TIDMWJA
RNS Number : 5007E
Wameja Limited
28 February 2020
Appendix 4E
Wameja Limited
(formely eServGlobal Limited)
ABN 59 052 947 743
Preliminary Final Report
for the year ended 31 December 2019
1. Reporting Period
Current reporting period: Financial year ended 31 December 2019
(12 months)
Previous reporting period: Financial year ended 31 December 2018
(12 months)
2. Results for announcement to the market
Results A$ '000
Loss after tax Down 33 % to (13,185)
Loss after tax attributable to members Down 33 % to (13,185)
Dividends (distributions) Amount per security Franked amount
per security
Current period
Interim dividend Nil c 0%
Final dividend Nil c 0%
---------------------
Previous corresponding period
Interim dividend Nil c 0%
Final dividend Nil c 0%
--------------------- ---------------------
Record date for determining entitlements N/A
to the dividend.
Brief explanation of the figures above
The net result of the consolidated entity for the year to 31 December
2019 was a loss after tax and minority interest for the year of $13.2
million, which comprised a loss from continued operations amounting
to $10.6 million and a loss from discontinued operations amounting to
$2.6 million (2018 year: loss after tax and minority interest of $19.7
million). The discontinued operations represent the Group's core business,
eServGlobal SAS and its controlled entities which was disposed on 25
July 2019.
Total cash flow for the year was a net outflow of $16.5 million (2018
year: net inflow of $16.0 million). Cash at 31 December 2019 was $11.6
million.
Subsequent Events
There has not been any matter or circumstance that has arisen since
the end of the financial year that has significantly affected, or may
significantly affect, the operations of the Group, the results of those
operations, or the of the Group in future financial years.
3. Consolidated statement of profit or loss and other comprehensive income
Year Ended Year Ended
31 Dec 2019 31 Dec 2018
Note $`000 $`000
-------------------- -------------
Continuing operations
Interest income 70 -
Foreign exchange gain/(loss) 157
Administration expenses (2,784) (3,361)
Restructure and transaction related costs (1,412) -
Share of profit / (loss) of associate (6,596) (6,232)
-------------------- -------------
Loss before tax (10,565) (9,593)
Income tax expense - -
-------------------- -------------
Loss for the year from continuing operations (10,565) (9,593)
-------------------- -------------
Discontinued operations
Loss for the year from discontinued operations 7 (2,620) (10,154)
-------------------- -------------
Loss for the year (13,185) (19,747)
-------------------- -------------
Other comprehensive income (loss), net of tax
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on the translation of foreign operations
(nil tax impact) (139) 6,308
Items that have been reclassified to profit or loss:
Transfer from foreign exchange reserve on disposal of subsidiary (891) -
-------------------- -------------
Total comprehensive income/(loss) for the year (14,215) (13,439)
-------------------- -------------
Equity holders of the parent (13,185) (19,863)
Non-controlling interest - 116
-------------------- -------------
(13,185) (19,747)
-------------------- -------------
Total comprehensive loss attributable to:
Equity holders of the parent (14,215) (13,555)
Non-controlling interest - 116
-------------------- -------------
(14,215) (13,439)
-------------------- -------------
Loss per share:
From continuing and discontinued operations
Basic (cents per share) (1.09) (0.06)
Diluted (cents per share) (1.09) (0.06)
From continuing operations
Basic (cents per share) (0.87) (0.06)
Diluted (cents per share) (0.87) (0.06)
4. Consolidated statement of financial position
As at As at
Note 31 Dec 2019 31 Dec 2018
$`000 $`000
Current Assets
Cash and cash equivalents 11,636 27,451
Trade receivables and contract
assets - 4,159
Inventories - 28
Current tax assets - 37
Other current assets - 973
Other financial assets 9 4,239 -
---------------------- ------------------------
Total Current Assets 15,876 32,648
Non-Current Assets
Investment in associate 8 25,462 25,791
Property, plant and equipment - 257
Deferred tax assets - 673
Intangible assets - 3,294
----------------------
Total Non-Current Assets 25,462 30,015
Total Assets 41,337 62,663
---------------------- ------------------------
Current Liabilities
Trade and other payables 271 4,085
Current tax payables - 1,046
Provisions - 1,112
Contract liabilities - 595
---------------------- ------------------------
Total Current Liabilities 271 6,838
Non-Current Liabilities
Provisions - 717
---------------------- ------------------------
Total Non-Current Liabilities - 717
