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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