particularly in terms of 
technology or pricing. Such competitors may also invest 
more substantially to promote and market their products 
ahead of the Group, which may, in turn, adversely affect 
the Group’s business and prospects.
Fusionex has been and continues to be recognised for its 
best-in-class Big Data offering. The Group continues to 
benchmark its products against competitors to ensure it 
remains at the forefront of the industry.
The Group intends to continue invest substantially in the 
Fusionex brand to maintain mindshare and build upon 
its competitive strengths, thereby keeping its technology 
and products ahead of its competitors.
Market risks
The success of the Group is dependent in part on  
the market acceptance of its products, including any  
new products or services that may be introduced by the 
Group, of which there can be no guarantee. Whilst these 
general market trends are unrelated to the performance 
of the Group, the Group may be affected by such general 
market trends.
The Group continually conducts ongoing studies of 
general market trends and developments, including 
engaging analysts to study and review such trends, in 
order to enable the Group to make responsive changes 
to its business plan when necessary.
The overall responsibility for the appropriate management 
of the Group’s risks rests with the Board. 
The main categories of risks for the Group comprise the following:
» business and market risks;
» financial risks;
» operational risks; and
» compliance risks.
Key
Decreased risk Increased risk No change
Financial risks are disclosed under note 31 in the notes to 
the  accounts. The table below provides a summary of other 
principal risks that have been identified. These risks do not 
encompass an extensive analysis of all of the Group’s risks.  STRATEGIC REPORT
Fusionex International Plc Annual report 2015 09
Risk description Mitigation Change
Business and market risk continued
Foreign currency risk
With the Group operating on a multi-national basis, 
fluctuations in foreign currency exchange rates could 
have a material adverse effect on the Group’s profitability 
or the price competitiveness of its products and services. 
In that connection, there can be no guarantee that the 
Group would be able to compensate or hedge against 
such adverse effects and therefore negative exchange 
rate effects could have a material adverse effect on the 
Group’s business, prospects and financial performance.
Notwithstanding that this is an inherent risk for any 
multi-national organisation, the Group endeavours to 
match, as far as possible, its revenue and cost with the 
same currency within the respective jurisdictions while 
closely monitoring foreign exchange fluctuations. 
Operational risk
Dependence on key Executives and technical personnel
A key factor in the success of the Group’s business is its 
ability to attract and retain its key Executives in management, 
sales and marketing positions, as well as its technical 
personnel, all of whom support the continued success of 
the Group.
The Group adopts a competitive remuneration package to 
attract and retain quality staff. 
The Group engages in proper training and career 
development programmes for all staff. This is to ensure 
that its staff are equipped with the understanding required 
to drive the business forward in line with the Group’s 
business strategy and direction.
The Group has also invested in premises and staff welfare, 
which has resulted in Fusionex being an inclusive and 
supportive place to work.
Adequate manpower
Given the Group’s rate of expansion, there may be 
inadequate manpower to complete initiatives undertaken 
by the Group. 
The Group plans the duration and timing of initiatives to 
ensure staff are effectively managed as well as efficiently 
allocated to meet the necessary delivery demands of  
its customers.
The Group is committed to human resource planning  
and allocation to ensure efficient utilisation of staff for 
each initiative.
In terms of recruitment of staff, the Group carefully plans 
recruitment of staff taking into consideration that the level 
of staff is appropriately aligned to the needs and, 
ultimately, the direction of the Group.
Protection of intellectual property
The Group is reliant on internal processes and systems  
to protect such rights. Whilst management views efforts to 
protect its proprietary rights in its proprietary systems, 
processes and software as robust, and is constantly 
vigilant for any potential breaches of such rights by third 
parties, there is a risk that such efforts may not be sufficient 
to prevent misappropriation of the Group’s intellectual 
property, or detect unauthorised use of, or take appropriate 
steps to enforce, its intellectual property rights.
Stringent internal processes and systems with high level 
security features are incorporated into the development 
and maintenance of software. 
Segregation of duties among the software developers also 
prevents individuals from possessing a complete blue 
print of the software. Fusionex International Plc Annual report 2015 10
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Principal risks and uncertainties continued
Risk description Mitigation Change
Operational risk continued
Product risk
When first introduced or enhanced, the products may 
contain undetected defects that may fail to meet 
customers’ performance requirements or satisfy the 
contract specifications.
The Group has implemented a CMMI accredited software 
development process to ensure product quality.
Strict internal quality control procedures test all  
products developed.
Further, the business development team works closely 
with customers to ensure that any gaps between  
what is specified in the contract and what is provided is 
minimised and, ultimately, closed.
Reliance of key systems
There is a certain measure of reliance placed by the Group 
on certain key systems and technologies for its continuing 
operations. This may expose the Group to significant risk 
as the systems are vulnerable to damage or interruption. 
This could be due to events beyond the Group’s control, 
despite it having proper control procedures in place.
The procedures in place ensure that key systems and 
technologies are continually monitored and tested to 
minimise malfunctions and downtime.
Business contingency plans have been prepared by the 
Group to ensure continuity of operations, including 
stringent physical security, uninterrupted power supply, an 
alternative back-up site in case of emergency, and a Grade 
A office.
Compliance risk
Mandatory reporting and announcements
Delays in reporting could arise due to untimely or 
unavailable information or a failure in internal procedures 
for mandatory reporting.
The Group has internal procedures in place to monitor 
mandatory reporting and other regulatory requirements 
closely and consistently.
The Group practices an internal policy of hiring suitable local 
personnel in the relevant jurisdictions in order to benefit 
from their expertise in local regulations and to ensure that 
the Company adheres to the necessary regulations.  Fusionex International Plc Annual report 2015 11
CORPORATE GOVERNANCE
Board of Directors
John Croft 
Non-Executive Chairman
John is an experienced director of AIM 
quoted companies, and has previously 
worked in executive as well as 
non‑executive capacities with a number of 
fast growth companies in the technology 
and financial services sectors. He is also 
the Non‑ Executive Chairman of Adamas 
Finance Asia Limited and a Non‑ Executive 
Director of Goal Group Limited. 
John was a former Chairman of e‑ pay Asia 
Limited, and previously held director level 
positions in Racal Electronics and NCR 
Corporation following an early career in 
banking with HSBC and Grindlays Bank.
Alan Lim
Non-Executive Director
Alan has more than 15 years of experience 
working in the insurance and financial 
planning sector. 
Alan is a member of the prestigious Million 
Dollar Round Table association and a 
certified agency trainer at Prudential 
Assurance Malaysia Berhad. Prior to this, 
Alan worked at Frost & Sullivan, and before 
that, at Lotus Engineering.
Alan holds a MSc Degree in Manufacturing 
Systems Engineering from the University 
of Warwick, UK.
Robin Taylor 
Non-Executive Director
Robin joined Fusionex International plc as 
a Non‑ Executive Director and Chair of the 
Remuneration Committee in December 
2012, bringing many years of experience 
as a plc director. 
Robin is currently a Non‑ Executive Director 
of EMIS Group plc, FDM Group (Holdings) 
plc as well as Phoenix IT Group plc. He was 
formerly Chief Financial Officer of main 
market publicly listed companies Intec 
Telecom Systems plc, ITNET plc and 
JBA Holdings plc. Prior to that, Robin held 
a variety of financial and general 
management roles in both Europe and 
North America. Robin is a member of the 
Institute of Chartered Accountants 
of Scotland.
Calvin Chun 
Non-Executive Director
Calvin has more than 19 years of experience 
in the finance industry and is a Chartered 
Accountant registered with the Malaysian 
Institute of Accountants and a member of 
CPA Australia. He is a  non‑executive and 
non‑independent director of Superlon 
Holdings Berhad, a company listed on the 
Main Market of Bursa Malaysia Securities 
Berhad, as well as a director of cfSolutions 
Sdn Bhd, a  corporate finance advisory 
company registered with the Malaysian 
Securities Commission.
Calvin is also a Licensed Corporate 
Finance Advisory Representative under 
the Malaysian Capital Market & Services 
Act, 2007.
Ivan Teh
CEO and Managing Director
Ivan has over 17 years of experience 
working in the information technology 
sector, including managerial positions at 
Hewlett Packard and Accenture. He has a 
strong network of contacts within the 
enterprise ICT space, especially in Asia, and 
is actively involved in various large scale IT 
initiatives and events across the Asia 
Pacific region. 
Ivan has been, and continues to be, invited 
by various companies and institutions to 
present IT related talks and seminars, as 
well as to provide his insights on the 
industry. He has trained and worked in the 
United States, Europe, Hong Kong, 
Singapore and Malaysia.
Yuen Choong Lai 
Chief Financial Officer
Yuen has more than 20 years of experience 
in finance and investment. 
He is a Chartered Accountant with the 
Malaysian Institute of Accountants (MIA) 
and a Certified Practising Accountant of 
CPA Australia. He also holds the Corporate 
Finance qualification from the Institute 
of  Chartered Accountants in England 
and Wales.
Yuen holds various directorships in private 
and public listed companies.
A A
A R N
R
R
N
N
A = Audit Committee
R = Remuneration Committee
N = Nomination Committee
 = Chairman of Committee Fusionex International Plc Annual report 2015 12
S G F
Directors’ report
Principal activity
The principal activity of the Group is the development and 
provision of enterprise software solutions with a specific 
focus on Analytics and Big Data.
The Company’s registered office address is 12 Castle Street, 
St. Helier, Jersey JE2 3RT, Channel Islands.
Business review and future developments
A review of the Group’s business operations, including key 
performance indicators and future developments, is set 
out  in  the Chairman’s Statement on page 3 and in the CEO’s 
Review together with the Financial Review on pages 4 and 
6 respectively. 
Financial results
The financial results of the Group are set out in the Consolidated 
Statement of Comprehensive Income and other components 
of  the financial statements with the accompanying notes to 
the statements.
Dividends
The Directors remain committed to adopting a dividend policy 
that fundamentally takes into account the Group’s profitability 
and growth and availability of cash and distributable reserves 
after the requirement to finance the development and expansion 
of the business. An interim dividend of RM4.96 million 
(amounting to 2.10 pence per share) was paid by the Company on 
13 March 2015. 
Directors and Directors’ shareholding
The Directors who served on the Board and Board Committees 
during the year ended 30 September 2015 are set out in the 
profile of the Board of Directors on page 11.
At each Annual General Meeting (AGM), as stated in the Articles 
of Association of the Company, one‑ third of the Directors who are 
subject to retirement by rotation shall retire from office and such 
Directors may stand for re‑ election subject to any rules or law to 
the contrary.
The Directors’ beneficial interests in the share capital of the 
Company and their remuneration are set out in the Remuneration 
Committee Report on pages 14 to 15.
No Director has had a material interest in any contract with the 
Company or any of its subsidiaries during the year under review.
Directors’ and officers’ insurance policy cover has been put 
in  place to indemnify the Directors against any legal actions 
by third parties. 
Directors’ responsibilities
The Directors are responsible for preparing the financial 
statements in accordance with applicable laws and IFRS 
as adopted by the European Union.