Total Liabilities 271 7,555
---------------------- ------------------------
Net Assets 41,067 55,108
---------------------- ------------------------
Equity
Issued capital 212,326 212,326
Reserves 4,922 5,653
Accumulated losses (176,181) (162,991)
---------------------- ------------------------
Equity attributable to owners of
the parent 41,067 54,988
Non-controlling interest - 120
---------------------- ------------------------
Total Equity 41,067 55,108
---------------------- ------------------------
5. Consolidated statement of changes in equity
Foreign
Currency Equity-settled Attributable Non
Issued Translation benefits Accumulated to owners controlling
Capital Reserve Reserve Losses of the parent Interest Total
$`000 $`000 $`000 $`000 $`000 $`000 $`000
--------- ------------- --------------- ------------ --------------- -------------- ---------
Balance at 1
January
2019 212,326 1,905 3,752 (162,995) 54,988 120 55,108
========= ============= =============== ============ =============== ============== =========
Loss for the
year - - - (13,185) (13,185) - (13,185)
Exchange
differences
arising on
translation
of foreign
operations - (139) - - (139) - (139)
Transfer from
foreign
exchange
reserve on
disposal
of subsidiary - (891) - - (891) - (891)
--------- ------------- --------------- ------------ --------------- -------------- ---------
Total
comprehensive
loss for the
year
(net of tax) - (1,030) - (13,185) (14,215) - (14,215)
Derecognition
of
Non-Controlling
Interest on
disposal - - - - - (120) (120)
Equity settled
payments - - 295 - 295 - -
Balance at 31
December 2019 212,326 875 4,047 (176,181) 41,067 - 41,067
Foreign
Currency Equity-settled Attributable Non
Issued Translation benefits Accumulated to owners controlling
Capital Reserve Reserve Losses of the parent Interest Total
$`000 $`000 $`000 $`000 $`000 $`000 $`000
--------- ------------- --------------- ------------ --------------- -------------- ---------
Balance at 1
January
2018 180,352 (4,403) 3,337 (143,128) 36,158 127 36,285
========= ============= =============== ============ =============== ============== =========
Loss for the
period - - - (19,863) (19,863) 116 (19,747)
Exchange
differences
arising on
translation
of foreign
operations - 6,308 - - 6,308 - 6,308
--------- ------------- --------------- ------------ --------------- -------------- ---------
Total
comprehensive
income/(loss)
for the period - 6,308 - (19,867) (13,355) 116 (13,439)
Issue of new
shares,
net of share
issue
costs 31,974 - - - 31,974 - 31,974
Payment of
dividends - - - - - (123) (123)
Equity settled
payments - - 415 - 411 - 411
Balance at 31
December 2018 212,326 1,905 3,752 (162,995) 54,988 120 55,108
6. Consolidated statement of cash flows
Year ended Year ended
31 Dec 2019 31 Dec 2018
$`000 $`000
------------- -------------
Cash Flows from Operating Activities
Cash receipts from customers 7,198 13,046
Cash payments to suppliers and employees (11,659) (23,567)
Refund of research & development tax credits - 764
Interest and other costs of finance paid - (277)
Income tax (paid) / refund (1,316) 96
------------- -------------
Net cash used in operating activities (5,777) (9,938)
------------- -------------
Cash Flows from Investing Activities
Investment in HomeSend joint venture Company (6,479) (3,506)
Proceeds from disposal of PPE (78) -
Payment for property, plant and equipment - (247)
Cash flow from disposal of subsidiaries, 1,485
net of cash disposed -
Advances to Homesend joint venture company (4,239) -
Software development costs (1,369) (2,180)
------------- -------------
Net cash used in investing activities (10,680) (5,933)
------------- -------------
Cash Flows from Financing Activities
Payment of dividends to minority shareholder
in subsidiary - (124)
Proceeds from issues of shares - 33,440
Payment for share issue costs - (1,466)
Net cash from financing activities - 31,850
------------- -------------
Net (decrease)/increase in Cash and Cash
Equivalents (16,459) 15,979
Cash at The Beginning of the Year 27,451 10,801
Effects of rate changes on the balance of cash
held in foreign currencies 644 671
Cash and Cash Equivalents at The End
of the Year 11,636 27,451
------------- -------------
7. Discontinued operations
The Group signed a share purchase agreement on 4 June 2019 to
sell its core operating business, eServGlobal Holdings SAS and its
controlled entities, to Seamless Distribution Systems. This
agreement was conditional upon shareholder approval to be sought at
an EGM. On 25 July 2019, the Group completed the sale of the core
business following the EGM held on 22 July 2019. Total cash
consideration of EUR2m ($3.2 million) prior to any costs to sell
was received by the Company on the completion date.
