rapidcloud international provides cloudbased
building blocks for its clients to create and
manage powerful business solutions online
these solutions can be accessed at any time
from anywhere using any smart device
with the full spectrum of cloudbased products and services and proven delivery
models of software as a service platform as a service and infrastructure as a
service we strive to excel in delivering tangible values to our customers and
contribute in leading technological advances within the cloud industry
table of contents
review of the year
01 highlights of 2014
02 chairman’s statement
04 chief executive’s statement
corporate governance
06 board of directors
08 directors’ report
11 remuneration committee report
13 audit committee report
16 independent auditors’ report
financial statements
17 consolidated statement of comprehensive income
18 consolidated statement of financial position
19 consolidated statement of cash flows
20 consolidated statement of changes in equity
22 notes to the consolidated financial statements rapidcloud international plc  l  annual report 2014 1
highlights
of 2014
revenue increased by 57 to rm 1782 million
approximately £318m 2013 rm 1134 million
gross profit increased by 14 to rm 967 million
approximately £173m 2013 rm 846 million
gross margin at 54 2013 75
operating profit growth decreased by 34 to
rm 326 million approximately £058m 
2013 rm 495 million
profit for the financial period after tax and basic earnings
attributable to ordinary shareholders increased by 45
to rm 367 million approximately £066 million 
2013 rm 253 million
eps 2059sen £004
cash at year end rm 393 million approximately £070m
2013 rm 624 million
earnings enhancing acquisition of web development firm exxelnet
solutions pte ltd now named rapidcloud singapore pte ltd
for c £095m
total customers grew by 114 to over 42000 with continued
and improved yoy high customer retention rate of 75
increase in enterprise work moving rapidcloud increasingly up
the value chain 
appointment of new head of sales formerly of microsoft malaysia
and dell asia pacific
increase in staff numbers to 160 31 dec 2013 58
continued product development with launch of products including
rapiddocs and rapiddms
awarded emerging business excellence award at sin chew
business excellence awards 2014
appointment of cindy choo to the board as new finance director 
contract wins with air asia courier services division a world’s
leading printing enterprises and a major southeast asia airline for
portalweb web application platform and logistics management
system 
strategic marketing partnership with cs loxinfo pcl a leading
internet service provider in thailand to market rapidcrm sales
automation tool
first public sector contract win with the philippines government
owned institute philippine institute of certified public accountants
“picpa”
financial highlights
operational highlights including postperiod end highlights
revenue
rm malaysian ringgit
rm 1782m ↑57
2013 rm 1134m
gross profit
rm malaysian ringgit
rm 967m ↑14
2013 rm 846m
eps
2059sen
cash at year end 
rm malaysian ringgit
rm 393m
total customers
42000 ↑114
total staff 
160
2013 58
236655 rapid cloud pp01pp07  03062015  1157  page 1 chairman’s
statement
i am particularly
pleased with the
company’s performance
in its second year trading as a
publicly listed entity both the
financial results are strong
and the continued investment
in the staff technology and
products provides confidence
for the coming year
“
”
rapidcloud international plc  l  annual report 2014 2
i am particularly pleased with the company’s performance in its
second year trading as a publicly listed entity both the financial
results are strong and the continued investment in the staff
technology and products provides confidence for the coming
year
financial review
during the year the total number of customers increased 11
to 42000 whilst increasing our average revenue per customer
in terms of financial performance the results for the financial
year showed continued growth with revenues increasing 57
to rm 1782 million 2013 rm 1134 million gross profit was
also up 14 to rm 967 million 2013 rm 846 million with
gross margins decreasing to 54 2013 75 profit for the
financial period after tax and basic earnings attributable to
ordinary shareholders increased by 45 to rm 367 million
approximately £066 million 2013 rm 253 million
successful fund raising and acquisition
we were delighted that new and existing shareholders
supported us in raising new funds of rm 324 million post our
admission to aim 
we completed the acquisition of exxelnet during the year for a
total consideration of rm 459 million of which half was paid
as an initial consideration in cash and the remainder being
contingent on future profits and to be settled by the issue of
new ordinary shares in rapidcloud we acquired the business
with a solid customer base and remain confident that the
combined group will benefit greatly from crossselling and
upselling opportunities
the acquisition provided us with a profitable business in
singapore which is the worlds fourth largest financial centre
and has recently become the preferred location for many
multinational companies to position their global headquarters
the acquisition also delivered a highly skilled workforce which
we knew would integrate well with the existing business and
offer us increased scale and reach to deliver further growth
awarded emerging business excellence award
the company was delighted to receive a business excellence
award at the annual sin chew business excellence awards
“scbea” 2014 sponsored exclusively by cimb bank 
launched in 2013 the scbea aims to set the benchmark for
corporate excellence in malaysia every year scbea honours
businesses for their efforts in exemplifying strategic
management approaches
the award serves as one of the highest accolades for the
enterprises which have achieved utmost excellence in all key
business management disciplines which form the strategic parts
of organisational growth and sustainability
this award is testament to rapidcloud’s ongoing progress and
development
investment in business
during the period we continued to invest in personnel product
and corporate development the acquisition delivered
incremental skillsets and we continued to develop products and
successfully launched a suite of new products these products
have already gained traction in their target markets and
provide significant confidence for the future
236655 rapid cloud pp01pp07  03062015  1157  page 2 rapidcloud international plc  l  annual report 2014 3
appointment of finance director
subsequent to the end of the financial year we announced the
appointment of cindy choo to the board of rapidcloud as
finance director cindys appointment became effective on
5 february 2015 cindy takes over from darren hopkins who as
interim fd assisted the company in its listing and reporting
processes from august 2013 cindys appointment is consistent
with rapidclouds stated intention to appoint a full time
finance director based in the kuala lumpur headquarters to
the board
dividend
the board intends to issue an interim dividend in 2015 further
announcements will be made in due course
david cotterell
chairman
2 june 2015
chairman’s
statement continued
236655 rapid cloud pp01pp07  03062015  1157  page 3 chief executive’s
statement
rapidcloud international plc  l  annual report 2014 4
2014 was a year of significant development for rapidcloud
across all metrics including financial performance operational
progress and strategic acquisitions
personnel and product development 
during the year we significantly increased our investment in the
company’s sales and technical capabilities increasing total staff
numbers to 160 from 58 last year
through continued rd investment and the acquisition of
exxelnet rapidcloud now offers complete endtoend solutions
to enterprises including infrastructure hosting backend
software applications frontend design and internet marketing
product suites
whilst we offer a complete endtoend solution staying ahead
of our competition is key and as such rd and inhouse product
development is core to our ongoing success
our investment in developing new enterprise level products is
leading directly to higher value work and we are ‘moving up
the value chain’
products launched in 2014 and post period
within 2014 and the first quarter of 2015 we launched the
following products 
rapiddocs is a cloudbased multiuser document management
system to manage the workflow creation retrieval archival
and searching of massive amount of digital documents or
images in realtime across multidevices from anywhere
anytime
rapiddms is a cloudbased dealership management  reward
system to assist manufacturers or distributors in managing its
dealers’ network by providing modules and realtime business
intelligence information across multidevices
rapidseo is a search engine optimisation solution that
optimises web content and page structure to improve lead
conversion rate and the overall performance of a website
rapidseo will help channel prospective buyers by obtaining top
ranking on major search engines
rapidsem can structure control and determine the relevancy
of online advertisement campaigns to maximise its full
potential resulting in better lead conversions with rapidsem
reporting tools clients can monitor the effectiveness of the
marketing campaign and refine it for greater results
we are already gaining traction with these new products which
importantly move us up the value chain and into important new
market segments such as the public sector
our improved
performance
across all business
units is validation of our
skill sets our ability to
deliver innovative products
and services while
maintaining high customer
service levels importantly
so our wins in 2014 is a
testament to our ability to
scale our cloud solutions
to handle big data
requirements for both
private and public sector
”
“
236655 rapid cloud pp01pp07  03062015  1157  page 4 rapidcloud international plc  l  annual report 2014 5
new contract wins 
we announced several new contract wins throughout the year
which demonstrated the early success of both our new sales
teams and enhanced product suite
the most notable and material contract announced within the
year was with the national legislature of a country in southeast
asia this contract is to assist in the development of a
cloudbased management system which can rapidly process vast
amounts of legislation data while providing members of the
legislature easy access to required information such as
documents video profiles and events through a single secure
interface this win is a significant validation of skill sets and high
customer service levels servicing both the private and public
sectors we see it as a testament to our ability to scale our cloud
solutions to handle big data requirements 
outlook 
2014 saw progressive expansion in customer numbers our
geographic footprint and our service offering
with the acquisition of exxelnet we gained not only a foothold
in the key territory of singapore but also an expert team of
software engineers and digital marketing specialists which are
now fully integrated into the enlarged group and whose
capabilities broadened our offering to customers
with a broadened offering comes the opportunity to secure
higher value work and with our enhanced sales team operating
in all our five regions we are continue to see a strengthening
pipeline develop
this along with catering to our existing valued customer base
has led to an increase in total client numbers and an increased
rate of retention at 75
our business continues to be profitable and cash generative as
we continue with deepening our footprint and expansion
strategy the board expects continued strategic expansion and
a strong performance in the current year and beyond
raymond chee
chief executive
2 june 2015
chief executive’s
statement continued
236655 rapid cloud pp01pp07  03062015  1157  page 5 6
david vernon cotterell
aged 62 nonexecutive chairman
mr cotterell has nearly 30 years’ experience in the information technology software and service sector he
has held senior management roles with firms such as act financial systems dst advent and aim listed sqs
group plc this wide ranging experience includes senior roles in international startups organisations requiring
change and mature businesses with establish brands mr cotterell has led and successfully implemented two
trade sales of technology companies he holds other it related board level positions and sits on the boards of
two other aim companies chairman of syqic plc lse syc which joined aim in december 2013 and he is
also nonexecutive director of crossrider plc lse cros which listed in september 2014 he is also director
of europe for qualitest services
chee han wen
known as raymond aged 38 chief executive managing director and founder of the group
mr chee graduated from universiti kebangsaan malaysia in applied physics with major in physics computing
in 1999 he established efocus internet sdn bhd ‘efocus’ a company that was involved in web business
search engines content management system and wireless application protocol wap as well as spyder
systems m sdn bhd an msc status company formed to research and develop digital video recording software
applications over the internet
mr chee was a member of the multimedia engineering research group merg from 1999 to 2000 during