Company law requires the Directors to prepare financial statements 
for each financial year which give a true and fair view of the state 
of affairs of the Company and of the profit or loss of the Company 
for that year. 
In preparing those financial statements, the Directors are 
required to:
» select suitable accounting policies and then apply
them consistently;
» make judgements and estimates that are reasonable
and prudent;
» state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
» prepare the financial statements on the going concern basis.
The Directors are responsible for keeping proper accounting 
records that disclose with reasonable accuracy at anytime the 
financial position of the Company and to enable them fit ensure 
that  the financial statements comply with the Companies 
(Jersey) Law 1991. They are also responsible for safeguarding the 
assets of the Company and hence for taking reasonable steps for 
the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity 
of the corporate and financial information included on the Group’s 
website. Legislation in Jersey governing the preparation and 
dissemination of financial statements may differ from legislation 
in other jurisdictions.
Research and development
Continuing R&D programmes to increase the functionality and 
features of the Company’s software offerings have been carried 
out by the Company. The Group has capitalised RM16.5 million 
of the development costs as intangible assets of the Group. An 
amortisation expense of RM4.6 million has been charged for the 
financial year.
The Directors present their report and the audited financial statements 
for the year ended 30 September 2015. Fusionex International Plc Annual report 2015 13
CORPORATE GOVERNANCE
Employees
The Group’s policy is to have a competitive remuneration 
and  benefits provision to attract and retain the best and 
brightest talent. The Group is committed to ensuring that 
equal  opportunities are accorded to all of its employees, 
irrespective of age, gender and nationality, in training, 
career development and advancement.
Political and charitable donations
During the year ended 30 September 2015, a charitable donation 
amounting to RM75,000 was made to a charitable organisation.  
No political donations were made.
Supplier payment policy and practice
The normal practice of the Group is to make payments 
to  suppliers according to the agreed terms and conditions 
of the transaction.
Payables as at 30 September 2015 represent an average 
of 66 days of suppliers’ supplies. 
Risks relating to the Group and its business
A review of the risks associated with the Group and the nature of 
its business is set out in the principal risks and uncertainties 
section on pages 8 to 10.
Going concern
The Company’s activities and developments of its products, 
services and markets are set out in the CEO’s Review on pages 4 
to 5. The performance of the Company in terms of revenue, 
profitability and cash flows is explained in the Financial Review 
on pages 6 to 7. The financial risks management is set out in 
note 31 in the notes to the financial statements. 
After the assessment of the available financial information, and 
taking into account the nature of the business that has recurring 
revenue with good cash conversion that generates sufficient 
cash resources as reflected in the current financial position 
of  the Group with cash position of RM57.7 million as at 
30  September 2015, the Directors believe that the Group has 
adequate resources to continue to operate for the foreseeable 
future. Therefore, it is appropriate to continue to adopt the 
going concern basis of accounting in the preparation of the 
Company consolidated financial statements.
Annual General Meeting
The notice for the convening of the AGM on 20 January 2016 
together with the proposed resolutions are contained in the 
Notice of AGM attached to this annual report.
Auditor and disclosure of information to auditor
The Directors who held office on the date of approval of this 
Directors’ Report confirm that, so far as they are aware, there 
is no relevant audit information of which the Company’s auditor 
is unaware. The Directors have confirmed that they have taken 
all steps that they ought to have taken as Directors in order 
to  make themselves aware of any relevant audit information  
and to establish that the Company’s auditor is aware of 
that information.
Crowe Clark Whitehill LLP has been appointed as the auditor 
of the Company during the year and indicated its willingness to 
be re‑appointed. A resolution for the re‑appointment of Crowe 
Clark Whitehill LLP as auditor of the Company is to be proposed 
at the forthcoming Annual General Meeting. Fusionex International Plc Annual report 2015 14
S G F
Remuneration Committee report
Fusionex International Plc, being an AIM‑quoted company, 
has  adopted the general principles of the Remuneration 
Committee Guide for Smaller Quoted Companies of the Quoted 
Companies Alliance.
Remuneration Committee
The Remuneration Committee comprises the Chairman of the 
Committee, Robin Taylor (Non‑Executive Director), John Croft 
(Non‑Executive Chairman) and Alan Lim (Non‑Executive Director). 
The terms of reference of the Committee are available on the 
Company’s website and are reviewed annually by the Board.
The Remuneration Committee is responsible for determining 
the Group’s policy on the remuneration of senior executives and 
specific remuneration packages for Executive Directors, 
including pension rights and compensation payments.
The Remuneration Committee met 2 times in the period under 
review. Details of attendance are shown in the Corporate 
Governance Report on page 16. 
Remuneration policy
The objective of the remuneration policy is to attract, retain and 
motivate high calibre executives as well to achieve the overall 
objective of promoting teamwork in delivering outstanding 
shareholder returns while maintaining an appropriate 
compensation balance for all the employees of the Group. 
Directors’ remuneration
The normal remuneration arrangements for Executive Directors 
consist of base salary, annual performance‑ related bonuses and 
other benefits as determined by the Board. Each of the Executive 
Directors has a service agreement that can be terminated at any 
time by either party giving the other 6 months’ written notice. 
Compensation for loss of office is restricted to base salary and 
benefits only.
Detailed below are the remuneration packages for the  
Executive Directors:
Base salary – annual review of the base salaries of the Executive 
Directors are conducted after taking into account the Executive 
Directors’ roles, responsibilities and contributions to the 
Group performance.
Benefits – benefits include payments for provident funds that 
are mandatory and statutory pension payments as required by 
the laws of the resident countries of the Executive Directors, 
health insurance and other benefits.
Performance bonus – bonus is payable to Executive Directors 
based on the overall performance of the Group.
Non-Executive Directors
Non‑Executive Directors are remunerated solely in the form 
of Director fees determined by the Board and are not entitled 
to  pensions, annual bonuses or employee benefits. They are 
entitled to participate in share option arrangements relating 
to the Company’s shares but as there are no such share option 
arrangements in place at this time, there is no participation from 
the Non‑Executive Directors from this form of remuneration. Each 
of the Non‑Executive Directors has a letter of appointment stating 
his annual fee and that the appointments are to continue unless 
terminated by the Company by giving 3 months’ written notice or 
by the Non‑Executive Directors giving 6 months’ notice.
Directors are not involved in specific discussions on their 
own remuneration.
TSR performance
The graph below sets out, for the period from 1 October 2014 to 31 December 2015, the total shareholder return of FXI as well as the 
performance of FTSE AIM Index and the FTSE 100.
FTSE 100 FTSE AIM Index Fusionex International Plc
 0.9000
 0.8000
 1.2000
 1.1000
 1.0000
 1.3000
1.4000
 1.5000
01 Oct 14 01 Nov 14 01 Dec 14 01 Jan 15 01 Feb 15 01 Mar 15 01 Apr 15 01 May 15 01 Jun 15 01 Jul 15 01 Aug 15 01 Sep 15 01 Oct 15 01 Nov 15 01 Dec 15 Fusionex International Plc Annual report 2015 15
CORPORATE GOVERNANCE
Directors’ interests
The interests of Directors (and their immediate families) over the ordinary shares of the Company are as follows:
Director
Number 
of shares at 
30 September 
2015
John Croft 11,000
Ivan Teh
(1)
22,050,000
Yuen Choong Lai
(1)
700,000
Robin Taylor 12,827
Calvin Chun 6,666
Alan Lim 24,500
Note:
(1)  In addition to holding their respective legal and beneficial shares as indicated in the above table, both Ivan Teh and Yuen Choong Lai jointly hold 286,043 ordinary shares 
on trust for certain of the Group’s employees as detailed under the Company’s Admission Document. The change in the number of shares held on trust compared to the 
previous year arises due to certain employees exercising their right to dispose of shares to which they are beneficiaries.
(2) There has been no change in Directors’ shareholdings between 30 September 2015 and 19 January 2016.
Directors’ remuneration
Salary/fees
RM’000
Bonus
RM’000
Benefits
RM’000
Total
RM’000
2015 2014 2015 2014 2015 2014 2015 2014
Executive
Ivan Teh 534 493 63 59 56 50 653 602
Yuen Choong Lai 189 183 14 15 25 18 228 216
Non-Executive
John Croft
(1)
241 217 — — — — 241 217
Robin Taylor
(1)
181 163 — — — — 181 163
Calvin Chun
(1)
50 49 — — — — 50 49
Alan Lim
(1)
50 49 — — — — 50 49
Note:
(1)  There has been no increase in the remuneration awarded to the Directors and the year on year increase reported are due to 
(i) increment effected in July 2014 and;
(ii) the appreciation of Pounds Sterling against Malaysian Ringgit.
Approved by the Board and signed on its behalf
Robin Taylor
Chairman of the Remuneration Committee
20 January 2016 Fusionex International Plc Annual report 2015 16
S G F
Corporate governance report
As an AIM‑ listed company, it is not mandatory for the Company 
to adopt the provisions of the 2014 U.K. Corporate Governance 
Code. The Board has adopted many of the best practices of 
the  Corporate Governance Guidelines by QCA to the extent 
appropriate for a company of its nature and size in recognition 
of the importance of sound corporate governance. The Group 
has an anti‑bribery policy which fully complies with the UK 
Anti‑Bribery Act 2010, and which is rigorously implemented.
Board of Directors and Board Committees
The Board of Directors consists of 2 Executive and 4 Non ‑Executive 
members that include a Non‑Executive Chairman. The respective 
appointments of the Board members provide an appropriate 
balance of skills and experience for the Board to lead the Group 
in the interests of all shareholders.
The roles of Chairman and Chief Executive are separate and clear. 
The Chairman’s role is to lead the Board in Board meetings 
and ensure the effectiveness of the Board. The Chief Executive is 
responsible for achieving the Group’s long term strategic 
and  financial objectives with the Group’s resources and in 
accordance to the risk level of the Group.
The independence of the 4 Non‑ Executive Directors has been 
reviewed and defined in accordance with the Quoted Companies 
Alliance (QCA) Guidelines.
The Board is responsible to shareholders for providing leadership 
and direction to the Group. The role of the Board is to set the 
strategic direction and goals of the Group within its expertise 
and risk framework. The Board has a schedule of matters 
reserved for its decision which include, but are not limited to, 
decisions on strategy and risk management, approval of financial 
budgets, major capital expenditure, material acquisitions and 
disposals, the interim and annual results and the interim and 
final dividend recommendations. The Board Committees that 
have been established to assume some of the responsibilities of 
the Board with clearly defined terms of reference are the Audit, 
Nomination, Remuneration and Compliance Committees.
The Board has had 7 Board meetings for the financial year ended 
30 September 2015, and for the period Board meetings have 
been conducted by the Company. Formal agendas and reports 
are provided to the Board for the Board meetings and all 
Directors are properly briefed on the matters to be discussed and 
deliberated. All Directors, in carrying out their duties as 
members of the Board, are able to obtain further advice and 
information from within the Company or from independent 
professional advisers. The Company maintains an appropriate 
Directors’ and officers’ insurance policy cover in respect of 
any legal actions against the Directors.