8. Investment in associate
Details of the material investment in associate at the end of
the reporting period are as follows:
Name of Principal activity Place of incorporation Proportion of ownership interest
associate and principal and voting rights held by
place of business the Group
31 December 31 December
2019 2018
---------------------------- ------------------------ ----------------- ----------------
HomeSend Provision of international
SCRL(i) mobile money services Brussels, Belgium 35.68% 35.68%
---------------------------- ------------------------ ----------------- ----------------
(i) HomeSend SCRL was formed on 3 April 2014. The directors have
determined that the Group exercises significant influence over
HomeSend SCRL by virtue of its 35.68 % voting power in shareholders
meetings and its contractual right to appoint two out of six
directors to the board of directors of that company. The associate
is accounted for using the equity method.
(ii) Reconciliation of the carrying amount of the investment in associate:
31 Dec 2019 31 Dec 2018
$`000 $`000
------------- -------------
Opening balance 25,791 26,319
Investment in associate 6,479 3,506
Share of current period loss of
the associate (6,596) (6,232)
Effects of foreign currency exchange
movements (212) 2,198
-------------------------------------- ------------- -------------
Closing balance 25,462 25,791
-------------------------------------- ------------- -------------
9. Other financial assets
Amounts receivable from associate
During the year, the Company entered into a loan facility
agreement with HomeSend SCRL for the sole permitted purpose of
funding the pre- payment timing gaps in HomeSend's settlement model
(the "Facility"). Mastercard has entered into a similar loan
facility agreement with HomeSend SCRL. The Facility is for a total
of $31.16 million (EUR20 million) between the Company and
Mastercard with the Company providing approximately $11.57 million
(EUR7.1 million) in proportion to its shareholding in HomeSend
SCRL.
The Facility is a revolving credit line providing HomeSend the
ability to draw and re-draw the funds as required, with an
obligation to return amounts drawn if not required, based on
HomeSend's forecasts. The Facility is unsecured and interest is
payable quarterly at 1.916% per annum on the amount drawn. There is
no establishment or commitment fee. The facility expires on 31
March 2020.
The first drawdown request from HomeSend SCRL under the loan
facility was announced on 19 May 2019. As at balance date, the
company has provided its proportionate share in total drawdowns
with Mastercard amounting to $4.2 million.
10. Net Tangible Assets per security
31 December 2019 31 December
2018
Net tangible assets per 3.4 cents 4.3 cents
security
11. Dividends
Amount Amount Franked Amount per Date paid/
per security amount security payable
per security of foreign
at 30% source dividend
tax
Interim dividend: Current Nil N/A N/A N/A N/A
year
Previous year Nil N/A N/A N/A N/A
-----------
Final dividend: Current Nil N/A N/A N/A N/A
year
Previous year Nil N/A N/A N/A N/A
------- -------------- -------------- ----------------- -----------
There are no Dividend Reinvestment Plans.
12. Control gained over entities
N/A
12.1 Loss of control over entities
During the year, the company sold its core business, eServGlobal
Holdings SAS and its controlled entities, to Seamless Distribution
Systems. The sale was completed on 25 July 2019 for a total cash
consideration of $3.2m prior to any costs to sell.
13. Subsequent Events
There has not been any matter or circumstance that has arisen
since the end of the financial year that has significantly
affected, or may significantly affect, the operations of the Group,
the results of those operations, or the state of affairs of the
Group in future financial years.
14. Commentary on Results for the Period
Refer to the explanation of results in Section 2.
15. Accounts
This report is based on accounts which are in the process of
being audited.
Director
Print name: John Conoley Date: 28 February 2020
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END
FR EAEAPAFFEEFA
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February 28, 2020 05:30 ET (10:30 GMT)
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