which he was a researcher in javabased smart card systems and internet compression technologies in universiti
putra malaysia in 1999 he founded emerge technology centre which became the platform for the
establishment which has now grown and evolved into the group as it is today as a result of his successes with
the group he was awarded the jcy young entrepreneur award from the junior chamber international in 2008
mr chee is married to the group’s operations director chong lip kian
chew man fai
aged 40 technical director
mr chew leads the technical team in rd and the implementation of the group’s cloud computing
productsservices he is responsible for shaping the group’s longterm technology strategy and driving
innovation within the technical team
he graduated with a bachelor of science hons in physics from ukm in 1999 he has more than 10 years of
experience in the ict industry in which he was involved in project management systems architecture design
and development he started his career as a systems analyst in aplnet singapore pte ltd and in 2001 he
worked as a project manager in ec1 pte ltd which was for a joint venture company between singapore
computer system and ge global exchange services during the course of his employment he has successfully
implemented several projects pertaining to the supply chain management system and enterprise application
integration eai for enterprises in 2003 he was a chief consulting officer in exceez technologies sdn bhd
for 3 years before joining the group in 2006
chong lip kian
aged 39 operations director
mrs chong has been with esm since its inception in 2001 and heads the group’s finance and administration
functions she graduated from universiti kebangsaan malaysia with a bachelor of science degree in mathematics
in 1999 upon graduation she joined allied hori sdn bhd as a production and material planner where her
responsibilities included managing the daily production schedule as well as procurement handling and planning
in 2000 she joined efocus internet sdn bhd as the operations manager to oversee its administrative and human
resources matters she has over twelve years working experience in handling finance administrative and human
resources functions
chong lip kian is married to the group’s managing director raymond chee
board of
directors
rapidcloud international plc  l  annual report 2014
236655 rapid cloud pp01pp07  03062015  1157  page 6 rapidcloud international plc  l  annual report 2014 7
cindy choo
aged 39 finance director
miss cindy graduated with a bachelor of commerce degree majoring in accounting and finance from the
university of western australia in 2007 and is a chartered accountant of malaysian institute of accountants
mia certified practising accountant of australia cpa chartered tax practitioner of chartered tax institute
of malaysia ctim certified financial planner of malaysian financial planning council mfpc and registered
financial planner of financial planning association of malaysia fpam she is currently holding the professional
licensing of approved inland revenue board of malaysia tax consultant and approved goods  services tax
gst consultant awarded by ministry of finance malaysia
cindy brings with her a wealth of experience having worked for 16 years at perfect advisory sdn bhd ‘perfect
advisory’ a malaysia headquartered business and finance consultancy servicing cindy joined perfect advisory
in 1998 as director of its tax planning and advisory division before becoming ceo in 2001 under cindy’s
leadership perfect advisory greatly expanded from a tax compliance specialist to a provider of business
accounting bookkeeping financial planning and gst advisory and consultancy services she has over 16 years
working experience in handling tax consulting accounting financial planning gst consulting and business
advisory services
du kiat wai
known as william aged 36 nonexecutive director
mr du graduated from the university of hertfordshire england with a first class honours in ba hons
accounting in 1999 and a master in business administration in 2000 his mba thesis titled “acquisition of
midland bank by hsbc” was presented at the 19th world association for case method research  application
conference in manheim germany in 2002
he started his career as a trainee accountant in london later he joined pricewaterhousecoopers ‘pwc’
specialising in transfer pricing and tax investigations he left pwc to join star cruise ltd as a senior corporate
planning executive before setting up his own consulting firm in 2003 he has extensive experience in debt
and equity fund raising corporate restructuring corporate development and competitive strategy
he was elected as the management committee of the malaysian venture capital  private equity association
2007 – 2010 and executive council of technopreneur association of malaysia 2005 – 2008 he was invited to
be part of the evaluation  investment committee of cradle investment program business advisory 
assessment program of multimedia development corporation and many other investment programs as panel
investors and advisors
brian wong wye pong
aged 42 nonexecutive director
mr wong graduated with a bachelor of commerce degree in accounting and finance from the university of
western australia in 1995 and is a chartered accountant with the malaysian institute of accountants a fellow
with cpa australia a certified practising accountant and registered auditor with the kampuchea institute of
certified public accountants and auditors as well as certified financial planner with the financial planning
association of malaysia having previously worked with kpmg kuala lumpur he has also served as the head
of corporate affairs for analab resources berhad a public listed company mr wong is presently a director of
privasia technology berhad a technology services corporation listed on bursa malaysia securities and mann
seng metal international limited a specialist steel engineering corporation listed on the singapore stock
exchange he is also a partner with pkf malaysia
board of
directors continued
236655 rapid cloud pp01pp07  03062015  1157  page 7 rapidcloud international plc  l  annual report 2014 8
the directors of rapidcloud international plc ‘rci’ or the ‘company’ present their report together with the audited consolidated
financial statements of rci and its subsidiaries together the ‘group’ for the year ended 31 december 2014
principal activities and business review
the group’s principal activity during the year was the provision of software solutions to businesses through southeast asia a full
review of the group’s business operations is set out in the chairman’s statement and chief executive’s statement
the company was incorporated in jersey on 15 march 2013 as a private company rapidcloud limited on 3 july 2013 the company
reregistered as a public company and changed its name to rapidcloud international plc on 14 august 2013 the company was
admitted to aim market of the london stock exchange 
during the year the group increased both its client base and product offering which has contributed to the increase in revenue
up to rm1782 million 2013 rm113 million and profit after tax of rm367 million 2013 rm253 million
outlook
the directors are extremely pleased with progress over the past year which has brought a significant increase in revenues and
profitability management is focused on delivering on its planned geographical expansion by incorporating an operation in
indonesia during the year and acquiring a company in singapore whilst continuously exploring ways of expanding its client base
and offering new innovative software solutions
results and dividends 
during the year the group made a profit after taxation of rm367 million 2013 rm253 million
dividends totalling rm058 million were paid during the year
risks relating to the group and its business
competition
there is significant competition in the software industry with low barriers to entry new entrants and larger competitors with
significant financial resources there is a risk that competitors have or will develop products that are competitive to the group in
terms of functionality quality or price
technological evolution
changing customer needs introduction of new products and continual technologies evolution may impact the group’s business
products to mitigate this risk the group continually invest in the research and development of new customer centric products
economic legislative and political risks
the group may be affected by the adverse developments in political economic and regulatory environment in which the group
operates uncertainties in the political and economic environment include expropriation nationalisation inflation and deflation
changes in interest rates and taxation regime and currency exchange control any deterioration in the economic climate could
result in the delay or cancellation of customers’ technology investment projects and in a more prolonged economic downturn it
may lead to the overall decline in the sales of the group that restrict the growth and profitability of the group whilst the group
strives to continue to take effective measures to protect it against such risks with prudential financial management and efficient
operating procedures there is no assurance that adverse political economic and regulatory environments will not adversely affect
the group
foreign currency risk
the group may experience fluctuations in exchange rate that may have a material adverse effect on the group’s profitability or
pricing competitiveness for its products and services there can be no guarantee that the group would be able to compensate or
hedge against such adverse effects and negative exchange rate effects could have a material adverse effect on the group’s business
and financial performance
directors’ 
for the year ended
report
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 8 rapidcloud international plc  l  annual report 2014 9
protection of intellectual property
the group have protected its proprietary rights on its software for major technology platforms where the core products are built
these protected platforms are sme webcombo ecommerce combo and totalweb lite the group is also reliant on the internal
processes and systems to protect such rights whilst the directors believe that the group’s efforts to protect its proprietary rights
in its proprietary systems processes and software are adequate there is a risk that they may not suffice to prevent misappropriation
of its intellectual property and it may not be able to detect unauthorised use of or take appropriate steps to enforce its intellectual
property rights
directors
the directors of the company who served during the year and to the date of this report were
chee han wen 
chew man fai 
chong lip kian 
david vernon cotterell 
du kiat wai
brian wong wye pong
cindy choo appointed 5 february 2015
directors’ interests 
director’s interests in the company inclusive of any beneficial interests along with the percentage of total number of issued
ordinary shares are as follows
as 31 december 2014
name number of ordinary shares  of ordinary shares
chee han wen 
1
1318949 714
chew man fai 
2
311339 168
chong lip kian 
3
1250117 676
david vernon cotterell 146295 079
du kiat wai 
4
503070 272
brian wong wye pong 26000 014
1 chee han wen holds 1318949 ordinary shares held in his own name additionally he is beneficially interest in a further
6747824 ordinary shares which are held by rapidcloud holdings ltd a bvi company which is held as to 61 per cent by chee
han wen 22 per cent by chew man fai and 17 per cent by kenneth cheng ju wan in addition chee han wen is also
interested in a further 1250117 ordinary shares held by his wife chong lip kian 
2 chew man fai holds 311339 ordinary shares held in his own name additionally he is beneficially interest in a further
6747824 ordinary shares which are held by rapidcloud holdings ltd a bvi company which is held as to 61 per cent by chee
han wen 22 per cent by chew man fai and 17 per cent by kenneth cheng ju wan in addition chew man fai is also interest
in 232873 ordinary shares held by his wife chan siu lee
3 chong lip kian holds 1250117 ordinary shares in her own name in addition to these her interest includes 1318949 ordinary
shares in which her husband chee han wen holds in his own name together with a further 6747824 ordinary shares which
chee han wen is beneficially interested in and which are held by rapidcloud holdings ltd a bvi company which is held as
to 61 per cent by chee han wen 22 per cent by chew man fai and 17 per cent by kenneth cheng ju wan
4 du kiat wai’s interest is held through ingenious haus ltd a company of which he is the sole shareholder as well as sole
director
subsequent events
there were no material events that occurred subsequent to the end of the reporting date to the date of approval of these financial
statements
directors’ 
for the year ended
report continued
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 9 rapidcloud international plc  l  annual report 2014 10
going concern
the board has a reasonable expectation that the group has adequate resources to continue in operational existence for the
foreseeable future the board will continue to monitor the progress of the development of its activities and the financial position