The performance of the Board is currently assessed by the 
Chairman with respect to the various operations of the Board 
that include, among others, the appropriate skill level of the 
members, the conduct of Board meetings and the decisions 
achieved, the guidance with regard to the Group’s strategy 
and  objectives, and the effectiveness of the 4 standing Board 
Committees in carrying out their responsibilities in accordance 
with the set terms of reference.
Set out below is the table of Board meetings and Audit, 
Remuneration and Nomination Committee meetings held by the 
Company for the financial year ended on 30 September 2015 
showing the attendance of each Director is set out below:
Board 
meetings
Audit 
Committee 
meetings
Remuneration 
Committee 
meetings
Nomination 
Committee 
meetings
Executive 
Directors
Ivan Teh 7/7 — — —
Yuen Choong Lai 7/7 — — 2/2
Non-Executive 
Directors
John Croft 7/7 — 2/2 2/2
Robin Taylor 6/7 4/4 2/2 —
Calvin Chun 7/7 4/4 — —
Alan Lim 7/7 4/4 2/2 2/2
Board Committees
The Board has established 4 Committees with clearly defined 
terms of reference and detailed below are the members of the 
Committees and their duties and responsibilities.
Audit Committee
The Chairman of the Audit Committee is Calvin Chun. The other 
members of the Committee are Robin Taylor and Alan Lim. 
The  members have relevant financial, regulatory and risk 
management experience. The Committee is expected to meet at 
least twice a year.
The main responsibilities of the Audit Committee are 
detailed below:
» Ensure the proper reporting and monitoring of the financial
performance of the Company. This includes reviews of the
annual and interim accounts, results announcements to
ensure compliance with the regulatory rules and procedures,
approved accounting standards and policies before
recommending the same to the Board for their approval.
» Monitor and review the effectiveness of the Group’s internal
control and risk management system, taking into account the 
practicality of measures introduced to the extent appropriate 
for a company of its nature and size.
» Monitor and review the effectiveness of the external
audit processes and plans with the external auditor.
» Review and assess the independence and effectiveness of the
external auditor and the terms of its engagements, including
the other non‑audit services provided by the external auditor.
» Review and assess the material transactions of the Company.
The Audit Committee meets with the external auditor without 
the Executive Directors being present at least once a year.
In the year under review, 4 meetings have been scheduled 
to  coincide with the period for the announcement of the 
Company’s annual and interim results and the audit planning 
cycle of the Company. Fusionex International Plc Annual report 2015 17
CORPORATE GOVERNANCE
Remuneration Committee
Robin Taylor is the Chairman of the Remuneration Committee 
and its other members are John Croft and Alan Lim. For the 
period, the Committee met 2 times to discuss remuneration best 
practices and policies for the Company.
The Remuneration Committee has responsibility for determining 
the Group’s policy on the remuneration of Executive Directors, 
including pension rights and compensation payments.
The full details of the work and remuneration policy of the 
Committee is set out in the Directors’ Remuneration Report.
Nomination Committee
The Nomination Committee is chaired by Alan Lim, with 
John  Croft and Yuen Choong Lai as the other members 
of the Committee.
The Committee is responsible for the selection and appointment 
of Directors and the regular review of the structure, size and 
composition of the Board in relation to the requisite skills, 
knowledge and experience of the Board. The Committee has 
met twice in the year.
Compliance Committee
The primary responsibility of the Compliance Committee is to 
ensure compliance with the AIM Rules, in particular concerning 
disclosure of information required under the AIM Rules. As the 
Committee works closely with the Board, the functions of the 
Committee are carried out in conjunction with the proceedings in 
the Board meetings wherein compliance with the AIM Rules and 
the release of information and communications with 
the  Company’s NOMAD and the market are highlighted and 
reported to the Board. The Compliance Committee is chaired  
by Yuen Choong Lai and the other members are John Croft 
and Alan Lim.
Investor relations
Meetings with the analysts and institutional shareholders of the 
Company following the interim and annual results announcements 
and on an as‑ needed basis are attended by the Chief Executive 
Officer and Chief Financial Officer to update the shareholders 
on  the progress of the Group in terms of its business, 
financial  performance and strategic direction. The annual 
report  and  accounts is published on the Company’s website,  
www.fusionex‑international.com, and can be accessed 
by shareholders.
Internal control and risk management 
The Board is responsible for the Group’s systems of internal 
controls and for reviewing the effectiveness of the systems. 
The  systems can only provide reasonable but not absolute 
assurance against material misstatements or losses as the 
systems are put in place to manage and minimise the risks 
but not to eliminate them.
With the active involvement of the Executive Directors of the 
Company in the daily operations and management of the Group 
and with regular meetings with staff, business risks are identified 
and appropriate control systems implemented to manage the 
risks. The effectiveness of the control systems is reviewed and 
updated periodically by the Principal Management Office (PMO).
The Group’s internal financial control procedures and monitoring 
systems are in place which include:
» financial policies and approval procedures with proper
authorisation levels and segregation of duties for
financial management;
» maintenance of proper records for the production of accurate 
and timely financial management information;
» a detailed periodical financial reporting system that reports
on operating results, cash flow, assets and liabilities with
comparisons against budgets;
» reporting on any non‑compliance with internal financial
controls and procedures; and
» a review of the Audit Committee report issued by the
external auditor.
The Audit Committee, on behalf of the Board, reviews reports 
from the external auditor together with management’s response 
regarding proposed actions. Through such review, they have 
reviewed the effectiveness of the internal control systems for 
the period covered by the accounts.
The Group has quality assurance processes in place for the 
development of software and delivery of software products 
to its customers as evidenced by the Group’s certification and 
registration for ISO 9001 – Quality Assurance and CMMI Level 3. Fusionex International Plc Annual report 2015 18
S G F
Independent auditor’s report
to the members of Fusionex International Plc
We have audited the financial statements of Fusionex 
International Plc for the year ended 30 September 2015, which 
comprise the Consolidated Statement of Comprehensive 
Income, Consolidated Statement of Financial Position, 
Consolidated Statement of Cash Flows, Consolidated Statement 
of Changes in Equity and their related notes. 
The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial 
Reporting Standards (IFRS) as adopted by the European Union. 
This report is made solely to the Company’s members, as a body, 
in accordance with Article 113A of the Companies (Jersey) Law 
1991. Our audit work has been undertaken so that we might 
state to the Company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and 
the Company’s members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Respective responsibilities of Directors and auditor
As explained more fully in the Directors’ Report, the Directors 
are responsible for the preparation of the financial statements 
and for being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require 
us to comply with the Auditing Practices Board’s Ethical 
Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free 
from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting 
policies  are appropriate to the Company’s circumstances and 
have been consistently applied and adequately disclosed; 
the  reasonableness of significant accounting estimates made 
by  the Directors; and the overall presentation of the 
financial statements.
In addition, we read all the information in the Directors’ Report 
and any other surround information to identify material 
inconsistencies with the audited financial statements and to 
identify any information that is apparently materially incorrect 
based on, or materially inconsistent with, the knowledge 
acquired by us in the course of performing the audit. If we 
become aware of any apparent material misstatements or 
inconsistencies we consider the implications for our report.
Opinion
In our opinion: 
» the financial statements give a true and fair view of the state
of the Group’s affairs as at 30 September 2015 and of the
Group’s profit for the year then ended;
» the financial statements have been properly prepared in
accordance with IFRS as adopted by the European Union; and 
» the financial statements have been prepared in accordance
with the requirements of the Companies (Jersey) Law 1991.
Matters on which we are required to report by exception 
We have nothing to report to you in respect of the following 
matters where the Companies (Jersey) Law 1991 requires us to 
report to you if, in our opinion:
» proper accounting records have not been kept by the parent
company; or
» proper returns adequate for our audit have not been received 
from branches not visited by us; or
» the parent company financial statements are not in
agreement with the accounting records and returns; or
» we have not received all the information and explanations we 
require for our audit.
