EQS Group-Ad-hoc: Achiko Limited / Key word(s): Annual Results
Achiko Limited: ACHIKO LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER,
2019
30-Apr-2020 / 07:29 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
*ACHIKO LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER, 2019*
*Zurich/Jakarta, 30 April 2020* - FinTech company Achiko Ltd. (ACHI:SWX)
publishes the first Annual Report as a listed company, today. The Annual
Report includes messages from our Chairman and CEO, information on our
corporate governance and our full year financial report for the year ended
31 December 2019 that has been audited by an independent auditor. The Annual
Report is available for download at:
https://investor.achiko.com/financials/.
Last year was a transformative year for Achiko. In addition to working on
its payments business and becoming listed on SIX, the Swiss stock exchange,
in 2019 the company embarked on creating an end-to-end solution that could
disrupt the market by evolving from a largely single-product payments
business focussed on Indonesia to a global, multifaceted payments,
entertainment and community platform business targeting South-East Asia and
also India.
This involves extending and expanding on the company's fintech experience as
a games payment gateway to create a unique "pay, play and stay" platform.
This platform is targeting specifically the two billion people in South-East
Asia and also India who enjoy gaming and other leisure services, as well as
the growing Asian middle class that is looking for support with money
management.
*Financial highlights*
In 2019, the company made significant progress. It secured a variety of
important strategic partnerships as well as further developed its software
platform. Promising new products and services based on those efforts are
expected to be launched in 2020. That means the financial highlights below
largely reflect the results from the Mimopay (now rebranded to AchikoPay)
business only. That business saw intense price competition in 2019, which
provides context for the results below.
Based on a comparison of the 2019 Revenue as set out in the Consolidated
Statement of Profit or Loss and Other Comprehensive Income for the year
ended 31 December 2019 compared to the 2018 Revenue as set out in the table
for Group Revenue and Group Profit and Loss on a combined basis in Note 4 of
the Consolidated Financial Statements for the year ended 31 December 2018,
Revenue decreased by 14% to USD 6.47m from USD 7.48m. Moreover, better
funded competitors were able to offer much better payment terms, which led
to the loss of some large and higher profit margin customers as well. This
resulted in a decrease in Gross margin on revenue from 8% to 4% and Gross
profit decreased by 50% to USD 0. 29m[1] from USD 0.58m[2]. This and the
higher expenses due to transforming the business and becoming listed on SIX
also meant that Earnings before interest and tax (EBIT) (corresponding to
loss from operation) decreased by 94% to USD -6.29m[3] from USD -3.23m[4]
and Net Loss After Interest and Tax (corresponding to loss for the year)
increased by 117% in 2019 to USD -6.92m[5] from USD -3.18m[6].
Listing the company, bringing the business parts together and making
investments in product development saw Operating expenses increased by 72%
to USD 6.58m[7] from USD 3.81m[8]. Further, in 2019, Achiko settled its
obligations under a promissory note agreement (see Note 18). If EBIT
(corresponding to loss from operation) is "normalised" by adding back
one-off listing and restructuring costs of approximately USD 2.62m and the
increase in salaries of USD 0.78m in 2019, then the EBIT (corresponding to
loss from operation) before one-off costs and the increase in salaries is
-USD 2.88m. This represents an improvement of 11%.
Our balance sheet strengthened considerably in 2019. Based on the
Consolidated Statement of Financial Position, Total Equity improved by 405%
to USD1.90m from -USD0.63m. Trade creditors and Trade Payables and other
payables remained relatively constant. Cash provided by financing activities
increased by 144% to USD 7.89m[9] from USD 3.23m[10] and Cash on hand and in
banks increased by 225% to USD 0.59m from USD 0.18m based on the
Consolidated Statement of Financial Position.
We have many reasons to be optimistic about the coming year. Shortly before
the company's listing on SIX last November, the funding restraints we had
during most of last year were resolved. The one-off costs outlined above
will, by nature, not affect financial results for 2020.
Today, Achiko Limited has a host of strong partnerships and a variety of
future announcements that indicate the promise of its new direction. Our
partnership with TrustScan, which was announced recently, exemplifies this
promise. This announcement is good news for Achiko's shareholders and the
global community in the midst of the all the news of doom and gloom that has
come with the COVID-19 pandemic. It also shows how Achiko can deliver an
expanded set of services and have a positive role to play in the
post-pandemic economy.
The TrustScan partnership means that any user with an Achiko identity can
get an authenticated digital certificate on their smartphone at the same
time as they take a COVID-19 test. Using TrustScan's patent-pending
technology, places such as offices, factories, schools, airports, hotels or
taxis can view that certificate to be sure of the test status of users
coming through their doors, copying it for audit purposes if required. The
Achiko platform also offers the option for places to subsidise the cost of
COVID-19 testing, creating a win for everyone: lower testing costs for users
that incentivise regular testing and, for places on Achiko's platform,
higher confidence about the safety of everyone inside than a simple
temperature check at the door could ever provide.
We hope you find the attached reports informative.
*Further information *
Further information can be found onwww.achiko.co [1]. If you have any
questions regarding the company please contact us at ir@achiko.com.
*Press Contact*
*Germany and Austria*
Axel Mühlhaus / Dr. Sönke Knop
edicto GmbH
E: achiko@edicto.de
T: +49 69 90 55 05-51
*Switzerland*
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41 44 266 67 67
*Disclaimer*
This communication expressly or implicitly contains certain forward-looking
statements concerning Achiko Ltd. and its business. Such statements involve
certain known and unknown risks, uncertainties and other factors, which
could cause the actual results, financial condition, performance or
achievements of Achiko Ltd. to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Achiko Ltd. is providing this communication as
of this date and does not undertake to update any forward-looking statements
contained herein as a result of new information, future events or otherwise.
[1] Based on Consolidated Statement of Profit or Loss and Other
Comprehensive Income.
[2] Based on the table for Group Revenue and Group Profit and Loss on a
combined basis in Note 4 of the Consolidated Financial Statements.
[3] Based on Consolidated Statement of Profit or Loss and Other
Comprehensive income.
[4] Based on the table for Group Revenue and Group Profit and Loss on a
combined basis in Note 4 of the Consolidated Financial Statements.
[5] Based on Consolidated Statement of Profit or Loss and Other
Comprehensive Income.
[6] Based on the table for Group Revenue and Group Profit and Loss on a
combined basis in Note 4 of the Consolidated Financial Statements.
[7] Based on Consolidated Statement of Profit or Loss and Other
Comprehensive Income.
[8] Based on the table for Group Revenue and Group Profit and Loss on a
combined basis in Note 4 of the Consolidated Financial Statements.
[9] Based on the Consolidated Statement of Cash Flows.
[10] Based on the table for Group cash flow on a combined basis in Note 4 of
the Consolidated Financial Statements.
End of ad hoc announcement
Language: English
Company: Achiko Limited
5th Floor Anderson Square Building, 64 Shedden Road, P.O. Box
31325 SMB
KY1-1206 Grand Cayman
Cayman Islands
Internet: www.achiko.com
ISIN: KYG0101M1024
Valor: 48788430
Listed: Regulated Unofficial Market in Frankfurt; SIX Swiss Exchange
EQS News ID: 1033355
End of Announcement EQS Group News Service
1033355 30-Apr-2020 CET/CEST
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April 30, 2020 01:29 ET (05:29 GMT)
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