in order to ensure that the group continues to have sufficient funding to continue in business for this reason the board continues
to adopt the going concern basis in preparing the financial statements 
statement of directors’ responsibilities
the directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law
and regulations
company law requires the directors to prepare the financial statements for each financial year under that law the directors have
prepared the financial statements in accordance with international financial reporting standards ifrs as adopted by the
european union under company law the directors must not approve the financial statement unless they are satisfied that they
give a true and fair view of the state of affairs of the group and profit or loss of the group for the year in preparing these financial
statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgements and accounting estimates that are reasonable and prudent
• state whether applicable international financial reporting standards ifrs as adopted by the european union have been
followed subject to any material departures disclosed and explained in the financial statements
• prepare the financial statements on the going concern basis unless it is appropriate to presume that the group will continue
in business
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s
transactions and disclose with reasonable accuracy at any time the financial position of the group they are also responsible for
safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities
directors’ disclosure to the auditors
the directors confirm that
• to the best of each director’s knowledge and belief there is no information relevant to the preparation of their report of
which the group’s auditors are unaware and
• each directors has taken all the steps a director might reasonably be expected to have taken to be aware of any relevant
audit information and to establish that the group’s auditors are aware of the information
auditors
uhy hacker young llp has indicated their willingness to continue in office and shall be deemed reappointed unless and until they
are removed
on behalf of the board
david cotterell
chairman
2 june 2015
directors’ 
for the year ended
report continued
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 10 rapidcloud international plc  l  annual report 2014 11
as an aim quoted company rapidcloud international plc has adopted a number of the best practices as proposed in the
remuneration committee guide for smaller quoted companies of the quoted companies alliance
remuneration committee
the remuneration committee comprises
david cotterell nonexecutive chairman chairman of the committee
brian wong wye pong nonexecutive director
du kiat wai nonexecutive director
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 twice in the year under review attended by all committee members
remuneration policy
the objective of the remuneration policy is to attract retain and motivate high calibre executives to deliver outstanding
shareholder returns and at the same time maintain an appropriate compensation balance with the other employees of the group
directors’ remuneration
the normal remuneration arrangement for executive directors consists of base salary and other benefits as determined by the
board  each of the executive directors has a service agreement that can be terminated at any time after the first anniversary of
admission onto aim by either party giving to the other 6 months’ written notice  compensation for loss of office is restricted to
base salary and benefits only
details 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 that 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 laws
of the resident countries of the executive directors health insurance and other benefits
nonexecutive directors
remuneration of the nonexecutive directors is currently solely in the form of director fees determined by the board
nonexecutive directors 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 no such share option
arrangement are in place at this time  each of the nonexecutive 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
nonexecutive directors giving 6 months’ notice
directors are not involved in specific discussions on their own remuneration
the interests of directors and their immediate family over the ordinary shares of the company are given in the directors’ report
remuneration committee 
for the year ended
report
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 11 rapidcloud international plc  l  annual report 2014 12
directors’ remuneration
employee’s 
provident fund
retirement 2014 2013
salaryfees fund total total
rm’000 rm’000 rm’000 rm’000
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
executive
chee han wen 252 29 281 173
chew man fai 241 29 270 170
chong lip kian 241 29 270 165
nonexecutive
david cotterell 102 – 102 36
du kiat wai 55 – 55 23
brian wong wye pong 55 – 55 23
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
946 87 1033 587
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
approved by the board and signed on its behalf
david cotterell
chairman of the remuneration committee
2 june 2015
remuneration committee 
for the year ended
report continued
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 12 rapidcloud international plc  l  annual report 2014 13
membership
the present members of the audit committee comprise
brian wong wye pong nonexecutive director chairman of the committee
david cotterell nonexecutive director
du kiat wai nonexecutive director
members of the audit committee are appointed by the board and must comprise a minimum of two members from amongst the
nonexecutive directors of the company  
at least two members of the audit committee shall have recent and relevant financial experience and all members should have
sufficient competence to understand analyse and when necessary challenge the management accounts and draft public financial
statement
chairman
the board shall appoint the chairman of the audit committee who shall chair the meetings of the audit committee  the chairman
must be a nonexecutive director  the chairman shall have the responsibility of liaising with the board
frequency of meetings
the audit committee shall meet at least twice a year and at such other times as the chairman of the audit committee shall require  
any member of the audit committee or the external auditors may request a meeting if they consider that one is necessary
duties
the audit committee shall have access to sufficient resources in order to discharge its duties  
the audit committee is authorised by the board to investigate any activity within its terms of reference  it is authorised to seek
any information it reasonably requires from any employee and all employees are directed to cooperate with any reasonable
request made by the audit committee
the audit committee shall be responsible for
financial reporting
• monitoring the integrity of the financial statements of the group including its annual and interim accounts and reports
preliminary results’ announcements and any other formal announcements relating to the group’s financial performance
reviewing significant financial reporting judgements contained in them
• reviewing summary financial statements significant financial returns to regulators and any financial information contained
in certain other documents such as announcements of price sensitive information
• reviewing and challenging where necessary
– the consistency of and any changes to accounting policies both on a year on year basis and across the group
– the methods used to account for significant or unusual transactions where different approaches are possible
– whether the group has followed appropriate accounting standards and made appropriate estimates and judgements
taking into account to the views of the external auditor
– the clarity of disclosure in the company’s financial reports and the context in which statements are made 
– all material information presented with the financial statements such as the operating and financial review and the
corporate governance statement in so far as it relates to the audit and risk management and
audit committee
for the year ended
report
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 13 rapidcloud international plc  l  annual report 2014 14
• discussing whether the audit committee should recommend that the financial statements and accompanying reports should
be approved by the board in the board meeting following the audit committee meeting and if so whether that approval
should be granted subject to any matters discussed by the audit committee
external auditors
• making recommendations to the board for it to put to the shareholders for their approval in general meeting in relation
to the appointment reappointment and removal of the external auditor and approving the remuneration and terms of
engagement of the external auditor and any matters relating to their resignation or dismissal
• reviewing and monitoring the external auditor’s independence and objectivity as well as their qualifications expertise and
resources and the effectiveness of the audit process taking into consideration relevant uk jersey malaysian  thai  and
philippine legal and other relevant professional and regulatory requirements
• discussing the nature and scope of the audit with external auditors coordinating the audit where more than one firm is
involved monitoring and reviewing any problems or reservations arising from the audit and discussing any matters which
the external auditor wishes to discuss without executive board members present
• discussing any difficulties reservations or other matters arising from the external auditors’ interim and final audits in the
absence of management where necessary
• reviewing prior to its consideration by the board the external auditors’ report to the directors and management’s response
• developing and implementing policy on the engagement of the external auditor to supply nonaudit services taking into
account relevant ethical guidance regarding the provision of nonaudit services by the external audit firm and reporting to
the board identifying any matters in respect of which it considers that action or improvement is needed and making
recommendations as to the steps to be taken
• reviewing and approving the annual audit plan with the external auditor and ensuring that it is consistent with the scope of
the audit engagement and the effectiveness of the audit
• reviewing the findings of the audit with the external auditor which shall include but not limited to discussing major issues
which arose on the audit any accounting and audit judgements and levels of errors identified during the audit
• reviewing any representation letters andor responses from the management before being given to the external auditor
and
• meeting with the auditors at least twice a year once at the planning stage where the nature and scope of the audit will be
considered and once post audit at the reporting stage and shall ensure that any auditor’s management letters and
management’s responses are reviewed 
internal controls
• reviewing the effectiveness of the group’s internal financial controls and unless expressly addressed by a separate board
risk committee or by the board itself to review the group’s internal control and risk management systems and review and
approve the statements to be included in the annual report concerning internal controls and risk management and
• reviewing arrangements for employees to raise concerns in confidence about possible improprieties in financial reporting
or other matters and ensuring that arrangements allow for the proportionate and independent investigation of such matters
with appropriate follow up action
audit committee
for the year ended
report continued
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 14 rapidcloud international plc  l  annual report 2014 15
meetings
two 2 audit committee meetings were held in 2014  details of attendances are set out below
david cotterell 22
brian wong wye pong 22
du kiat wai 22
summary of activities
the following activities were carried out by the audit committee during the financial year under review
i reviewed the annual and interim financial statements for recommendation to the board
ii reviewed the external auditors’ scope of work for the year
iii met with the auditors at the planning and reporting stages of the audit
iv reviewed the auditor’s management letter points and management’s responses
v reviewed the compliance with accounting standards and other legal requirements
approved by the board and signed on its behalf
brian wong wye pong
chairman of the audit committee
2 june 2015
audit committee
for the year ended
report continued
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 15 rapidcloud international plc  l  annual report 2014 16
to the members of rapidcloud international plc for the year ended 31 december 2014
we have audited the group financial statements of rapidcloud international plc for the year ended 31 december 2014 which
comprise the consolidated statement of comprehensive income the consolidated statement of financial position the
consolidated statement of changes in equity the consolidated statement of cash flows and the 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 auditors’ 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 auditors