Leo Malkin (Senior Statutory Auditor)
For and on behalf of
Crowe Clark Whitehill LLP
Statutory Auditor
St Bride’s House
10 Salisbury Square
London EC4Y 8EH
20 January 2016 Fusionex International Plc Annual report 2015 19
FINANCIAL STATEMENTS
Consolidated statement of financial position
as at 30 September 2015
Note
2015
RM
2014
RM
Assets
Non-current assets
Property, plant and equipment 4 38,031,429 35,193,579
Goodwill on consolidation 5 549,572 549,572
Intangible assets 6 34,192,186 21,575,667
Deferred tax assets 7 831,440 441,954
73,604,627 57,760,772
Current assets
Trade receivables 8 28,522,560 7,547,911
Other receivables, deposits and prepayments 9 4,950,692 1,918,347
Amounts owing by contract customers 10 2,706,372 2,845,754
Tax recoverable 232,244 —
Cash and cash equivalents 11 57,727,636 64,021,296
94,139,504 76,333,308
Assets classified as held for sale 12 — 3,133,832
Total assets 167,744,131 137,227,912
Equity and liabilities
Stated capital 13 71,457,058 71,457,058
Merger reserve 14(a) (17,668,186) (17,668,186)
Foreign exchange translation reserve 14(b) 8,194,821 902,151
Retained profits 66,688,490 46,701,994
Total equity attributable to owners 128,672,183 101,393,017
Non-current liabilities
Long term borrowings 15 19,445,684 20,224,294
Deferred tax liabilities 18 6,218,400 3,421,090
25,664,084 23,645,384
Current liabilities
Other payables and accruals 19 12,017,157 7,623,156
Amounts owing to contract customers 10 — 128,625
Short term borrowings 20 819,454 800,794
Provision for taxation 571,253 1,103,884
13,407,864 9,656,459
Liabilities directly associated with assets classified as held for sale 12 — 2,533,052
Total liabilities 39,071,948 35,834,895
Total equity and liabilities 167,744,131 137,227,912
As approved and authorised for issue by the Board of Directors on 20 January 2016 and signed on its behalf by:
Yuen Choong Lai
Director Fusionex International Plc Annual report 2015 20
S G F
Consolidated statement of comprehensive income
for the year ended 30 September 2015
Note
2015
RM
2014
RM
Revenue 21 77,044,316 57,105,535
Cost of sales (18,191,260) (12,793,229)
Gross profit 58,853,056 44,312,306
Other income 28 4,893,271 1,577,537
63,746,327 45,889,843
Administrative and other operating expenses (35,333,864) (22,728,101)
Finance costs (41,372) (381,442)
Profit before taxation 22 28,371,091 22,780,300
Income tax expense 23 (3,423,964) (3,320,432)
Profit after taxation 24,947,127 19,459,868
Other comprehensive income (item that may or will be reclassified to profit or loss):
Exchange gains arising on translation of foreign operations 7,292,670 212,030
Total comprehensive income for the financial year 32,239,797 19,671,898
Profit after tax attributable to:
Owners of the Group 24,947,127 19,459,868
24,947,127 19,459,868
Total comprehensive income attributable to:
Owners of the Group 32,239,797 19,671,898
32,239,797 19,671,898
Earnings per share attributable to owners of the Group
Basic, sen 24 58.02 45.26
Diluted, sen 24 58.02 45.26 Fusionex International Plc Annual report 2015 21
FINANCIAL STATEMENTS
Consolidated statement of changes in equity
as at 30 September 2015
Non-distributable Distributable
Note
Stated 
capital 
RM
Merger 
reserve
RM
Foreign
exchange
translation
reserve
RM
Retained 
profits
RM
Attributable 
to owners of
the Group 
RM
Total equity 
RM
Balance at 1 October 2013 71,457,058 (17,668,186) 690,121 32,037,486 86,516,479 86,516,479
Profit after taxation — — — 19,459,868 19,459,868 19,459,868
Other comprehensive income, 
net of tax
– Foreign currency translation
differences for foreign operations — — 212,030 — 212,030 212,030
Total comprehensive income 
for the financial year — — 212,030 19,459,868 19,671,898 19,671,898
Dividend 25 — — — (4,795,360) (4,795,360) (4,795,360)
Balance at 30 September 2014 71,457,058 (17,668,186) 902,151 46,701,994 101,393,017 101,393,017
Non-distributable Distributable
Note
Stated 
capital 
RM
Merger 
reserve
RM
Foreign
exchange
translation
reserve
RM
Retained 
profits
RM
Attributable 
to owners of
the Group 
RM
Total equity 
RM
Balance at 1 October 2014 71,457,058 (17,668,186) 902,151 46,701,994 101,393,017 101,393,017
Profit after taxation — — — 24,947,127 24,947,127 24,947,127
Other comprehensive income, 
net of tax
– Foreign currency translation
differences for foreign operations — — 7,292,670 — 7,292,670 7,292,670
Total comprehensive income for 
the financial year — — 7,292,670 24,947,127 32,239,797 32,239,797
Dividend 25 — — — (4,960,631) (4,960,631) (4,960,631)
Balance at 30 September 2015 71,457,058 (17,668,186) 8,194,821 66,688,490 128,672,183 128,672,183 Fusionex International Plc Annual report 2015 22
S G F
Consolidated statement of cash flows
as at 30 September 2015
Note
2015
RM
2014
RM
Cash flows from operating activities
Profit before taxation 28,371,091 22,780,300
Adjustments for:
– amortisation of intangible assets 6 4,574,604 2,647,681
– depreciation of property, plant and equipment 4 2,245,115 1,371,434
– interest expenses 41,372 381,442
– interest income 28 (268,283) (142,905)
– property, plant and equipment written off 4 3,307 83,646
– gain on disposal of fixed assets 28 (2,036,717) (1,364,961)
Operating profit before working capital changes 32,930,489 25,756,637
Increase in trade and other receivables (24,264,042) (2,015,083)
Increase in other payables and accruals 4,394,001 2,101,774
Decrease in amount owing from contract customers 10,757 25,265
Cash flows from operating activities 13,071,205 25,868,593
Interest paid (41,372) (381,442)
Interest received 268,283 142,905
Income tax paid (1,651,465) (1,115,472)
Net cash generated from operating activities 11,646,651 24,514,584
Cash flows from investing activities
Purchase of property, plant and equipment (5,032,700) (7,886,920)
Proceeds from disposal of property, plant and equipment 5,427,597 4,904,160
Development costs on intangible assets (16,499,763) (11,148,891)
Net cash used in investing activities (16,104,866) (14,131,651)
Cash flows from financing activities
Dividends paid 25 (4,960,631) (4,795,360)
Repayment of hire purchase payables (78,792) (121,102)
Repayment of term loans (3,214,210) (4,066,005)
Net cash used in financing activities (8,253,633) (8,982,467)
Net (decrease)/increase in cash and cash equivalents (12,711,848) 1,400,466
Cash and cash equivalents at beginning of the financial year 64,021,296 62,391,526
Effects of foreign exchange rate changes, net 6,418,188 229,304
Cash and cash equivalents at end of the financial year 11 57,727,636 64,021,296 Fusionex International Plc Annual report 2015 23
FINANCIAL STATEMENTS
Notes to the financial statements
for the year ended 30 September 2015
1. General information
(a) Basis of preparation
Fusionex International Plc was incorporated in Jersey on 1 October 2012 with registration number 111533. The registered office
of the Company is 12 Castle Street, St Helier, Jersey JE2 3RT, Channel Islands.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) 
issued by the International Accounting Standards Board (IASB) as adopted by the European Union (EU), including related 
interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). 
The individual financial information of each entity is measured and presented in the currency of the primary economic environment 
in which the entity operates (its functional currency). The consolidated financial statements of the Group are presented in Malaysian 
Ringgit (RM), which is the presentation currency for the consolidated financial statements. The functional currency of each individual 
entity is the local currency of each individual entity. The primary economic environment for the Group is Malaysia.
The consolidated financial statements have been prepared on the historical cost basis. The principal accounting policies adopted, 
which have been applied consistently in the financial year, are outlined below.
(b) New standards, amendments to and interpretations of published standards not yet effective
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective and in
some cases have not yet been adopted by the EU.
The Directors do not expect that the adoption of these standards will have a material impact on the financial statements of the 
Group in future periods, except that IFRS 9 will impact both the measurement and disclosures of financial instruments and IFRS 15 
may have an impact on revenue recognition and related disclosures. At this point it is not practicable for the directors to provide a 
reasonable estimate of the effect of IFRS 9 and IFRS 15 as their detailed review of these standards is still ongoing.
2. Principal activities of subsidiaries
The principal activities of the subsidiaries are as follows:
Name
Place of incorporation/
establishment Principal activities
Issued and 
paid-up/
registered capital
Effective 
interests 
%
Fusionex Corp. Sdn. Bhd. Malaysia IT solutions, software development and 
consultancy services
RM500,000 100
Adv Fusionex Sdn. Bhd. Malaysia Software development and other services RM500,000 100
Fusionex Solutions Inc. Sdn. Bhd.
(1)
Malaysia IT solutions, management and consultancy services RM100,000 100
Fusionex Pte. Ltd.
(1)
Singapore IT solutions, management and consultancy services S$200,000 100
ADV Fusionex Limited
(1)
United Kingdom Development and commercialisation 
of software solutions
GBP1,000 100
Fusionex Limited
(2)
United Kingdom Software development and other services GBP100 100
Fusionex Co. Ltd.
(1)
Thailand IT solutions, software development and 
consultancy services
THB3,000,000 100
FXA Holdings Sdn. Bhd.
(2)
Malaysia Investment holding RM2 100
Fusionex (Macau) Limited
(3)
Macau Software development and other services MOP25,000 100
Fusionex Limited Hong Kong Software development and other services HKD10,000 100
Note:
(1) Interest held by Fusionex Corp. Sdn. Bhd.
(2) Interest held by Adv Fusionex Sdn. Bhd.
(3) Interest held by Fusionex Limited (Hong Kong).
RM:  Malaysian Ringgit.
S$:  Singapore Dollar.
GBP:  Great British Pound.
THB:  Thai Baht.
MOP:  Macau Pataca.
HKD:  Hong Kong Dollar. Fusionex International Plc Annual report 2015 24
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
3. Summary of significant accounting policies
(a) Critical accounting estimates and judgments
Estimates and judgments are continually evaluated by the Directors and management and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key assumptions concerning the future, and other key sources of estimation including uncertainty at the statement of financial 
position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the 
next financial period are as stated below.
(i) Intangible assets
Amortisation
Development costs are amortised over 5 years. Useful lives are based on management’s estimates of the period that the assets will 
generate revenue, with such periods being periodically reviewed for continued appropriateness.
The Group assesses the impairment of intangible assets subject to amortisation whenever events or changes in circumstances 
indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review 
include the following:
» significant underperformance relative to historical or projected future operating results;
» significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and
» significant negative industry or economic trends.
The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application 
of the Group’s accounting estimates in relation to intangible assets affect the amounts reported in the financial statements, 
especially the estimates of the expected useful economic lives and the carrying values of those assets. If business conditions were 
different, or if different assumptions were used in the application of this and other accounting estimates, it is likely that materially 
different amounts could be reported in the Group’s financial statements.
The net book value of intangible assets at 30 September 2015 is determined to be RM34.2 million (2014: RM21.6 million).
Furthermore, should the development costs be amortised over 3 years instead of 5 years, a further charge of RM3.1 million would 
be recognised in the year ended 30 September 2015 (30 September 2014: RM1.8 million) and the net book value would become 
RM31.1 million as at 30 September 2015 (30 September 2014: RM19.8 million).
Other judgments that affect the application of the Group’s accounting policies and disclosures, and have a significant risk of causing 
a material adjustment to the carrying amounts of assets, liabilities, income and expenses are discussed below:
(ii) Impairment of trade and other receivables
An impairment loss is recognised when there is objective evidence that a financial asset is impaired. Management specifically
reviews its loans and receivables and financial assets and analyses historical bad debts, customer concentrations, customer
creditworthiness, current economic trends and changes in the customer payment terms when making a judgment to evaluate the
adequacy of the allowance for impairment losses. Where there is objective evidence of impairment, the amount and timing of future 
cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. If the expectation is
different from the estimation, such difference will impact the carrying value of receivables.
(iii) Impairment of non-financial assets
When the recoverable amount of an asset is determined based on the estimate of the value in use of the cash generating unit to
which the asset is allocated, management is required to make an estimate of the expected future cash flows from the cash generating
unit and also to apply a suitable discount rate in order to determine the present value of those cash flows.
(iv) Depreciation of property, plant and equipment
The estimates for the residual values, useful lives and related depreciation charges for the property, plant and equipment are based 
on commercial factors which could change significantly as a result of technical innovations and competitors’ actions in response to
the market conditions.
The Group anticipates that the residual values of its property, plant and equipment will be insignificant. As a result, residual values 
are not being taken into consideration for the computation of the depreciable amount. 
Changes in the expected level of usage and technological development could impact the economic useful lives and the residual 
values of these assets; therefore, future depreciation charges could be revised.
(v) Income taxes
There are certain transactions and computations for which the ultimate tax determination may be different from the initial estimate.
The Group recognises tax assets/liabilities based on their understanding of the prevailing tax laws and estimates of whether such
taxes will be recovered in the ordinary course of business. Where the final outcome of these matters is different from the amounts
that were initially recognised, such difference will impact the income tax and deferred tax provisions in the year in which such
determination is made. Fusionex International Plc Annual report 2015 25
FINANCIAL STATEMENTS
3. Summary of significant accounting policies continued
(b) Basis of consolidation
Except for the transactions described below, the consolidated financial statements include the financial statements of the Company
and its subsidiaries made up to 30 September each year.
IFRS does not provide specific guidance on accounting for common control transactions. Therefore, the Directors have selected an 
accounting policy using the “hierarchy” described in paragraphs 10–12 of IAS 8 – Accounting Policies, Changes in Accounting Estimates 
and Errors. The hierarchy permits the consideration of pronouncements of other standard-setting bodies. The Directors have 
adopted a policy of accounting for business combinations between entities under common control in accordance with guidance 
under US GAAP 805-10-15. This guidance produces a result that is similar to pooling. The consolidated accounts have therefore been 
prepared as if each of the entities within the Group at 30 September 2012 had been held by Fusionex International Plc from the 
earlier of 1 October 2011 or the date of incorporation. The difference between the carrying value of the investment and the nominal 
value of the shares of subsidiaries upon consolidation under the merger accounting principles is disclosed in note 14(a).
