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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
TechFinancials Inc | AQSE:TECH | Aquis Stock Exchange | Ordinary Share | VGG870911077 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.20 | 0.30 | 0.275 | 0.25 | 0.275 | 0.00 | 15:29:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTECH
RNS Number : 5592E
TechFinancials Inc.
30 June 2023
TechFinancials Inc.
("TechFinancials" or the "Company")
30 June 2023
Annual Report for the year ended 31 December 2022
Financial Highlights
-- No Revenues in 2022 as expected as the Company has moved to being an investment entity. -- Pre-tax loss attributable to shareholders of US$0.269 million (2021: loss of US$0.553 million) -- Cash position of US$0.55million as at 31 December 2022 (2021: US$0.92 million) -- Basic earnings per share ('EPS') (US$0.0032) (2021: (US$0.0064))
-- In 2021 and 2022, the Company acquired shares to take minority holdings in a number of companies listed on the Nasdaq, LSE and AIM (Note 9)
Operational Cost Reduction
-- The Company closed most of its subsidiaries in 2021 and finalized the strike-off of the remaining entities in Israel in 2022. The strike offs of both TechFinancials Israel 2014 Ltd and Softbox Technologies Ltd were concluded in March 2022.
Investment Activities
-- The Company used its cash to invest small amounts in several listed entities in 2022. This activity resulted in a loss of US$43 thousand .
-- At the year end all other group entities had been closed leaving only TechFinancials Inc, and as a result the cost of operating the Company is now minimal.
Chairman's Statement
2022 was a year in which the Company focused on looking for new ways to increase its value for shareholders.
The Board decided to invest some of its cash in listed companies. The Company continues to look for new ways to increase its value.
Dividend s
The Board will not be recommending a final dividend to the shareholders of the Company for the year ended 2022 (2021: $nil).
Outlook and current trading
After consolidating all of our assets, this year we focused on seeking new investment opportunities to increase the value of the Company.
The Group will continue to look for investment opportunities to maximize the Company's value, leveraging its available cash.
I would like to thank our shareholders for their continued support in what has been a year of consolidation.
We look forward to updating the market on our progress in due course.
Eitan Yanuv
Independent Non-Executive Chairman
29 June 2023
The directors of the Company accept responsibility for the contents of this announcement.
For further information:
TechFinancials, Inc. Tel: +972 54 5233 943 Asaf Lahav, Executive Director Eitan Yanuv, Non-Executive Chairman Peterhouse Capital Limited (Aquis Tel: +44 (0) 20 7469 Stock Exchange Advisor and Broker) 0930 Guy Miller and Eran Zucker
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2022
2022 2021 ----------------------------------------- --------------------------------------------- US$'000 US$'000 Expenses: Administrative ( 175 ) ( 233 ) (175) (233) Operating Loss (175) (233) Bank fees (7) (9) Foreign exchange income (loss) (44) (30) (Loss)/profit from traded securities (43) 86 ----------------------------------------- --------------------------------------------- Financing income (expenses) (94) 47 Other expenses Impairment loss on the financial asset held at FVTPL - (152) (Loss) before taxation (269) (338) Taxation - (4) ----------------------------------------- --------------------------------------------- (Loss) for the year from continuing operations (269) (342) (Loss) from discontinued operations - (181) Capital loss from sale of subsidiary - (30) (Loss) for the year from discontinued operations, net - (211) Other comprehensive - - income Total comprehensive Income (269) (553) ========================================= ============================================= (Loss) attribute able to: Owners of the Company (269) (553) (Loss) for the period 269) (553) 2022 2021 Cents USD Cents USD Basic (0.32) (0.64) ====================================== ====================================== Diluted N/A N/A ====================================== ====================================== From continuing operations - Basic and diluted (0.32) (0.40) ====================================== ====================================== From discontinued operations - Basic and diluted N/A (0.24) ====================================== ======================================
Consolidated Statement of Financial Position
As at 31 December 2022
31 December 31 December ------------- ------------- 2022 2021 ------------- ------------- US$'000 US$'000 Non-current assets Financial asset held at FVPL - - - - ------------- ------------- Current assets Trade receivables, net and other receivables 3 - Short-term investments 59 26 Cash 548 920 ------------- ------------- 610 946 ------------- ------------- Total Assets 610 946 Current liabilities Trade and other payables 23 89 23 89 ------------- ------------- Non-current liabilities Shareholders loan 83 84 Equity Share capital 61 61 Share premium account 12,022 12,022 Share-based payment reserve 798 798 Accumulated profits / (losses) (12,377) (12,108) ------------- ------------- Equity attributable to owners of the Company 504 773 Total Equity and Liabilities 610 946
The Financial Statements were approved by the Board of Directors and authorised for issue on ______, 2023 and are signed on its behalf by:
................................................
Director
Consolidated statements of changes in equity
For the year ended 31 December 2022
Share based Share Share payment Non -controlling capital Premium reserve interests Accumulated (Note (Note (Note, Revaluation profits/ (Notes 12) 12) 13) reserve (losses) Total 1 8) Total --------- --------- --------- ------------ ------------ -------- ----------------- -------- US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 --------- --------- --------- ------------ ------------ -------- ----------------- -------- Balance at 1 January 2021 61 12,022 798 - (11,555) 1,326 - 1,326 ====== ========== ======= ===== ============ ======= ==== ========= Total comprehensive income for the year - - - - (553) (553) (553) Balance at 31 December 2021 61 12,022 798 - (12,108) 773 - 773 ====== ========== ======= ===== ============ ======= ==== ========= Total comprehensive income for the year - - - - (269) (269) (269) Balance at 31 December 2022 61 12,022 798 - (12,377) 504 - 504 ====== ========== ======= ===== ============ ====== ==== =======
Consolidated statements of cash flows
For the year ended 31 December 2022
The consolidated statements of cash flows for the Group for the years ended 31 Years ended 31 December 2021 are set out below: December ------------------ 2022 2021 -------- -------- US$'000 US$'000 -------- -------- Cash Flows from operating activities (Loss) before tax period (269) (549) Adjustment for: Loss (profit) from traded securities 43 (86) Foreign exchange differences 44 82 Loss on disposal of subsidiary - 30 Impairment of investment - 152 Operating cash flows before movements in working capital: Decrease (increase) in trade and other receivables (3) 13 Decrease (Increase) in trade and other payables (64) 48 Income tax paid - (93) -------- -------- Net cash used for operating activities (249) (403) -------- -------- Cash flows from investing activities Net cash on disposal of a subsidiary - (75) Purchase of traded securities (76) (102) Sale of traded securities - 163 Net cash generated from (used in) investing activities (76) (14) -------- -------- Net (decrease) in cash and cash equivalents (325) (417) Cash and equivalents at beginning of period 920 1,419 Effect of changes in exchange rates in cash (47) (82) Cash and equivalents at end of period 548 920 ======== ========
The comparative cashflow has been restated to correct the allocation of cashflow movements.
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June 30, 2023 05:31 ET (09:31 GMT)
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