as explained more fully in the statement of directors’ responsibilities set out on page 10 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 apb’s ethical standards for auditors
scope of the audit of the financial statements
a description of the scope of an audit of financial statements is provided on the apb’s website at
wwwfrcorgukapbscopeprivatecfm
opinion on financial statements
in our opinion the financial statements
• give a true and fair view of the state of the group’s affairs as at 31 december 2014 and of the group’s profit for the year
then ended
• have been properly prepared in accordance with ifrss as adopted by the european union and
• have been properly 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 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 or proper returns adequate for our audit have not been received from
branches not visited by us or
• the financial statements are not in agreement with the accounting records and returns or
• we have not received any information or explanation that was necessary for our audit
colin wright
senior statutory auditor
for and on behalf of 
uhy hacker young
chartered accountants and statutory auditors
quadrant house
4 thomas more square 
london e1w 1yw
2 june 2015
independent auditors’ 
for the year ended
report
31 december 2014
236655 rapid cloud pp08pp16  03062015  1158  page 16 rapidcloud international plc  l  annual report 2014 17
consolidated statement
for the year ended
of comprehensive income
31 december 2014
year ended year ended
31 december 2014 31 december 2013
rm’000 rm’000
notes
––––––––––––––––––––––––––––––––––––––––––––––––
continuing operations
revenue 5 17820 11341
cost of sales 8146 2879
––––––––––––––––––––––––––––––––––––––––––––––––
gross profit 9674 8462
other operating income 1149 446
administrative expenses 7559 3900
share of losses from associate companies 15  54
––––––––––––––––––––––––––––––––––––––––––––––––
operating profit 3264 4954
finance costs 26 22
costs relating to the admission to aim market  1770
––––––––––––––––––––––––––––––––––––––––––––––––
profit before tax 3238 3162
income tax expense 10 50 634
––––––––––––––––––––––––––––––––––––––––––––––––
profit for the year 7 3188 2528
––––––––––––––––––––––––––––––––––––––––––––––––
other comprehensive income
exchange differences on translation of foreign operations 100 
––––––––––––––––––––––––––––––––––––––––––––––––
total comprehensive income 3088 2528
––––––––––––––––––––––––––––––––––––––––––––––––
profit attributable to
equity owners of the parent company 3671 2528
noncontrolling interests 483 
––––––––––––––––––––––––––––––––––––––––––––––––
3188 2528
––––––––––––––––––––––––––––––––––––––––––––––––
total comprehensive income attributable to
equity owners of the parent company 3609 2528
noncontrolling interests 521 
––––––––––––––––––––––––––––––––––––––––––––––––
3088 2528
––––––––––––––––––––––––––––––––––––––––––––––––
earnings per share
basic sen 11 2059 1455
diluted sen 11 1986 1455
––––––––––––––––––––––––––––––––––––––––––––––––
236655 rapid cloud pp17pp21  03062015  1200  page 17 rapidcloud international plc  l  annual report 2014 18
consolidated statement
for the year ended
of financial position
31 december 2014
as at as at
31 december 2014 31 december 2013
rm’000 rm’000
notes
––––––––––––––––––––––––––––––––––––––––––––––––
assets
noncurrent assets
property plant and equipment 12 5215 3179
software development assets 13 2491 2218
investment in associate companies 15  1071
intangible assets and goodwill 16 5839 
––––––––––––––––––––––––––––––––––––––––––––––––
13545 6468
––––––––––––––––––––––––––––––––––––––––––––––––
current assets
trade and other receivables 17 11191 6508
amounts owed by associates  1583
cash and cash equivalents 18 3931 6238
taxation recoverable 68 
––––––––––––––––––––––––––––––––––––––––––––––––
15190 14329
––––––––––––––––––––––––––––––––––––––––––––––––
total assets 28735 20797
––––––––––––––––––––––––––––––––––––––––––––––––
liabilities
current liabilities
trade and other payables 19 2393 869
hire purchase liabilities 20 62 79
taxation payable  821
––––––––––––––––––––––––––––––––––––––––––––––––
2455 1769
––––––––––––––––––––––––––––––––––––––––––––––––
noncurrent liabilities
hire purchase liabilities 20 457 612
deferred tax liability 21 86 73
––––––––––––––––––––––––––––––––––––––––––––––––
543 685
––––––––––––––––––––––––––––––––––––––––––––––––
total liabilities 2998 2454
––––––––––––––––––––––––––––––––––––––––––––––––
net assets 25737 18343
––––––––––––––––––––––––––––––––––––––––––––––––
equity
capital and reserves attributable to equity holders
share capital 22 24609 21643
shares to be issued 14 2074 
merger reserve 13260 13260
currency translation reserve 62 
retained earnings 13056 9960
––––––––––––––––––––––––––––––––––––––––––––––––
26417 18343
noncontrolling interest 680 
––––––––––––––––––––––––––––––––––––––––––––––––
25737 18343
––––––––––––––––––––––––––––––––––––––––––––––––
the financial statements were approved by the board of directors on 2 june 2015 and signed on its behalf by
david cotterell
director
236655 rapid cloud pp17pp21  03062015  1200  page 18 rapidcloud international plc  l  annual report 2014 19
consolidated statement
for the year ended
of cash flows
31 december 2014
year ended year ended
31 december 2014 31 december 2013
rm’000 rm’000
notes
––––––––––––––––––––––––––––––––––––––––––––––––
cash flows from operating activities
profit before tax 3238 3162
adjustments for noncash items
depreciation 12 683 271
amortisation of software development assets 13 931 703
amortisation of website assets 16 1 
gain on disposal of equipment 60 78
equipment written off 2
impairment of trade receivables 17 62 130
foreign exchange lossgain 46 187
waiver of loan by subsidiary’s director 862 
share of loss from associate companies 15  54
finance income 52 82
finance costs 26 22
––––––––––––––––––––––––––––––––––––––––––––––––
operating profit before working capital changes 4015 3995
increase in trade and other receivables 17 1216 2662
decrease in trade and other payables 19 1262 307
––––––––––––––––––––––––––––––––––––––––––––––––
cash generated from operations 1537 1026
interest paid 26 22
interest received 52 82
tax paid 929 143
––––––––––––––––––––––––––––––––––––––––––––––––
net cash from operating activities 634 943
––––––––––––––––––––––––––––––––––––––––––––––––
cash flows from investing activities
purchase of property plant and equipment 12 2060 2617
proceeds from sale of property plant and equipment 78 448
software development expenditure 13 1204 1069
advances to associates  1256
acquisition of subsidiaries net of cash received 14 2465 
––––––––––––––––––––––––––––––––––––––––––––––––
net cash used in investing activities 5651 4494
––––––––––––––––––––––––––––––––––––––––––––––––
cash flows from financing activities
dividends paid 575 500
advances from subsidiary’s director 529 
repayment of hire purchase liabilities 172 434
proceeds on issue of shares and admission to aim  4761
proceeds on issue of placing shares net of issue costs 22 2966 
proceeds on issue of convertible preference shares  3100
––––––––––––––––––––––––––––––––––––––––––––––––
net cash from financing activities 2748 6927
––––––––––––––––––––––––––––––––––––––––––––––––
net decreaseincrease in cash and cash equivalent 2269 3376
––––––––––––––––––––––––––––––––––––––––––––––––
effect of exchange rate changes on cash and cash equivalents 38 
––––––––––––––––––––––––––––––––––––––––––––––––
cash and cash equivalents at the beginning of the year 6238 2862
––––––––––––––––––––––––––––––––––––––––––––––––
cash and cash equivalents at the end of the year 18 3931 6238
––––––––––––––––––––––––––––––––––––––––––––––––
236655 rapid cloud pp17pp21  03062015  1200  page 19 rapidcloud international plc  l  annual report 2014 20
foreign
shares currency non
share to be merger translation retained controlling total
capital issued reserve reserve earnings total interests equity
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
year ended 
31 december 2014
balance on 
1 january 2014 21643  13260  9960 18343  18343
transaction with owners
recorded directly in equity
acquisition of 
subsidiary companies  2074 2074 159 1915
issue of placing shares 3235 3235  3235
share issue costs 269 269  269
dividends paid  575 575  575
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total comprehensive income
profit for the year     3671 3671 483 3188
other comprehensive 
income    62  62 38 100
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
balance at 
31 december 2014 24609 2074 13260 62 13056 26417 680 25737
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
consolidated statement
for the year ended
of change in equity
31 december 2014
236655 rapid cloud pp17pp21  03062015  1200  page 20 rapidcloud international plc  l  annual report 2014 21
consolidated statement
for the year ended
of change in equity continued
31 december 2014
foreign
currency non
share share merger translation retained controlling total
capital premium reserve reserve earnings total interests equity
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
year ended 
31 december 2013
balance on 
1 january 2013
rcab group 13860  13260  7432 8032  8032
transaction with owners 
recorded directly in equity
conversion of preference 
shares 1173 1928 3101  3101
shares issued and 
adjustment for business 
combination 1928 1928
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
rci group
following business 
combination 16961  13260  7432 11133  11133
issue of shares on 
admission to aim 5510 5510  5510
share issue costs 828 828  828
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total comprehensive 
income
profit for the year     2528 2528  2528
other comprehensive 
income 
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
balance at 
31 december 2013 21643  13260  9960 18343  18343
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
236655 rapid cloud pp17pp21  03062015  1200  page 21 rapidcloud international plc  l  annual report 2014 22
 1 accounting policies
rapidcloud international plc ‘rci’ or the ‘company’ is a company registered and incorporated in jersey on 15 march 2013 the
address of the registered office is 1314 esplanade st helier jersey je1 1bd
the consolidated financial statements of rapidcloud international plc and its subsidiaries together the ‘group’ are presented in
ringgit malaysia ‘rm’ which is the presentation currency for the consolidated financial statements the functional currency for
each individual entity is the local currency of each individual entity the primary economic environment for the group is malaysia
all amounts are prepared to the nearest thousand rm’000 except where otherwise indicated
2 adoption of new and revised ifrs standards
there were no ifrs standards or ifric interpretations adopted for the first time in these financial statements that had a material
impact on the group the following standards have been adopted for the first time in this financial year
ifrs 10 – consolidated financial statements
ifrs 11 – joint arrangements
ifrs 12 – disclosure of interests in other entities
amendment to ias 36 – recoverable amount disclosures for nonfinancial assets
the group has not applied in advance the following accounting standards and interpretations including the consequential
amendments that have been issued but are not yet effective the transfer to these new or revised standards and interpretation is
not expected to have a material impact on the financial statements
ifrs 9 – financial instruments
ifrs 15 – revenue from contracts with customers
amendments to ias 1 – disclosure initiative 
amendments to ias 16 and ias38 – clarification of acceptable methods of depreciation and amortisation 
3 significant accounting policies
31 statement of compliance
the consolidated financial statements have been prepared in accordance with international financial reporting standards as
adopted by the european union ‘ifrs’
32 basis of preparation
the consolidated financial statements have been prepared on the historical cost basis except for financial instruments that are
measured at the fair values at the end of each reporting period as explained in the accounting policies below
historical cost is generally based on the fair value of the consideration given in exchange for goods and services fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date regardless of whether that price is directly observable or estimated using another valuation technique
33 basis of consolidation
the consolidated financial statements incorporate the financial statements of the company entities controlled by the company
and its subsidiaries control is achieved when the company
• has power over the investee
• is exposed or has rights to variable returns from its involvement with the investee and
• has the ability to use its power to affect its returns
consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses
control of the subsidiary specifically income and expenses of a subsidiary acquired or disposed of during the year are included in
the consolidated statement of profit or loss and other comprehensive income from the date the company gains control until the
date when the company ceases to control the subsidiary
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 acquire plus any costs directly attributable to the business combination