A subsidiary is defined as a company in which the parent company has, directly or indirectly, the power to exercise control over its 
financial and operating policies so as to obtain benefits from its activities.
The consolidated financial statements present the results of the Company and its subsidiaries (“the Group”) as if they formed a 
single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. 
(i) Purchase method
Under the purchase method, the results of the subsidiaries acquired or disposed of are included from the date of acquisition or up
to the date of disposal. At the date of acquisition, the fair values of the subsidiaries’ net assets are determined and these values are
reflected in the consolidated financial statements. The cost of acquisition is measured at the aggregate of the fair values, at the date
of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of
the acquiree, plus any costs directly attributable to the business combination.
Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminated unless 
costs cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency 
of accounting policies with those of the Group.
(c) Intangible assets
(i) Goodwill
Goodwill represents the excess of the fair value of the purchase consideration over the Group’s share of the fair values of the
identifiable assets, liabilities and contingent liabilities of the subsidiaries at the date of acquisition.
Goodwill is measured at cost less accumulated impairment losses, if any. The carrying value of goodwill is reviewed for impairment 
annually. The impairment value of goodwill is recognised immediately in profit or loss. An impairment loss recognised for goodwill 
is not reversed in a subsequent period.
If, after reassessment, the Group’s interest in the fair values of the identifiable net assets of the subsidiaries exceeds the cost of the 
business combinations, the excess is recognised as income immediately in profit or loss.
(ii) Research and development expenditure
Research expenditure is recognised as an expense when it is incurred.
Development expenditure is recognised as an expense except that costs incurred on development projects are capitalised as long 
term assets to the extent that such expenditure is expected to generate future economic benefits. Development expenditure is 
capitalised if, and only if, an entity can demonstrate all of the following:
(i) its ability to measure reliably the expenditure attributable to the asset under development;
(ii) the product or process is technically and commercially feasible;
(iii) its future economic benefits are probable;
(iv) its ability to use or sell the developed asset; and
(v) the availability of adequate technical, financial and other resources to complete the asset under development.
Capitalised development expenditure is measured at cost less accumulated amortisation and impairment losses, if any. Development 
expenditure initially recognised as an expense is not recognised as an asset in the subsequent year.
The development expenditure is amortised on a straight line basis over a period of 5 years when the products are ready for sale or 
use. In the event that the expected future economic benefits are no longer likely to be recovered, the development expenditure is 
written down to its recoverable amount. The amortisation charged is included under cost of sales.
Whereas development expenditure is separately identified and capitalised in accordance with the accounting policy described 
above, research costs are not separately identified as they are integral to the overall activities of the Group. Fusionex International Plc Annual report 2015 26
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
3. Summary of significant accounting policies continued
(d) Functional and foreign currencies
(i) Transactions and balances
Transactions in foreign currencies are converted into the respective functional currencies on initial recognition, using the exchange
rates approximating those ruling at the transaction dates. Monetary assets and liabilities at the end of the reporting period are
translated at the rates ruling as of that date. Non-monetary assets and liabilities are translated using exchange rates that existed
when the values were determined. All exchange differences are recognised in profit or loss.
(ii) Foreign operations
Assets and liabilities of foreign operations are translated to RM at the rates of exchange ruling at the end of the reporting period.
Revenues and expenses of foreign operations are translated at exchange rates ruling at the dates of the transactions. All exchange
differences arising from translation are taken directly to other comprehensive income and accumulated in equity under the
translation reserve. On the disposal of a foreign operation, the cumulative amount recognised in other comprehensive income
relating to that particular foreign operation is reclassified from equity to profit or loss.
Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities of the 
foreign operations and are recorded in the functional currency of the foreign operations and translated at the closing rate at the end 
of the reporting period.
(e) Financial instruments
Financial instruments are recognised in the Consolidated Statement of Financial Position when the Group has become a party to the 
contractual provisions of the instruments.
Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Interest, 
dividends and gains and losses relating to a financial instrument classified as a liability are reported as an expense or income. 
Distributions to holders of financial instruments classified as equity are charged directly to equity.
Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis 
or to realise the asset and settle the liability simultaneously.
A financial instrument is recognised initially at its fair value plus, in the case of a financial instrument not at fair value through profit 
or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
Financial instruments recognised in the Consolidated Statement of Financial Position are disclosed in the individual policy statement 
associated with each item.
(i) Financial assets
On initial recognition, financial assets are classified as either financial assets at fair value through profit or loss, held-to-maturity
investments, loans and receivables, or available-for-sale financial assets, as appropriate.
Financial assets at fair value through profit or loss
As at the end of the reporting year, there were no financial assets classified under this category.
Held-to-maturity investments
As at the end of the reporting year, there were no financial assets classified under this category.
Loans and receivables 
Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are 
classified as loans and receivables financial assets. Loans and receivables are measured at amortised cost using the effective interest 
method, less any impairment loss. Interest income is recognised by applying the effective interest rate, except for short term 
receivables when the recognition of interest would be immaterial.
Available-for-sale financial assets
As at the end of the reporting year, there were no financial assets classified under this category. Fusionex International Plc Annual report 2015 27
FINANCIAL STATEMENTS
3. Summary of significant accounting policies continued
(e) Financial instruments continued
(ii) Financial liabilities
All financial liabilities are initially recognised at fair value plus directly attributable transaction costs and are subsequently measured
at amortised cost using the effective interest method, other than those categorised as fair value through profit or loss.
The fair value through profit or loss category comprises financial liabilities that are either held for trading or are designated to 
eliminate or significantly reduce a measurement or recognition inconsistency that would otherwise arise. 
(iii) Equity instruments
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from proceeds.
Dividends on ordinary shares are recognised as liabilities when approved for appropriation.
(f) Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses, if any.
Depreciation is calculated using the straight line method to write off the depreciable amount of the assets over their estimated 
useful lives. Depreciation of an asset does not cease when the asset becomes idle or is retired from active use unless the asset is 
fully depreciated. The principal annual rates used for this purpose are:
Computers 20%
Furniture and fittings 10%
Leasehold improvements 20%
Leasehold office premises 2%
Motor vehicles 20%
Office equipment 10%
The depreciation method, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting 
year to ensure that the amounts, method and periods of depreciation are consistent with previous estimates and the expected 
pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when the cost 
is incurred and it is probable that the future economic benefits associated with the asset will flow to the Group and the cost of the 
asset can be measured reliably. The carrying amount of parts that are replaced is derecognised. The costs of the day-to-day servicing 
of property, plant and equipment are recognised in profit or loss as incurred. Cost also comprises the initial estimate of dismantling 
and removing the asset and restoring the site on which it is located, which the Group is obligated to incur when the asset is acquired, 
if applicable.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from 
its use. Any gain or loss arising from derecognition of the asset is recognised in profit or loss. The revaluation reserve included in 
equity is transferred directly to retained profits on retirement or disposal of the asset.
Work in progress represents assets under construction which are not ready for commercial use at the end of the reporting period. 
Work in progress is stated at cost, and is transferred to the relevant category of assets and depreciated accordingly when the assets 
are completed and ready for commercial use.
Work in progress includes direct cost, related expenditure and interest cost on borrowings taken to finance the acquisition of the 
assets to the date that the assets are completed and put into use. Fusionex International Plc Annual report 2015 28
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
3. Summary of significant accounting policies continued
(g) Impairment
(i) Impairment of financial assets
All financial assets (other than those categorised at fair value through profit or loss) are assessed at the end of each reporting year
whether there is any objective evidence of impairment as a result of 1 or more events having an impact on the estimated future cash 
flows of the asset.
An impairment loss in respect of loans and receivables is recognised in profit or loss and is measured as the difference between the 
asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective 
interest rate.
In a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring 
after the impairment was recognised. The previously recognised impairment loss is reversed through profit or loss to the extent that 
the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have 
been had the impairment not been recognised. 
(ii) Impairment of non-financial assets
The carrying values of assets, other than those to which IAS 36 – Impairment of Assets does not apply, are reviewed at the end
of  each reporting year for impairment when there is an indication that the assets might be impaired. Impairment is measured
by comparing the carrying values of the assets with their recoverable amounts. The recoverable amount of the assets are the higher
of the assets’ fair value less costs to sell and their value in use, which is measured by reference to discounted future cash flow.
An impairment loss is recognised in profit or loss immediately.
In respect of assets other than goodwill, and when there is a change in the estimates used to determine the recoverable amount, a 
subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised 
to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no 
impairment loss been recognised. The reversal is recognised in profit or loss immediately. 
(h) Assets under hire purchase
Assets acquired under hire purchase are capitalised in the financial statements and are depreciated in accordance with the policy
set out in note 3(f) above. Each hire purchase payment is allocated between the liability and finance charges so as to achieve a
constant rate on the finance balance outstanding. Finance charges are recognised in profit or loss over the period of the respective
hire purchase agreements.
Hire purchases are classified as finance leases as the terms of the lease transfer substantially all of the risk and rewards of ownership 
to the lessee.
(i) Income tax
Income tax for the year comprises current and deferred tax.
Current tax is the expected amount of income tax payable in respect of the taxable profit for the year and is measured using the tax 
rates that have been enacted or substantively enacted at the end of the reporting period.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the financial statements. 
Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill or excess of 
the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the business 
combination costs or from the initial recognition of an asset or liability in a transaction which is not a business combination and, at 
the time of the transaction, affects neither accounting profit nor taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent 
that it is probable that future taxable profits will be available, against which the deductible temporary differences, unused tax losses 
and unused tax credits can be utilised. The carrying amounts of deferred tax assets are reviewed at the end of each reporting period 
and reduced to the extent that it is no longer probable that sufficient future taxable profits will be available to allow all or part of the 
deferred tax assets to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised 
or the liability is settled, based on the tax rates that have been enacted or substantively enacted at the end of the reporting period.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax 
liabilities and when the deferred income taxes relate to the same taxation authority.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised 
in correlation to the underlying transactions either in other comprehensive income or directly in equity, and deferred tax arising 
from a business combination is included in the resulting goodwill or excess of the acquirer’s interest in the net fair value of the 
acquiree’s identifiable assets, liabilities and contingent liabilities over the business combination costs.  Fusionex International Plc Annual report 2015 29
FINANCIAL STATEMENTS
3. Summary of significant accounting policies continued
(j) Cash and cash equivalents
Cash and cash equivalents comprise bank balances, deposits with financial institutions and short term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(k) Employee benefits
(i) Short term benefits
Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the period in which the
associated services are rendered by employees of the Group.
(ii) Defined contribution plans
The Group’s contributions to defined contribution plans are recognised in profit or loss in the period to which they relate. Once the
contributions have been paid, the Group has no further liability in respect of the defined contribution plans.