notes to the consolidated
for the year ended
of financial statements
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 22 rapidcloud international plc  l  annual report 2014 23
3 significant accounting policies continued
33 basis of consolidation continued
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
34 goodwill
goodwill represent 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
for the purpose of impairment testing assets are grouped together into the smallest group of assets that generates cash inflows
from continuing use that are largely independent of the cash inflows of other assets or cashgenerating units subject to operating
segment ceiling test for the purpose of goodwill impairment testing cashgenerating units to which goodwill has been allocated
are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored
for internal reporting purposes the goodwill acquired in a business combination for the purpose of impairment testing is
allocated to a cashgenerating unit or a group of cashgenerating units that are expected to benefit from the synergies of the
combination
the recoverable amount of an asset or cashgenerating unit is the greater of its valueinuse and its fair value less costs of disposal
in assessing valueinuse the estimated future cash flows are discounted to their present value using a pretax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset or cashgenerating unit
an impairment loss is recognised if the carrying amount of an asset or cashgenerating unit exceeds its estimated recoverable
amount impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount in which such impairment
loss is recognised directly against any revaluation surplus for the asset to the extent that the impairment loss does not exceed the
amount in the revaluation surplus for that same asset impairment losses recognised in respect of cashgenerating units are
allocated first to reduce the carrying amount of any goodwill allocated to the cashgenerating unit group of cashgenerating
units and then to reduce the carrying amounts of the other assets in the cashgenerating unit group of cashgenerating units
on a pro rata basis
an impairment loss in respect of goodwill is not reversed in respect of other assets impairment losses recognised in prior periods
are assessed at the end of each reporting period for any indications that the loss has decreased or no longer exists an impairment
loss is reversed only if there has been a change in the estimates used to determine the recoverable amount since the last impairment
loss was recognised the reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount nor
exceed the carrying amount that would have been determined net of depreciation or amortisation had no impairment loss been
recognised for asset in prior years such reversal is recognised in the profit or loss unless the asset is carried at a revalued amount
in which case the reversal is treated as a revaluation increase
35 foreign currency translation
functional and presentation currency
items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic
environment in which the entities operate the functional currency the consolidated financial information is presented in malaysia
ringgits ‘rm’ which is rci’s functional and presentational currency
transactions and balances
foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 23 rapidcloud international plc  l  annual report 2014 24
3 significant accounting policies continued
35 foreign currency translation continued
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
36 financial instruments
financial assets
all financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under a
contract whose terms require delivery of the financial asset within the timeframe established by the market concerned and are
initially measured at fair value plus transaction costs except for those financial assets classified at fair value through profit or
loss which are initially measured at fair value
loans and receivables
trade receivables loans and other receivables that have fixed or determinable payments that are not quoted in an active market
are classified as ‘loans and receivables’ loans and receivables are measured at amortised cost using the effective interest rate
method less any impairment interest income is recognised by applying the effective interest rate method except for shortterm
receivables where the recognition of interest would be immaterial
impairment of assets
for certain categories of financial assets such as trade receivables a provision for impairment of receivables is established when
there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the
receivables the amount of the provision is the difference between the assets’ carrying amount and the recoverable amount
provisions for impairment of receivables are included in the statement of comprehensive income
financial liabilities and equity
debt and equity instruments are classified as either financial liabilities or equity in accordance with the substance of the contractual
agreement
equity instruments
an equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all its liabilities
equity instruments issued by the group are recognised at the proceeds received net of direct issue costs
other financial liabilities
other financial liabilities including borrowings are initially measured at fair value net of transaction costs
other financial liabilities are subsequently measured at amortised cost using the effective interest rate method with interest
expense recognised on an effective basis
the effective interest rate method is a method of calculating the amortised costs of a financial liability and of allocating interest
expense over the relevant period the effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability or where appropriate a shorter period to the net carrying amount on initial
recognition
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 24 rapidcloud international plc  l  annual report 2014 25
3 significant accounting policies continued
37 property plant and equipment
property plant and equipment are stated at cost less accumulated depreciation and impairment losses depreciation is provided
to write off the cost less the estimated residual value of each asset on a straight line basis over their expected useful lives as
follows
fixtures and equipment 5 years
office equipment 5 – 10 years
computer equipment 3 years
motor vehicles 5 years
renovation 10 years
signboard 10 years
sun microsystems 5 years
the carrying values of property plant and equipment are reviewed at each statement of financial position date to determine
whether there are any indications of impairment if any such indication exists the assets are tested for impairment to estimate
the assets’ recoverable amounts any impairment losses are recognised in the statement of comprehensive income
the assets’ residual values and useful lives are reviewed and adjusted if appropriate at each statement of financial position date
gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the
statement of comprehensive income
38 software development expenditure
software research costs are charged as an expense in the period in which they are incurred software development costs are
charged as an expense in the period incurred unless rci believes
• an asset is create that can be identified a new software product
• it is probable that the asset created will generate future economic benefits and
• the development cost of the asset can be reliably measured
the capitalised software development costs of the group are amortised on a straight line basis over the estimated useful lives of
the assets which is currently assessed to be 5 years
impairment of assets
the group assesses at each reporting date whether there is an indication that an asset may be impaired if any such indication
exists or when annual impairment testing for an asset is required the group makes an estimate of the asset’s recoverable amount
an asset’s recoverable amount is the higher of an asset’s or cashgenerating unit’s fair value less costs to sell and its value in use
and is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those
from other assets or groups of assets where the carrying amount of an asset exceeds its recoverable amount the asset is considered
impaired and is written down to its recoverable amount in assessing value in use the estimated future cash flows are discounted
to their present value of money and the risks specific to the asset
impairment losses of continuing operations are recognised in the statement of comprehensive income in those expense categories
consistent with the function of the impaired asset
39 cash and cash equivalents
cash and cash equivalents are carried in the statement of financial position at cost and comprise cash in hand cash at bank deposits
held at call with banks other shortterm highly liquid investments with original maturities of three months or less bank overdrafts
that are repayable on demand are included within borrowings in current liabilities on the statement of financial position for the
purposes of the cash flow statement cash and cash equivalents also include bank overdrafts if they form an integral part of the
group’s cash management
310 leases
leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases payments under operating leases net of any incentives received from the lessor are charged to the statement of
comprehensive income on a straight line basis over the period of the lease
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 25 rapidcloud international plc  l  annual report 2014 26
3 significant accounting policies continued
311 revenue
revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be
reliably measured revenue is recognised when the services are supplied and is measured at the fair value of consideration received
or receivable net of sales tax returns rebates or discounts and after eliminating sales with the group the group recognises
revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the group
and specific delivery criteria have been met
deferred revenue is recognised to the extent that services have been invoiced but have not yet been delivered and accordingly
are recognised as a liability within accruals and deferred income in the statement of financial position
312 financial income and expenses
financial income comprises interest receivable on cash balances and deposits interest income is recognised when the right to
receive payments is established
financial expenses comprise interest payable on bank loans hire purchase liabilities’ charges and other financial costs and charges
interest payable is recognised on an accrual basis
313 employee benefits
short term employee benefits
wages salaries paid annual leave paid sick leave bonuses and nonmonetary benefits are recognised as an expense in the period
in which the associated services are rendered by employees
postemployment benefits
the group pays monthly contributions to defined contribution plans the legal or constructive obligation of the group is limited
to the amount that they agree to contribute to the plan the contributions to the plan are charged to the statement of
comprehensive income in the period to which they relate
314 current and deferred income tax
the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of
financial position date deferred income 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 consolidated financial statements 
deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the statement of
financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income
tax liability is settled deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised
4 significant accounting judgements and estimates
the preparation of financial information in conformity with ifrss requires management to make judgement estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities income and
expenses judgements and estimates are continually evaluated and are based on historical experience and other factors including
expectations of future events that are believed to be reasonable under the circumstances the resulting accounting estimates may
differ from the related actual results the estimates and assumptions that have a risk of causing material adjustment to the carrying
amounts of assets and liabilities within the future financial years are as follows
depreciation useful lives and residual values of property plant and equipment
the directors estimate the useful lives and residual values of property plant and equipment in order to calculate the depreciation
charges changes in these estimates could result in changes being required to the annual depreciation charges in the statement
of comprehensive income and the carrying values of the property plant and equipment in the statement of financial position
amortisation useful lives and residual values of software development assets
the directors estimate the useful lives and residual values of software development assets in order to calculate the amortisation
charges changes in these estimates could result in changes being required to the annual amortisation charges in the statement
of comprehensive income and the carrying values of the software development assets in the statements of financial position
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 26 rapidcloud international plc  l  annual report 2014 27
4 significant accounting judgements and estimates continued
deferred tax liability
the group estimates future profitability in arriving at the fair value of the deferred tax assets and liabilities if the final tax outcome
is different to the estimated deferred tax amount the resulting changes will be reflected in the statement of comprehensive
income unless the tax relates to an item charged to equity in which case the changes in tax estimates will also be reflected in
equity
judgements
in the process of applying the group’s accounting policies management has made the following significant judgements apart
from those involving estimations which may have a significant effect on amounts recognised in the financial statements
• impairment of assets including receivables goodwill software development expenditure and property plant and
equipment
• timing of recognition of revenue on project contracts
5 revenue
revenue represents the invoiced value of goods sold and services rendered net of discounts and returns revenue is derived from
the group’s principal activity of the provision of computer products and services using cloud computing technology along with
the development of software to support the services
6 operating segments
an operating segment is a component of the group that engages in business activities from which it may earn revenues and incur
expenses ifrs 8 ‘operating segments’ requires disclosure of the operating segments that are reported to the chief operating
decision maker ‘codm’ the codm at the end of the financial year under review has been identified as the board of directors
who have responsibility for planning and controlling the activities of the group the group’s reportable segment has been
identified as the provision of cloud computing services across the group there is considered to be a commonality in the nature
of services the type of customer the methods used to provide services and the regulatory environment
all operations of the group are carried out in southeast asia all revenues therefore arise within southeast asia no single external
customer amounts to 10 per cent or more of the group’s revenue
as the group only has one reportable segment no further segmental information is disclosed
7 profit for the year
profit for the year has been arrived at after chargingcrediting
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
staff costs note 9 5594 2293
depreciation note 12 683 271
amortisation of software development assets note 13 931 703
operating lease rentals – premises 513 142
impairment of trade receivables note 17 62 130
bad debts writtenoff 130 
lossgain on foreign exchange 38 187
––––––––––––––––––––––––––––––––––––––
other income mainly consists of a waiver of rm862000 of amounts due to a director of one of the company’s subsidiary
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 27 rapidcloud international plc  l  annual report 2014 28
8 auditors’ remuneration
during the year the group obtained the following services from its auditors
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
fees payable to the group’s auditor and its member firms for
– statutory audit in respect of the company and group 108 95
– statutory audit in respect of the company’s subsidiaries 52 30
––––––––––––––––––––––––––––––––––––––
160 125
––––––––––––––––––––––––––––––––––––––
9 staff costs
the average monthly number of persons employed including rci executive directors by the rci group analysed by category
was as follows
2014 2013
number number
––––––––––––––––––––––––––––––––––––––
management 19 12
staff 137 57
––––––––––––––––––––––––––––––––––––––
156 69
––––––––––––––––––––––––––––––––––––––
their aggregate remuneration comprised
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
salaries wages bonuses and allowances 6355 3026
defined contribution pension costs 443 336
less capitalised in software development assets note 13 1204 1069
––––––––––––––––––––––––––––––––––––––
5594 2293
––––––––––––––––––––––––––––––––––––––
included in staff costs above is the group’s executive directors’ remuneration as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
salaries wages bonuses and allowances 493 300
defined contribution pension costs 58 35
––––––––––––––––––––––––––––––––––––––
551 335
––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 28 rapidcloud international plc  l  annual report 2014 29
9 staff costs continued
directors’ remuneration are included in the following
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
staff costs 551 335
capitalised under software development costs note 13 270 170
directors’ fees paid via service agreements 212 82
––––––––––––––––––––––––––––––––––––––
1033 587
––––––––––––––––––––––––––––––––––––––
10 income tax expense
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
corporation tax
current year tax expense 15 595
adjustments in respect of prior years 22 20
––––––––––––––––––––––––––––––––––––––
37 575
––––––––––––––––––––––––––––––––––––––
deferred tax expense
current year 13 59
––––––––––––––––––––––––––––––––––––––
50 634
––––––––––––––––––––––––––––––––––––––
the group’s effective tax rate differs from the standard rate of corporation tax of 25 in 2014 2013 25 due to the following
differences
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
profit before tax 3238 3162
––––––––––––––––––––––––––––––––––––––
current taxation at standard tax rate of 25 810 791
impact on taxation of
effect on different tax rate in other jurisdictions 48 
income not subject to income tax due to pioneer status 940 557
income not chargeable for tax purposes 147 
expenses not deductible for tax purpose 389 709
depreciation over capital allowances 2 302
prior year adjustments 22 20
other adjustments 38 13
––––––––––––––––––––––––––––––––––––––
total tax expense 50 634
––––––––––––––––––––––––––––––––––––––
average effective tax rate 15 201
––––––––––––––––––––––––––––––––––––––
the government of malaysia awarded multimedia super corridor “msc” status to emerge systems m sdn bhd on 28 june
2013 emerge systems m sdn bhd has been granted pioneer status by the ministry of international trade and industry for services
under the promotion of investment act 1986 in which the statutory income are exempted from tax for a period of five 5 years
since 28 june 2013
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 29 rapidcloud international plc  l  annual report 2014 30
11 earnings per share
the calculation of the basic and diluted earnings per share is based on the following
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
profit for the financial period after tax and basic earnings attributable 
to ordinary shareholders 3671 2528
––––––––––––––––––––––––––––––––––––––
number number
––––––––––––––––––––––––––––––––––––––
weighted average numbers of ordinary shares 17831934 17368971
––––––––––––––––––––––––––––––––––––––
sen sen
––––––––––––––––––––––––––––––––––––––
earnings per share
basic 2059 1455
––––––––––––––––––––––––––––––––––––––
if the basic earnings per share is diluted by the 650000 deferred contingent shares to be issued as part of the acquisition of
rapidcloud singapore pte ltd the dilutive earnings per share would be 1986 sen
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 30 rapidcloud international plc  l  annual report 2014 31
12 property plant and equipment
furniture office motor microsystems
and fittings equipment computers vehicles renovation signboard equipment total
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
year ended 31 december 2014
cost
at 1 january 2014 731 395 1440 850 1395 32 465 5308
acquisition of subsidiaries 43 60 34  624   761
additions 288 319 1045  408   2060
disposals 60 38  193 291 
impairedwritten off   3 3
exchange difference 1 4   36   41
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2014 1003 740 2516 657 2463 32 465 7876
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
charge for the year
at 1 january 2014 85 57 1234 218 48 21 465 2129
acquisition of subsidiaries 29 27 26  36   118
charge for the year 80 55 206 154 184 4  683
disposals 60 37  176 273
impairedwritten off   1 1
exchange difference  2   4 6
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2014 134 104 1465 196 272 25 465 2661
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
net book value
at 31 december 2014 869 636 1051 461 2191 7  5215
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
included within property plant and equipment are motor vehicles acquired under hire purchase agreements with carrying values
of rm461000 2013 rm632000
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 31 rapidcloud international plc  l  annual report 2014 32
12 property plant and equipment continued
sun
furniture office motor microsystems
and fittings equipment computers vehicles renovation signboard equipment total
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
year ended 31 december 2013
cost
at 1 january 2013 68 73 1365 528 28 26 465 2553
additions 666 341 178 822 1367 6  3380
disposals 3 14 103 500 620
impaired  5 5
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2013 731 395 1440 850 1395 32 465 5308
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
charge for the year
at 1 january 2013 65 65 1265 216 20 18 465 2114
charge for the year 23 10 71 135 29 3  271
disposals 3 13 102 133 251
impaired  5 5
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2013 85 57 1234 218 49 21 465 2129
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
net book value
at 31 december 2013 646 338 206 632 1346 11  3179
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 32 rapidcloud international plc  l  annual report 2014 33
13 software development assets
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
cost
at the beginning of the year 4095 3026
additions 1204 1069
––––––––––––––––––––––––––––––––––––––
at the end of the year 5299 4095
––––––––––––––––––––––––––––––––––––––
accumulated amortisation
at the beginning of the year 1877 1174
charge for the financial year 931 703
––––––––––––––––––––––––––––––––––––––
at the end of the year 2808 1877
––––––––––––––––––––––––––––––––––––––
carrying amount
at the end of the year 2491 2218
––––––––––––––––––––––––––––––––––––––
included in additions to software development cost during the financial year is as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
directors’ remunerations note 9 270 170
employee benefits expenses note 9 934 899
––––––––––––––––––––––––––––––––––––––
1204 1069
––––––––––––––––––––––––––––––––––––––
software development assets comprise capitalised development work on software products these costs are internally generated
wages and salaries costs arising from the group’s software developers and are recognised only if all the following conditions
are met
• an asset is created that can be identified
• it is probable that the asset created will generate future economic benefit and
• the development cost of the asset can be measured reliably
once development has been completed the software development intangible assets are amortised on a straightline basis over
their useful lives which is assessed annually and is currently considered to be 5 years
the group assesses at each reporting date whether there is an asset may be impaired if any such indication exists or when annual
impairment testing for an asset is required the group makes an estimate of the asset’s recoverable amount an asset’s recoverable
amount is the higher of an asset’s or cashgenerating unit’s fair value less costs to sell and its value in use and is determined for an
individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets where the carrying amount of an asset exceeds its recoverable amount the asset is considered impaired and is written
down to its recoverable amount
there have been no impairments in the periods under review
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 33 rapidcloud international plc  l  annual report 2014 34
14 subsidiaries
a group entities
details of rci’s subsidiary companies are as follows
subsidiary companies place of equity interests
incorporation 2014 2013 principal activities
 
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
rapidcloud asia sdn bhd malaysia 100 100 holding company for malaysia thailand 
philippines subsidiaries
emerge systems m sdn bhd malaysia 100 100 computer network and web solutions
emerge software solutions 
m sdn bhd malaysia 100 100 software development
pt rapidcloud indonesia indonesia 100  computer programming
rapidcloud singapore pte ltd
formerly known as exxelnet
solutions pte ltd singapore 100  internet advertising services and to provide an
internet related services and business such as
ecommerce website designing and any other
computer related services
emerge systems thailand ltd thailand 49  operation of website management of service
server and electronic business solutions
sharksurf philippines incorporated philippines 40  provision of various internet ecommerce and
mcommerce services
there are no significant restrictions on the ability of the subsidiaries to transfer fund to the group in the form of cash dividends
or repayment of loans and advances
b acquisition of subsidiaries
i emerge systems thailand ltd and sharksurf philippines incorporated