(l) Contracts
Where the outcome of a contract can be reliably estimated, contract revenue and contract costs are recognised as revenue and
expenses, respectively, by using the stage of completion method. The stage of completion is measured by reference to the proportion 
of cost of work accepted by customers to date to the estimated total contract cost.
Where the outcome of a contract cannot be reliably estimated, contract revenue is recognised to the extent of contract costs 
incurred that are likely to be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an 
expense immediately.
Contract revenue comprises the initial amount of revenue agreed in the contract and variations in contract work to the extent that 
it is probable that they will result in revenue and they are capable of being reliably measured.
When the total of costs incurred on contracts plus recognised profits (less recognised losses) exceeds progress billings, the balance 
is classified as amount due from customers on contracts. When progress billings exceed costs incurred plus recognised profits (less 
recognised losses), the balance is classified as amount due to customers on contracts. 
(m) Provisions and contingent assets
Provisions are recognised when the Group has a present or constructive obligation as a result of past events, when it is probable that 
an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate of the
amount can be made. Provisions are reviewed at the end of each financial reporting period and adjusted to reflect the current best
estimate. Where effect of the time value of money is material, the provision is the present value of the estimated expenditure
required to settle the obligation.
A contingent asset is a probable asset that arises from past events and whose existence will be confirmed only by the occurrence or 
non-occurrence of 1 or more uncertain events not wholly within the control of the Group. The Group does not recognise contingent 
assets but discloses their existence where inflows of economic benefits are probable, but not virtually certain.
(n) Borrowing costs
Borrowing costs directly attributable to the acquisition and construction of property, plant and equipment, are capitalised as part
of the cost of those assets until such time as the assets are ready for their intended use or sale. Capitalisation of borrowing costs is
suspended during extended periods in which active development is interrupted.
All other borrowing costs are recognised in profit or loss as expenses in the period in which they were incurred. Fusionex International Plc Annual report 2015 30
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
3. Summary of significant accounting policies continued
(o) Revenue and other income
(i) Sale of goods
Revenue is recognised upon delivery of goods and customers’ acceptance and, where applicable, net of returns and trade discounts.
(ii) Services
Revenue is recognised on the percentage of completion method as disclosed in note 3(l) on page 29.
(iii) Maintenance and enhancement
Revenue on maintenance and enhancement is recognised over the contractual period or performance of services.
(iv) Dividend income
Dividend income is recognised when the right to receive payment is established.
(v) Interest income
Interest income is recognised as other income on an accrual basis.
(p) Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker has been identified as the Executive Directors.
The Executive Directors monitor the operating results of their business units separately for the purpose of making decisions about 
resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured 
consistently with profit or loss in the consolidated financial statements.
(q) Non-current asset held for sale
The Group classifies non-current assets and disposal groups as held for sale to equity holders of the parent if their carrying amounts
will be recovered principally through a disposal rather than through continuing use. Such non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell or to distribute. Costs
to sell are the incremental costs directly attributable to the sale, excluding the finance costs and income tax expense.
The criteria for held-for-sale classification is regarded as met only when the sale is highly probable and the asset or disposal group 
is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that 
significant changes to the sale will be made or that the sale will be withdrawn. Management must be committed to the sale expected 
within 1 year from the date of the classification. 
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. 
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.  Fusionex International Plc Annual report 2015 31
FINANCIAL STATEMENTS
4. Property, plant and equipment
Computers
RM
Furniture
and
fittings
RM
Motor
vehicles
RM
Office 
equipment
RM
Leasehold
improvements
RM
Leasehold 
office 
premises
RM
Work in 
progress
RM
Total
RM
Cost
At 1 October 2013 1,173,191 276,974 1,172,144 168,344 241,707 34,614,529 — 37,646,889
Additions 1,954,863 2,935,022 118,888 548,159 2,329,988 — — 7,886,920
Disposal — (30,657) — — — (3,780,204) — (3,810,861)
Written off — (141,849) (170,472) (41,635) (22,310) — — (376,266)
Reclassification
*
— — — — — (3,462,869) — (3,462,869)
At 30 September 2014 3,128,054 3,039,490 1,120,560 674,868 2,549,385 27,371,456 — 37,883,813
Additions 1,940,332 28,956 — 44,833 55,441 — 2,963,138 5,032,700
Written off (238,854) — — (1,434) (39,104) — — (279,392)
Translation differences 18,026 13,505 — 12,672 29,090 — — 73,293
At 30 September 2015 4,847,558 3,081,951 1,120,560 730,939 2,594,812 27,371,456 2,963,138 42,710,414
Accumulated depreciation
At 1 October 2013 702,391 127,811 650,383 70,072 169,830 491,632 — 2,212,119
Charge for the year 363,256 167,264 140,016 46,480 278,358 376,060 — 1,371,434
Disposal — (6,722) — — — (264,940) — (271,662)
Written off — (83,604) (170,471) (27,928) (10,617) — — (292,620)
Reclassification
*
— — — — — (329,037) — (329,037)
At 30 September 2014 1,065,647 204,749 619,928 88,624 437,571 273,715 — 2,690,234
Charge for the year 691,211 306,764 149,923 70,430 479,358 547,429 — 2,245,115
Written off (236,312) — — (669) (39,104) — — (276,085)
Translation differences 4,168 2,743 — 2,831 9,979 — — 19,721
At 30 September 2015 1,524,714 514,256 769,851 161,216 887,804 821,144 — 4,678,985
Net book value
At 30 September 2014 2,062,407 2,834,741 500,632 586,244 2,111,814 27,097,741 — 35,193,579
At 30 September 2015 3,322,844 2,567,695 350,709 569,723 1,707,008 26,550,312 2,963,138 38,031,429
* The asset has been reclassified to asset held for sale as disclosed in Note 12. Fusionex International Plc Annual report 2015 32
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
4. Property, plant and equipment continued
Included in the property, plant and equipment of the Group at the end of the reporting period are the following assets acquired
under hire purchase terms.
2015 
RM
2014 
RM
Motor vehicles 269,470 396,615
The office premises have been pledged to financial institutions as security for banking facilities of the Group as disclosed in note 17 
to the financial statements.
5. Goodwill on consolidation
2015 
RM
2014 
RM
At cost 558,887 558,887
Less: impairment losses (9,315) (9,315)
Carrying value 549,572 549,572
During the financial year, the Group assessed the recoverable amount of the goodwill and determined that no additional impairment 
is required. 
The recoverable amount of a cash-generating unit is determined based on value-in-use calculations using cash flow projections 
based on financial budgets approved by management covering a period of two years. The key assumptions used for value-in-use 
calculations are:
Average growth rate Historical rate
Profit margin 22%
Discount rate 6%
Management determined the budgeted gross margin based on past and expected future performances. The growth rate used is 
based on the anticipated demand over the projection years. The discount rate used was pre-tax and was estimated based on the 
industry weighted average cost of capital.
6. Intangible assets
2015 
RM
2014 
RM
Development expenditure
At cost:
At 1 October – brought forward 26,237,745 15,110,585
Addition 16,499,763 11,148,891
Translation differences 929,644 (21,731)
43,667,152 26,237,745
Accumulated amortisation
At 1 October – brought forward (4,662,078) (2,017,929)
Amortisation charge (4,574,604) (2,647,681)
Translation differences (238,284) 3,532
(9,474,966) (4,662,078)
At 30 September – net book value 34,192,186 21,575,667
The intangible assets mainly consist of staff costs. Fusionex International Plc Annual report 2015 33
FINANCIAL STATEMENTS
7. Deferred tax assets
2015 
RM
2014 
RM
At 1 October – brought forward 441,954 —
Recognised in profit or loss (note 23) 259,936 441,954
Translation differences 129,550 —
At 30 September – carried forward 831,440 441,954
Deferred tax assets were mainly attributable to the taxable temporary differences arising from intangible assets.
8. Trade receivables
2015 
RM
2014 
RM
Trade receivables 28,522,560 7,547,911
The Group’s normal trade credit term is 30 to 90 days. Other credit terms are assessed and approved on a case-by-case basis.
9. Other receivables, deposits and prepayments
2015 
RM
2014 
RM
Sundry receivables 1,570,122 78,197
Deposits 871,935 512,085
Prepayments 2,508,635 1,328,065
4,950,692 1,918,347
10. Amount owing by/(to) contract customers
2015 
RM
2014 
RM
Cost incurred to date 3,908,489 2,830,279
Attributable profits 6,907,527 3,212,511
10,816,016 6,042,790
Progress billings (8,109,644) (3,325,661)
2,706,372 2,717,129
Represented by:
Amount owing to contract customers — (128,625)
Amount owing by contract customers 2,706,372 2,845,754
Amount of contract revenue recognised as revenue during the financial years (note 21) 6,161,592 6,042,790
Amount of contract costs recognised as expenses during the financial years 2,609,541 2,830,279 Fusionex International Plc Annual report 2015 34
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
11. Cash and cash equivalents
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprises the following:
2015 
RM
2014 
RM
Short term investments 1,972,011 —
Fixed deposits with licensed banks (note 26) 5,376,125 8,405,830
Cash and bank balances 50,379,500 55,615,466
57,727,636 64,021,296
12. Assets classified as held for sale
At 30 September 2014, assets classified as held by sale included the property sold at RM3,133,832. The liabilities associated with the
asset held for sale were RM2,533,052. This related principally to the Group’s office premise in L19-03-08, PJX-HM Shah Tower, No.
16A, Persiaran Barat, 46050 Petaling Jaya, Selangor Darul Ehsan. No impairment of loss was recognised on reclassification of the
office building as held for sale nor as at 30 September 2014 as the Directors expected that the fair value less costs to sell was higher
than the carrying amount. The proceeds in respect of the disposal was received in cash consideration of RM5,427,597.
The sale was completed in March 2015.
13. Stated capital
Issued, called up and fully paid
No. of shares RM
As at 1 October 2014/30 September 2015 43,000,000 71,457,058
The Company has an unlimited authorised share capital of ordinary shares of no par value.
14(a). Merger reserve
The merger reserve arose from the difference between the carrying value of the investment and the nominal value of the shares of 
subsidiaries upon consolidation under the merger accounting principles.
14(b). Foreign exchange translation reserve
The foreign exchange translation reserves arose from the translation of the financial statements of foreign subsidiaries and are not 
distributable by way of dividends.