although the group owns less than half of the ownership interest in emerge systems thailand ltd ‘est’ and sharksurf philippines
incorporated ‘spi’ and less than half of their voting powers the directors have determined that the group controls these two
entities on 1 january 2014 the group obtained control of est and spi by virtue of written undertakings with other shareholders
of est and spi and the group now has full and absolute control of the management and business operations of est and spi est
and spi have therefore been included in these 2014 financial statements as subsidiaries in the 2013 financial statements they were
treated as associated companies note 15
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 34 rapidcloud international plc  l  annual report 2014 35
14 subsidiaries continued
fair value of identifiable assets and liabilities at 1 january 2014 of est and spi
rm’000
––––––––––––––
property plant and equipment 636
intangible assets 1
trade and other receivables 532
cash and bank balances 72
trade and other payables 32
amount due to immediate holding company 205
amount due to related companies 1304
tax payable 2
––––––––––––––
total identifiable assets and liabilities – net liabilities 302
––––––––––––––
goodwill was recognised as a result of the associates becoming subsidiaries on 1 january 2014 as follows
rm’000
––––––––––––––
carrying value of associate companies at 1 january 2014 note 15 1071
noncontrolling interest based on their proportionate interest in the recognised amounts of assets and 
liabilities of the acquiree 159
fair value of identifiable assets and liabilities at 1 january 2014 302
––––––––––––––
goodwill arising on est and spi becoming subsidiaries 1214
––––––––––––––
the acquired est and spi subsidiaries contributed rm510000 in revenue and operating losses of rm831000 for the year ended
31 december 2014
ii pt rapidcloud indonesia
on 15 january 2014 the group incorporated a new subsidiary pt rapidcloud indonesia with share capital of rm994156
idr3657300000 this entity is 100 owned by the group
iii rapidcloud singapore pte ltd
on 23 july 2014 the group acquired exxelnet solutions pte ltd on 30 october 2014 exxelnet solutions pte ltd was renamed to
rapidcloud singapore pte ltd ‘rcsg’
fair value of identifiable assets acquired and liabilities acquired
rm’000
––––––––––––––
property plant and equipment 8
trade and other receivables 1414
cash and bank balances 17
trade and other payables 1179
tax payable 1
convertible loan 256
––––––––––––––
total identifiable assets and liabilities acquired – net liabilities 31
––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 35 rapidcloud international plc  l  annual report 2014 36
14 subsidiaries continued
goodwill arising from business combination
goodwill was recognised as a result of the rcsg acquisition as follows
rm’000
––––––––––––––
fair value of consideration at acquisition 2520
fair value of deferred contingent consideration 2074
fair value of identifiable assets acquired and liabilities acquired 31
––––––––––––––
goodwill arising on acquisition 4625
––––––––––––––
rcsg was acquired at a cash consideration of rm2520000 payable to the sellers and with deferred consideration contingent on
future profitability over 36 months following the acquisition date to be settled by up to 650000 new shares of rci which are
estimated at rm2074000
the goodwill recognised above comprises expected synergies revenue growth and future product and market developments
these benefits are not recognised separately from goodwill because they do not meet the criteria for separately identifiable
intangible assets
the acquired rcsg subsidiary contributed rm3679000 in revenue and operating profits of rm828000 from the date of acquisition
to 31 december 2014 if the acquisition of rcsg had been completed on the first day of the financial year the rcsg revenue would
have contributed rm6057000 to group revenues and rcsg operating profit would have been rm171000
15 associates
investment in associates at 31 december were
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
outside malaysia
at cost
unquoted shares  987
shares of postacquisition reserve  84
––––––––––––––––––––––––––––––––––––––
 1071
––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 36 rapidcloud international plc  l  annual report 2014 37
15 associates continued
details of the group’s associate companies are as follows
country of equity interests
associate companies incorporation 2014 2013
  principal activities
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
emerge systems thailand ltd thailand  49 operation of website management of service
server and electronic business solutions
sharksurf philippines incorporated philippines  40 provision of various internet ecommerce and
mcommerce services
on 1 january 2014 the above investments in associates were classified as investments in subsidiaries as explained in note 14b
above
16 intangible assets and goodwill
goodwill website cost total
rm’000 rm’000 rm’000
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
cost
at 1 january 2014   
arising from associates becoming subsidiaries 1214  1214
acquisition of subsidiary 4625 10 4635
exchange difference  1 1
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2014 5839 11 5850
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
accumulated amortisation
at 1 january 2014   
acquisition of subsidiaries  9 9
amortisation during the year  1 1
exchange difference  1 1
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2014  11 11
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
carrying amount
at 31 december 2014 5839  5839
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
at 31 december 2013   
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
goodwill acquired in a business combination is allocated for impairment testing to the cashgenerating units cgus that are
expected to benefit from that business combination as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
thailand division 1006 
philippines division 208 
singapore division 4625 
––––––––––––––––––––––––––––––––––––––
5839 
––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 37 rapidcloud international plc  l  annual report 2014 38
16 intangible assets and goodwill continued
impairment testing of goodwill
rci tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired the
recoverable amounts of the cgu’s are determined from valueinuse calculations the key assumptions for the valueinuse
calculations are those regarding the discount rates growth rates and expected changes to forecast profitability these assumptions
have been revised in the year to take account of the current economic environment management estimates discount rates using
pretax rates that reflect the current market assessments of the time value of money and the risks specific to each cgu future
cash flows are derived from the most recent financial budget approved by management for the next five years beyond that period
cash flows are extrapolated using a growth rate of 3 the rate used to discount forecast future cash flows is 10 which represents
the pretax weighted average cost of capital
in 2014 no impairment charge has been made against goodwill for any cgu 2013 rmnil as the impairment tests resulted in
headroom for each cgu rci has conducted a sensitivity analysis on the impairment test of each cgu’s carrying value and sensitizing
the discount rate and reducing the long term growth rate to 0 does not create an impairment charge in any cgu
17 trade and other receivables
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
trade receivables 10293 6531
less impairment provision 601 424
––––––––––––––––––––––––––––––––––––––
net trade receivables 9692 6107
other receivables 262 216
prepayments 1237 185
––––––––––––––––––––––––––––––––––––––
11191 6508
––––––––––––––––––––––––––––––––––––––
the group’s normal trade credit term range from 30 to 60 days other credit term are assessed and approved on casebycase basis
the group has no significant concentration of credit risk that may arise from exposure to a single debtor exposure to credit and
currency risks related to trade and other receivables is disclosed in note 24 the directors consider that the carrying amount of
trade and other receivables approximates to their fair values all of the group’s trade receivables have been reviewed for indicators
of impairment 
certain trade receivables were found to be impaired and a provision of rm601000 2013 rm424000 has been included at the
year end the movement of those provisions are as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
at 1 january 424 294
acquisition of subsidiary companies 115  
impairment losses recognised 62 130
––––––––––––––––––––––––––––––––––––––
at 31 december 601 424
––––––––––––––––––––––––––––––––––––––
trade receivables above include amounts that are past due at the yearend but against which no allowance for doubtful receivables
has been made because management have agreed payment plans with all of the aged debtors and the amounts are still considered
recoverable in the longterm
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 38 rapidcloud international plc  l  annual report 2014 39
17 trade and other receivables continued
analysis of the trade receivables ageing is as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
neither past due nor impaired 2523 3870
past due not impaired
less than 30 days past due 1927 207
31 to 60 days past due 1587 105
61 to 90 days past due 1575 75
more than 90 days past due 2080 1850
––––––––––––––––––––––––––––––––––––––
balance at end of year 9692 6107
––––––––––––––––––––––––––––––––––––––
18 cash and cash equivalents
cash and cash equivalents in the statement of financial position comprise the following
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
cash at bank 3931 4705
cash held in fixed deposit  1533
––––––––––––––––––––––––––––––––––––––
3931 6238
––––––––––––––––––––––––––––––––––––––
the group’s exposure to interest rate risk for financial assets and liabilities is disclosed in note 24 
the interest rate of deposits during the financial year is 290 2013 295 per annum and the maturities of deposits are 30 days
2013 30 days
19 trade and other payables
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
trade payables 910 68
other payables 410 210
accruals and deferred income 1073 591
––––––––––––––––––––––––––––––––––––––
2393 869
––––––––––––––––––––––––––––––––––––––
the normal trade credit terms granted to the group range from 30 to 60 days exposure to liquidity and currency risks related to
trade and other payables is disclosed in note 24 the directors consider that the carrying amount of trade and other payables
approximates to their fair values
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 39 rapidcloud international plc  l  annual report 2014 40
20 hire purchase liabilities
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
current liabilities
hire purchase liability 62 79
––––––––––––––––––––––––––––––––––––––
noncurrent liabilities
hire purchase liability 457 612
––––––––––––––––––––––––––––––––––––––
total hire purchase liabilities 519 691
––––––––––––––––––––––––––––––––––––––
the financial commitments arising from the hire purchase agreements are disclose in note 23
21 deferred tax liabilities
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
deferred tax liabilities
at 1 january 73 14
charge in statement of comprehensive income 13 59
––––––––––––––––––––––––––––––––––––––
at 31 december 86 73
––––––––––––––––––––––––––––––––––––––
the net deferred taxation liability arises as a result of
accelerated capital allowances 13 59
––––––––––––––––––––––––––––––––––––––
13 59
––––––––––––––––––––––––––––––––––––––
22 share capital
authorised at 31 december 2014
an unlimited number of ordinary shares of no par value each
number
––––––––––––––
at 1 january 2014 17368971
new shares issued 1111112
––––––––––––––
at 31 december 2014 18480083
––––––––––––––
on 23 july 2014 the group completed the acquisition of exxelnet solutions pte ltd for a total consideration of rm459 million
of which rm252 million was paid in cash and up to rm207 million is to be settled by issuing up to 650000 new rci ordinary
shares in order to fund the cash required to complete the acquisition the group carried out a placing and subscription of 1111112
ordinary shares of nil par value at 54p per placing share raising £600000 rm3234504 share issue expenses were rm268939
resulting in net cash proceeds of rm2965565
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 40 rapidcloud international plc  l  annual report 2014 41
23 commitments
a capital commitments
there were no capital commitments contracted for at 31 december 2014 but not yet incurred 2013 nil
b operating lease commitments
the group leases various assets under noncancellable operating lease agreements these leases have varying terms conditions
and renewal rights the lease expenditure charge to the statement of comprehensive incomes is shown in note 7 the future
aggregate minimum lease payments under these agreements are as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
less than one year 472 228
between one and five years 746 307
––––––––––––––––––––––––––––––––––––––
future minimum lease payments 1218 535
––––––––––––––––––––––––––––––––––––––
c hire purchase commitments