15. Long term borrowings
2015 
RM
2014 
RM
Hire purchase payables (note 16) 115,538 197,967
Term loans (note 17) 19,330,146 20,026,327
19,445,684 20,224,294 Fusionex International Plc Annual report 2015 35
FINANCIAL STATEMENTS
16. Hire purchase payables
2015 
RM
2014 
RM
Minimum hire purchase payments:
– not later than 1 year 89,244 89,244
– later than 1 year and not later than 5 years 118,972 208,216
208,216 297,460
Less: future finance charges (10,250) (20,702)
Present value of hire purchase payables 197,966 276,758
Current portion (note 20):
– not later than 1 year 82,428 78,791
Non-current portion (note 15):
– later than 1 year and not later than 5 years 115,538 197,967
197,966 276,758
17. Term loans
2015 
RM
2014 
RM
Current portion (note 20):
– not later than 1 year 737,026 722,003
Non-current portion (note 15):
– later than 1 year and not later than 2 years 771,268 753,665
– later than 2 years and not later than 5 years 2,535,544 2,465,162
– after 5 years 16,023,334 16,807,500
19,330,146 20,026,327
20,067,172 20,748,330
Details of the repayment terms are as follows:
Amount outstanding
Term loan
Number of
instalments
Monthly
instalment
RM
 Date of
commencement
of repayment
2015
RM
2014
RM
1 240 68,110 1.10.2013 10,033,586 10,374,165
2 240 68,110 1.10.2013 10,033,586 10,374,165
20,067,172 20,748,330
The term loans 1 to 2 are secured by: 
(i) legal charges over the office premises of the Fusionex Group; and
(ii) a guarantee of Adv Fusionex Sdn. Bhd. Fusionex International Plc Annual report 2015 36
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
18. Deferred tax liabilities
2015 
RM
2014 
RM
At 1 October – brought forward 3,421,090 1,117,157
Recognised in profit or loss (note 23) 2,797,310 2,303,933
At 30 September – carried forward 6,218,400 3,421,090
The deferred tax liabilities are attributable to the following:
2015 
RM
2014 
RM
Accelerated capital allowances 493,078 481,093
Software development expenditure 5,725,322 2,939,997
6,218,400 3,421,090
19. Other payables and accruals
2015 
RM
2014 
RM
Deferred income 2,403,821 2,614,322
Sundry payables 2,878,715 1,363,062
Accruals 6,734,621 3,645,772
12,017,157 7,623,156
The deferred income mainly relates to revenue billed in advance and the income to be recognised upon delivery of goods and 
completion of services.
20. Short term borrowings
2015 
RM
2014 
RM
Hire purchase payables (note 16) 82,428 78,791
Term loans (note 17) 737,026 722,003
819,454 800,794
21. Revenue
2015 
RM
2014 
RM
Products 68,025,654 47,882,316
Services 9,018,662 9,223,219
77,044,316 57,105,535
Included in the revenue of products and services of the Group are amounts of RM6,161,592 and RM6,042,790 relating to contract 
revenue for the financial years ended 30 September 2015 and 2014. Fusionex International Plc Annual report 2015 37
FINANCIAL STATEMENTS
22. Profit before taxation
Profit before taxation is arrived at after charging/(crediting):
2015 
RM
2014 
RM
Amortisation of intangible assets 4,574,604 2,647,681
Audit fees 401,909 400,520
Depreciation of property, plant and equipment 2,245,115 1,371,434
Directors’ remuneration 1,402,719 1,295,443
Interest expense:
– hire purchase 10,452 15,598
– term loans 30,920 365,844
Gain on foreign exchange (2,441,014) (41,853)
Staff costs:
– salaries, allowances and bonuses 16,158,924 13,740,967
– defined contribution plan 1,973,314 1,698,788
Rental of office 708,950 768,693
Rental of equipment 4,378 2,689
Interest income (268,283) (142,905)
Fixed assets written off 3,307 83,646
Gain on disposal of fixed assets (2,036,717) (1,364,961)
23. Income tax expense
2015 
RM
2014 
RM
Current tax expense
– for the financial year 1,223,378 1,689,691
– overprovision in the previous financial year (336,788) (230,314)
886,590 1,459,377
Deferred tax assets (note 7):
– for the financial year — (442,878)
– underprovision in the previous financial year (259,936) —
(259,936) (442,878)
Deferred tax liabilities (note 18):
– for the financial year 3,004,165 2,303,933
– overprovision in the previous financial year (206,855) —
3,423,964 3,320,432 Fusionex International Plc Annual report 2015 38
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
23. Income tax expense continued
A reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rate to the income tax expense at
the effective tax rate of the Group is as follows:
2015 
RM
2014 
RM
Profit before taxation 28,371,091 22,780,300
Tax at the applicable statutory tax rate of 0% — —
Tax effects of:
– differences in tax rates 7,440,943 5,868,246
– non-deductible expenses 2,199,083 791,148
– income not subject to tax/tax relief (5,412,483) (2,665,770)
– deferred tax assets recognised on software development expenditure (259,936) (442,878)
Overprovision in the previous financial year:
– current tax (336,788) (230,314)
– deferred tax (206,855) —
Income tax expenses for the financial year 3,423,964 3,320,432
24. Earnings per share
The calculation for earnings per share, based on the weighted average number of shares, is shown in the table below:
Year ended 30 September
2015 
RM
2014 
RM
Profit after tax attributable to owners of the Group 24,947,127 19,459,868
Weighted average number of shares:
Basic 43,000,000 43,000,000
Diluted 43,000,000 43,000,000
Earnings per share:
Basic 58.02 45.26
Diluted 58.02 45.26
25. Dividends
2015 
RM
2014 
RM
Interim dividend for 30.9.2015: RM0.115 per ordinary share 4,960,631 —
Interim dividend for 30.9.2014: RM0.112 per ordinary share — 4,795,360
4,960,631 4,795,360 Fusionex International Plc Annual report 2015 39
FINANCIAL STATEMENTS
26. Fixed deposits with licensed banks
The weighted average effective interest rates and the maturity periods of the fixed deposits at the end of reporting periods are
as follows:
2015 2014 
Weighted average effective interest rates 0.83% 0.57%
Maturity periods 3–390 days 4–657 days
Included in the fixed deposits with licensed banks of the Group at the end of the reporting period was an amount of RM601,800 
(2014: RM971,743), which has been pledged to a licensed bank as security for banking facilities granted to the Group. 
27. Related party disclosures
The Group carried out the following transactions with related parties during the financial years 2014 and 2015.
Key management personnel
Short term employee benefits
2015 
RM’000
2014 
RM’000
Ivan Teh 653 602
Yuen Choong Lai 228 216
John Croft 241 217
Robin Taylor 181 163
Calvin Chun 50 49
Alan Lim 50 49
Total 1,403 1,296
Key management personnel comprised Executive and Non-Executive Directors. The ultimate controlling party is Ivan Teh.
28. Other income
2015 
RM
2014 
RM
Interest income 268,283 142,905
Gain on foreign exchange 2,441,014 —
Gain on disposal of fixed assets 2,036,717 1,364,961
Sundry income 147,257 69,671
4,893,271 1,577,537
29. Capital commitment
Authorised capital expenditure contracted but not provided for in the consolidated financial statements is analysed as follows:
2015 
RM
2014 
RM
Leasehold improvement 419,268 — Fusionex International Plc Annual report 2015 40
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
30. Segment analysis
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, as defined in IFRS 8, in order to allocate resources to the segment and to assess
its performance.
Interest income and interest expense are not allocated to segments, as this type of activity is driven by the central treasury function 
which manages the cash position of the Group. Accordingly, this information is not separately reported to the Board for each 
reportable segment.
Operating segments are prepared in a manner consistent with the internal reporting provided to the Executive Directors as its chief 
operating decision maker in order to allocate resources to segments and to assess their performance. For management purposes, 
the Group is organised into business units based on geographical locations. 
Geographical location
Asia Pacific
RM
Europe
RM
Americas
RM
Elimination
(4)
 
RM
Total
RM
At 30 September 2015
Revenue 77,006,862 14,827,489 5,620,290 (20,410,325) 77,044,316
Result
Segment result before financing result and tax 27,117,058 7,483,057 2,116,230 (8,303,882) 28,412,463
Finance costs (41,372)
Income tax (3,423,964)
Profit for the year 24,947,127
Assets
Segmental assets
(1)
222,754,037 105,932,380 — — 328,686,417
Non-allocated assets
(2)
437,360
Consolidation adjustments (161,379,646)
Total assets 167,744,131
Liabilities
Segmental liabilities
(3)
124,103,894 21,255,905 — — 145,359,799
Non-allocated liabilities
(2)
55,091,795
Consolidation adjustments (161,379,646)
Total liabilities 39,071,948
(1) Segment assets comprise total current and non current assets less unallocated assets.
(2) Mainly related to central administrative function’s and central treasury function’s assets/liabilities.
(3) Segment liabilities comprise total current liabilities and non current liabilities less unallocated liabilities.
(4) Mainly related to Asia Pacific intercompany sales. Fusionex International Plc Annual report 2015 41
FINANCIAL STATEMENTS
30. Segment analysis continued
Other segmental reporting
Asia Pacific
RM
Europe
RM
Americas
RM
Total
RM
At 30 September 2015
Capital expenditure:
– tangible assets 5,032,700 — — 5,032,700
– intangible assets 16,499,763 — — 16,499,763
Depreciation 2,245,115 — — 2,245,115
Other non-cash expenses
Unrealised foreign exchange gain (1,969,073) — — (1,969,073)
Amortisation of intangible assets 4,574,604 — — 4,574,604
2,605,531 — — 2,605,531
Geographical location
Asia Pacific
RM
Europe
RM
Americas
RM
Elimination
(4)
 
RM
Total
RM
At 30 September 2014
Revenue 50,817,898 12,294,765 3,684,662 (9,691,790) 57,105,535
Result
Segment result before financing result and tax 21,039,684 7,217,837 1,621,534 (6,717,313) 23,161,742
Finance costs (381,442)
Income tax (3,320,432)
Profit for the year 19,459,868
Assets
Segmental assets
(1)
182,349,513 78,717,463 — — 261,066,976
Non-allocated assets
(2)
 549,573
Consolidation adjustments (124,388,637)
Total assets 137,227,912
Liabilities
Segmental liabilities
(3)
105,624,472 11,037,046 — — 116,661,518
Non-allocated liabilities
(2)
43,562,014
Consolidation adjustments (124,388,637)
Total liabilities 35,834,895
(1) Segment assets comprise total current and non current assets less unallocated assets.
(2) Mainly related to central administrative function’s and central treasury function’s assets / liabilities.
(3) Segment liabilities comprise total current liabilities and non current liabilities less unallocated liabilities.
(4) Mainly related to Asia Pacific intercompany sales. Fusionex International Plc Annual report 2015 42
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
30. Segment analysis continued
Other segmental reporting
Asia Pacific
RM
Europe
RM
Americas
RM
Total
RM
At 30 September 2014
Capital expenditure:
– tangible assets 7,886,920 — — 7,886,920
– intangible assets 11,148,891 — — 11,148,891
Depreciation 1,371,434 — — 1,371,434
Other non-cash expenses
Unrealised foreign exchange gain (123,372) — — (123,372)
Amortisation of intangible assets 2,647,681 — — 2,647,681
2,524,309 — — 2,524,309
Business segments
Products
RM
Services 
RM
Total
RM
At 30 September 2015
Revenue 68,025,654 9,018,662 77,044,316
At 30 September 2014
Revenue 47,882,316 9,223,219 57,105,535
Revenue for products relate to the sale of the Fusionex Data Platform and revenue derived from services relate to services provided 
by the Group to its clientele in association with the Group’s Data Platform. 