the group leases various assets under noncancellable hire purchase agreements these lease have varying terms conditions and
renewal rights the future aggregate minimum lease payments under these agreements are as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
less than one year 84 111
between one and five years 337 445
more than five years 185 266
––––––––––––––––––––––––––––––––––––––
606 822
less future finance charges 87 131
––––––––––––––––––––––––––––––––––––––
present value of hire purchase liabilities 519 691
––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 41 rapidcloud international plc  l  annual report 2014 42
24 financial instruments
loan and financial liabilities
receivables at amortised cost total
rm’000 rm’000 rm’000
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
classification of financial instruments
year ended 31 december 2014
financial assets
trade receivables 9692  9692
other receivables 1499  1499
amount owing by associate companies   
fixed deposit with a licensed bank   
cash and bank balances 3931  3931
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total financial assets 15122  15122
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
financial liabilities
trade payables  910 910
other payables  1483 1483
share capital payables  2645 2645
hire purchase payables  519 519
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total financial liabilities  5557 5557
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
loan and financial liabilities
receivables at amortised cost total
rm’000 rm’000 rm’000
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
classification of financial instruments
year ended 31 december 2013
financial assets
trade receivables 6107  6107
other receivables 401  401
amount owing by associate companies 1583  1583
fixed deposit with a licensed bank 1533  1533
cash and bank balances 4705  4705
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total financial assets 14329  14329
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
financial liabilities
trade payables  68 68
other payables  801 801
hire purchase payables  691 691
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
total financial liabilities  1560 1560
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 42 rapidcloud international plc  l  annual report 2014 43
24 financial instruments continued
financial risk management objectives and policies
the group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development
of the group’s business whilst managing its risks the group does not engage in speculative transactions or hedging transactions
the group’s principal financial instruments consist of cash and cash equivalents the main purpose of these financial instruments
is to finance the group’s operations the group has other financial instruments such as receivables and payables that arise directly
from its operations
the directors have overall responsibility for the establishment and oversight of the group’s risk management and they recognise
that financial risk management is an area in which they may need to develop specific policies should the group become exposed
to further financial risks as the business develops
the main risks arising from the group’s financial instruments are credit risk liquidity risk market price risk foreign currency risk
and interest rate risk this note presents information about the group’s exposure to each of these risks the board reviews and
agrees policies for managing each of these risks as and when they arise further quantitative disclosures are included throughout
the financial information
credit risk
credit risk arises mainly from the inability of customers to make payments when due the group has adopted a policy of only
dealing with counterparties that the directors consider to be credit worthy receivables are monitored on an ongoing basis via
group’s management reporting procedures and action will be taken for long outstanding debts deemed irrecoverable
the carrying amounts of the financial assets recorded on the statement of financial position at the end of the reporting period
represents the group’s maximum exposure to credit risk in relation to financial assets cash at banks are placed with financial
institutions that the directors consider to be credit worthy
the group’s credit risk exposure relates to the group’s debts and is discussed in greater detail in note 17
liquidity risk
liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due as part of its overall
prudent liquidity risk management the group actively manages its cash flows and ensures that sufficient funding is in place to
meet the obligations as and when they fall due
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 43 rapidcloud international plc  l  annual report 2014 44
24 financial instruments continued
the following table analyses the remaining contractual maturity for financial liabilities the tables been drawn up based on the
undiscounted cash flows of financial liabilities based on the earliest date on which the group can be required to pay
on demand
or within 1 to 2 2 to 3 3 to 4 4 to 5 after 5
1 year years years years years years total
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2014
trade payables 910 910
other payables 1483 1483
hire purchase payables 84 84 84 84 85 185 606
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2477 84 84 84 85 185 2999
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
on demand
or within 1 to 2 2 to 3 3 to 4 4 to 5 after 5
1 year years years years years years total
rm’000 rm’000 rm’000 rm’000 rm’000 rm’000 rm’000
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2013
trade payables 68 68
other payables 801 801
hire purchase payables 111 111 111 111 112 266 822
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
980 111 111 111 112 266 1691
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
interest rate risk
the carrying amounts of the group financial instruments that are exposed to interest rate risk are as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
fixed deposit with licensed banks  1533
––––––––––––––––––––––––––––––––––––––
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 singapore dollar foreign currency risk is monitored closely on an ongoing basis
to ensure that the net exposure is at an acceptable level
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 44 rapidcloud international plc  l  annual report 2014 45
24 financial instruments continued
the carrying amounts of the group’s foreign denominated financial assets are as follows
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
trade receivables 22
others receivables 85 
cash and bank balances 156 85
––––––––––––––––––––––––––––––––––––––
243 87
––––––––––––––––––––––––––––––––––––––
a 10 strengthening of ringgit malaysia against assets held in foreign currencies at the end of the reporting period would have
an insignificant impact on the profit before taxation and other comprehensive income
market price risk
market price risk is the risk that changes in market prices will affect the group’s income the objective of market price risk
management is to manage and control market risk exposures within acceptable parameters while optimising the return on risk
fair values
generally the carrying amounts of all financial assets and liabilities of the group as disclosed in the notes to the financial
information are approximate to their faire values
capital risk management
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 benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost
of capital with an appropriate level of leverage for the size of the business so as to maintain investor creditor and market
confidence and to sustain future development of the business in order to maintain or adjust the capital structure the group may
return capital to shareholders issue new shares or sell assets to reduce debts there have been no changes to the group’s approach
to capital management during the year ended 31 december 2014
the company and group are not subject to any externally imposed capital requirements
25 contingent liabilities
the group had no contingent liabilities at 31 december 2014
26 subsequent events
there were no material events that occurred subsequent to the end of the reporting date to the date of approval of these financial
statements
27 related party transactions
key management personnel of the group are defined as those persons having authority and responsibility for the planning
directing and controlling the activities of the group directly or indirectly key management personnel compensation comprised
2014 2013
rm’000 rm’000
––––––––––––––––––––––––––––––––––––––
shortterm employee benefits 1975 1012
other longterm benefits 189 118
––––––––––––––––––––––––––––––––––––––
2164 1130
––––––––––––––––––––––––––––––––––––––
28 ultimate controlling party
the directors consider the controlling party to be chee han wen as he holds or is beneficially interested in 36 of the total
ordinary shares issued of 18480083
notes to the consolidated
for the year ended
of financial statements continued
31 december 2014
236655 rapid cloud pp22pp44  03062015  1159  page 45 perivan financial print  236655
236655 rapid cloud pp22pp44  03062015  1159  page 46 


Summary:
 chairman’s
statement
i am particularly
pleased with the
company’s performance
in its second year trading as a
publicly listed entity both the
financial results are strong
and the continued investment
in the staff technology and
products provides confidence
for the coming year
“
”
rapidcloud international plc  l  annual report 2014 2
i am particularly pleased with the company’s performance in its
second year trading as a publicly listed entity both the financial
results are strong and the continued investment in the staff
technology and products provides confidence for the coming
year
financial review
during the year the total number of customers increased 11
to 42000 whilst increasing our average revenue per customer
in terms of financial performance the results for the financial
year showed continued growth with revenues increasing 57
to rm 1782 million 2013 rm 1134 million gross profit was
also up 14 to rm 967 million 2013 rm 846 million with
gross margins decreasing to 54 2013 75 profit for the
financial period after tax and basic earnings attributable to
ordinary shareholders increased by 45 to rm 367 million
approximately £066 million 2013 rm 253 million
successful fund raising and acquisition
we were delighted that new and existing shareholders
supported us in raising new funds of rm 324 million post our
admission to aim 
we completed the acquisition of exxelnet during the year for a
total consideration of rm 459 million of which half was paid
as an initial consideration in cash and the remainder being
contingent on future profits and to be settled by the issue of
new ordinary shares in rapidcloud we acquired the business
with a solid customer base and remain confident that the
combined group will benefit greatly from crossselling and
upselling opportunities
the acquisition provided us with a profitable business in
singapore which is the worlds fourth largest financial centre
and has recently become the preferred location for many
multinational companies to position their global headquarters
the acquisition also delivered a highly skilled workforce which
we knew would integrate well with the existing business and
offer us increased scale and reach to deliver further growth
awarded emerging business excellence award
the company was delighted to receive a business excellence
award at the annual sin chew business excellence awards
“scbea” 2014 sponsored exclusively by cimb bank 
launched in 2013 the scbea aims to set the benchmark for
corporate excellence in malaysia every year scbea honours
businesses for their efforts in exemplifying strategic
management approaches
the award serves as one of the highest accolades for the
enterprises which have achieved utmost excellence in all key
business management disciplines which form the strategic parts
of organisational growth and sustainability
this award is testament to rapidcloud’s ongoing progress and
development
investment in business
during the period we continued to invest in personnel product
and corporate development the acquisition delivered
incremental skillsets and we continued to develop products and
successfully launched a suite of new products these products
have already gained traction in their target markets and
provide significant confidence for the future
236655 rapid cloud pp01pp07  03062015  1157  page 2 rapidcloud international plc  l  annual report 2014 3
appointment of finance director
subsequent to the end of the financial year we announced the
appointment of cindy choo to the board of rapidcloud as
finance director cindys appointment became effective on
5 february 2015 cindy takes over from darren hopkins who as
interim fd assisted the company in its listing and reporting
processes from august 2013 cindys appointment is consistent
with rapidclouds stated intention to appoint a full time
finance director based in the kuala lumpur headquarters to
the board
dividend
the board intends to issue an interim dividend in 2015 further
announcements will be made in due course
david cotterell
chairman
2 june 2015
chairman’s
statement continued
236655 rapid cloud pp01pp07  03062015  1157  page 3