Major customers and partners
The following table outlines the number of customers and partners  (“entities”) in each year who individually represent in excess of 
10% of the Group’s revenue for that year:
2015 2014 
Number of entities exceeding 10% of the Group’s revenue 2 1
2015 
RM’000
2014 
RM’000
Entity A —
*
6,950
Entity B 11,249 —
Entity C 11,017 —
Aggregate revenue for entities exceeding 10% of the Group’s revenue 22,266 6,950
* Entity A did not contribute in excess of 10% of the Group’s revenue in 2015. Fusionex International Plc Annual report 2015 43
FINANCIAL STATEMENTS
31. Financial instruments
The Group’s activities are exposed to a variety of market risks (including foreign currency risks, interest rate risks and equity price
risks), credit risks and liquidity risks. The Group’s overall financial risk management policy focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the Group’s financial performance.
(a) Financial risk management policies
The Group’s policies in respect of the major areas of treasury activity are as follows:
(i) Market risk
Foreign currency risk
The Group is exposed to foreign currency risk on transactions and balances that are denominated in currencies other than RM.
The currencies giving rise to this risk are primarily the Great British Pound and the United States Dollar. Foreign currency risk is
monitored closely on an ongoing basis to ensure that the net exposure is at an acceptable level.
The Group maintains a natural hedge whenever possible by matching the cash inflows (revenue stream) and cash outflows used 
for purposes such as capital expenditure, operational expenditure and debt service requirements in the respective currencies.
The Group’s exposure to foreign currency is as follows:
2015
Great British 
Pound
RM
Singapore 
Dollar
RM
United States 
Dollar
RM
Thai 
Baht
RM
Others
RM
Total
RM
Financial assets
Trade receivables 1,294,319 1,590,210 6,126,479 674,268 79,859 9,765,135
Other receivables and deposits 15,485 181,220 1,186,082 63,780 16,395 1,462,962
Cash and cash equivalents 10,436,790 1,465,008 11,705,661 1,170,207 929,499 25,707,165
11,746,594 3,236,438 19,018,222 1,908,255 1,025,753 36,935,262
Financial liabilities
Other payables and accruals 1,221,349 409,193 — 114,255 52,198 1,796,995
Net financial assets 10,525,245 2,827,245 19,018,222 1,794,000 973,555 35,138,267
Less: net financial assets denominated in the 
respective entities’ functional currencies (10,181,101) (2,827,245) — (1,794,000) (757,803) (15,560,149)
Currency exposure 344,144 — 19,018,222 — 215,752 19,578,118
2014
Great British 
Pound
RM
Singapore 
Dollar
RM
United States 
Dollar
RM
Thai 
Baht
RM
Others
RM
Total
RM
Financial assets
Trade receivables 1,213,340 817,178 4,158,051 84,356 101,496 6,374,421
Other receivables and deposits 31,634 103,709 — 42,495 12,065 189,903
Cash and cash equivalents 11,024,225 846,348 11,732,861 994,148 597,133 25,194,715
12,269,199 1,767,235 15,890,912 1,120,999 710,694 31,759,039
Financial liabilities
Other payables and accruals 669,562 1,015,876 139,039 41,164 41,411 1,907,052
Net financial assets 11,599,637 751,359 15,751,873 1,079,835 669,283 29,851,987
Less: net financial assets denominated in 
the respective entities’ functional currencies (11,218,022) (751,359) — (1,079,835) (554,936) (13,604,152)
Currency exposure 381,615 — 15,751,873 — 114,347 16,247,835 Fusionex International Plc Annual report 2015 44
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
31. Financial instruments continued
(a) Financial risk management policies continued
(i) Market risk continued
Foreign currency risk sensitivity analysis
The following table details the sensitivity analysis of a reasonably possible change in the foreign currencies as at the end of the
reporting period, with all other variables held constant:
2015
Increase/
(decrease)
RM
2014
Increase/
(decrease)
RM
Effects on profit after taxation/equity
Great British Pound:
– strengthened by 10% 34,414 38,162
– weakened by 10% (34,414) (38,162)
United States Dollar:
– strengthened by 10% 1,901,822 1,575,187
– weakened by 10% (1,901,822) (1,575,187)
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in 
market interest rates. The Group’s exposure to interest rate risk arises mainly from interest bearing financial assets and liabilities. 
The Group’s policy is to obtain the most favourable interest rates available. Any surplus funds of the Group will be placed with 
licensed financial institutions to generate interest income.
Interest rate risk sensitivity analysis 
A 100 basis points strengthening/weakening of the interest rate as at the end of the reporting period would have immaterial impact 
on profit after taxation and/or equity. This assumes that all other variables remain constant.
Equity price risk
The Group does not have any quoted investments and hence is not exposed to equity price risk.
(ii) Credit risk
The Group’s exposure to credit risk, or the risk of counterparties defaulting, arises mainly from trade and other receivables.
The Group manages its exposure to credit risk by the application of credit approvals, credit limits and monitoring procedures on an
ongoing basis. For other financial assets (including cash and bank balances), the Group minimises credit risk by dealing exclusively
with high credit rating counterparties.
The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other 
receivables as appropriate. The main components of this allowance are a specific loss component that relates to individually 
significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have 
been  incurred but not yet identified. Impairment is estimated by management based on prior experience and the current 
economic environment. Fusionex International Plc Annual report 2015 45
FINANCIAL STATEMENTS
31. Financial instruments continued
(a) Financial risk management policies continued
(ii) Credit risk continued
Credit risk concentration profile
The Group’s major concentration of credit risk relates to amounts owing by 4 (2014: 3) customers, which constituted approximately
74% (2014: 56%) of the Group’s trade receivables as at the end of the reporting period. The Group’s trade credit term is disclosed in
Note 8.
Exposure to credit risk
As the Group does not hold any collateral, the maximum exposure to credit risk is represented by the carrying amount of the 
financial assets as at the end of the reporting period.
The exposure of credit risk for trade receivables by geographical region is as follows:
2015 
RM
2014 
RM
Asia Pacific 23,826,010 6,195,232
Europe 1,294,318 1,213,340
Americas 3,402,232 139,339
28,522,560 7,547,911
Ageing analysis
The ageing analysis of the Group’s trade receivables as at 30 September 2015 and 2014 is as follows:
2015
Gross 
amount and
carrying value
RM
Not past due 26,161,667
Past due:
– less than 3 months 1,407,052
– 3 to 6 months 766,282
– 6 months and above 187,559
28,522,560
2014
Gross 
amount and 
carrying value
RM
Not past due 4,525,458
Past due:
– less than 3 months 2,054,563
– 3 to 6 months 689,877
– 6 months and above 278,013
7,547,911
The collective impairment allowance is determined based on estimated irrecoverable amounts from the sale of goods, determined 
by reference to past default experience. Fusionex International Plc Annual report 2015 46
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
31. Financial instruments continued
(a) Financial risk management policies continued
(ii) Credit risk continued
Trade receivables that are past due but not impaired
The Group believes that no impairment allowance is necessary in respect of these trade receivables. They are predominantly
companies with no recent history of default.
(iii) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s exposure to
liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities.
The Group maintains a level of cash and cash equivalents and bank facilities deemed adequate by the management to ensure as far 
as possible that it will have sufficient liquidity to meet its liabilities when they fall due.
The following table sets out the maturity profile of the financial liabilities as at the end of the reporting period based on contractual 
undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on the rates at the end 
of the reporting period):
Weighted 
average 
effective 
rate
%
Carrying
amount 
RM
Contractual 
undiscounted
cash flows 
RM
Within 
1 year
RM
1–5 years
RM
> 5 years
RM
2015
Term loans 5.12 20,067,172 29,427,890 1,634,632 6,538,528 21,254,730
Hire purchase payables 4.48 197,966 208,216 89,244 118,972 —
Other payables and accruals — 12,017,157 12,017,157 12,017,157 — —
32,282,295 41,653,263 13,741,033 6,657,500 21,254,730
2014
Term loans 4.75 20,748,330 30,399,696 1,599,984 6,399,936 22,399,776
Hire purchase payables 4.48 276,758 297,460 89,244 208,216 —
Other payables and accruals — 7,623,156 7,623,156 7,623,156 — —
28,648,244 38,320,312 9,312,384 6,608,152 22,399,776
(b) Capital risk management
The Group defines capital as the total equity of the Group. The Group’s objectives when managing capital are to safeguard the
Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders
and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to
reduce debt.
The Group manages its capital based on debt-to-equity ratio. The Group’s strategies were unchanged from the previous financial 
year. The debt-to-equity ratio is calculated as net debt divided by total equity. Net debt is calculated as borrowings plus trade and 
other payables less cash and cash equivalents.  Fusionex International Plc Annual report 2015 47
FINANCIAL STATEMENTS
31. Financial instruments continued
(b) Capital risk management continued
The debt-to-equity ratio of the Group as at the end of the reporting period was as follows:
2015 
RM
2014 
RM
Hire purchase payables 197,966 276,758
Term loans 20,067,172 20,748,330
Other payables and accruals 12,017,157 7,623,156
Less: cash and cash equivalents (57,727,636) (64,021,296)
Net asset (25,445,341) (35,373,052)
Total equity 128,672,183 101,393,017
Debt-to-equity ratio N/A N/A
(c) Classification of financial instruments
Financial assets
2015 
RM
2014 
RM
Loans and receivables financial assets
Trade receivables 28,522,560 7,547,911
Other receivables and deposits 2,442,057 590,282
Cash and cash equivalents 57,727,636 64,021,296
88,692,253 72,159,489
Financial liabilities
2015 
RM
2014 
RM
Other financial liabilities
Hire purchase payables 197,966 276,758
Term loans 20,067,172 20,748,330
Other payables and accruals
*
9,613,336 5,008,834
29,878,474 26,033,922
* Excluding deferred revenue of RM2,403,821 (2014: RM2,614,322).
(d) Fair values of financial instruments
The carrying amounts of the financial assets and financial liabilities reported in the financial statements approximated their
fair values.
The following summarises the methods used to determine the fair values of the financial instruments:
(i) the financial assets and financial liabilities maturing within the next 12 months approximated their fair values due to the relatively
short term maturity of the financial instruments;
(ii) the fair value of hire purchase payables is determined by discounting the relevant cash flows using current interest rates for
similar instruments as at the end of the reporting period; and
(iii) the carrying amounts of the term loans approximated their fair values as these instruments bear interest at variable rates. Fusionex International Plc Annual report 2015 48
S G F
Notes to the financial statements continued
for the year ended 30 September 2015
32. Subsequent events
On 15 October 2015, the Company announced a placing of 4,300,000 new ordinary shares at 325 pence per share to raise a total of
GBP13.975 million. The new ordinary shares represent approximately 10% of the existing share capital of the Company.  
Design Portolio is committed to planting 
trees or every corporate communications 
project, in association with Trees or Cities. Fusionex International Plc Annual report 2015
Fusionex International Plc
12 Castle Street
St Helier
Jersey JE2 3RT 
Channel Islands 
Tel:  +44 (0)207 0388 207
Email: uk.info@adv-fusionex.com 
Web: www.fusionex-international.com