Trans Switch Africa : Financial Statements

ABRIDGED CONSOLIDATED REPORTS FOR YEAR ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL POSITION						STATEMENT OF CHANGES IN EQUITY
	As at		As at
	31 Dec 2021		30 Jun 2021								Attributable to		Non-
	Unaudited		Audited						Accumulated		owners of the		controlling
ASSETS							Stated Capital		losses		parent		interests		Total Equity
	USD		USD				USD		USD		USD		USD		USD
Non-current assets	14,854,342		14,330,114
Current assets	2,273,239		2,927,297		At 1 July 2020		22,000,100		(2,741,406)		19,258,694		(6,581)		19,252,113
Total assets	17,127,581		17,257,411
Equity
Stated capital	22,000,100		22,000,100		Total comprehensive income/(loss) for the year		-		(2,220,352)		(2,220,352)		(3,412)		(2,223,764)
Retained loss	(5,088,242)		(4,961,758)
Equity attributable to owners of the parent	16,911,858		17,038,342		At 30 June 2021		22,000,100		(4,961,758)		17,038,342		(9,993)		17,028,349
Non-controlling interest	-		(9,993)
Total equity	16,911,858		17,028,349		At 1 July 2021		22,000,100		(4,961,758)		17,038,342		(9,993)		17,028,349
LIABILITIES					Change in shareholding not resulting in loss of control		-		(9,993)		(9,993)		9,993		-
Non-current liabilities	145,175		145,175
Current liabilities	70,548		83,887		Total comprehensive (loss) for the period		-		(116,490)		(116,490)		-		(116,490)
Total liabilities	215,723		229,062
Total equity and liabilities	17,127,581		17,257,411		At 31 December 2021		22,000,100		(5,088,242)		16,911,858		-		16,911,858
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME				COMMENTS

		6 Months to		6 Months to		3 Months to		3 Months to
		31 Dec 2021		31 Dec 2020		31 Dec 2021		31 Dec 2020
		Unaudited		Audited		Unaudited		Audited
		USD		USD		USD	USD
Turnover		249,870		251,167		126,023		127,292
Dividends Received		47,909		-		7,515		-
Realised/Unrealised (loss)/gain on		(154,472)		535,122		164,155		364,904
investments
Foreign exchange (loss)/gain through		(19,593)		193,697		4,232		69,354
profit & loss
Administrative expenses		(221,034)		(330,872)		(126,406)		(170,879)
Operating profit/(loss)		(97,320)		649,114		175,519		390,672
Finance cost		(5,895)		-		(2,503)		-
Finance income		-		6		-		(40)
Profit/(loss) before tax		(103,215)		649,120		173,016		390,632
Income tax expense		(13,275)		(5,589)		(998)		(5,240)
Profit/(loss) for the year		(116,490)		643,531		172,018		385,392
Attributable to:
Owners of the parent		(116,490)		644,770		172,018		386,231
Non-controlling interest		-		(1,239)		-		(839)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE		(116,490)		643,531		172,018		385,392
Earnings Earnings/(Loss) per share	(0.01)	0.03	0.01	0.02
STATEMENT OF CASH FLOWS
						6 Months to		6 Months to
						31 Dec 2021		31 Dec 2020
						Unaudited		Audited
						USD		USD
Net cash flows from operating activities					16,691		161,769
Net cash (used in)/from investing activities					(678,700)		(2,929,321)
Net cash used in financing activities					(0)		(21,605)
(Decrease)/increase in cash and cash equivalents					(662,008)		(2,789,157)
Opening cash and cash equivalents					2,744,775		8,176,925
Closing cash and cash equivalents					2,082,767		5,387,768

Any reference to future financial information included in the financial statements for the 6 months ended 31 December 2021 is the responsibility of the Board and has not been reviewed or reported on by the Group's external auditors. The forecast growth is based on assumptions, including assumptions that a stable regional, political and economic environment as well as the stable global macro-economic environment will prevail.

The Board of Directors of Trans Switch Africa Holdings Ltd accepts full responsibility for the accuracy of the information contained in this quarterly report issued pursuant to Listing Rule 12.20 of the Stock Exchange of Mauritius and to Section 88 of the Securities Act 2005.

The statement of direct and indirect interests of insiders required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request and copies of this report are available to the public, free of charge, at the registered office of the Company, in Ebene.

1. LEGAL STATUS AND BUSINESS ACTIVITY

Trans Switch Africa Holdings Ltd is a Public Company, incorporated on 21 April 2016, holding a Global Business Licence Category 1 and was listed on

the SEM on 06 February 2018. The Company's registered office is c/o SAFYR UTILIS LTD, 7th Floor, Tower 1, NeXTeracom, Cybercity, Ebene, 72201 ,

Mauritius. The principal activity of the Company is that of an investment holding company.

2.NET ASSET VALUE ("NAV")

The NAV per share at 31 December 2021 was USD 0.77 compared to USD 0.77 as at 30 June 2021.

3. COMMENTARY

Whilst the Group had a solid operating performance the operational profit for the period decreased mainly as a result of the fair value movement in the market value of its portfolio of investments and foreign exchange losses compared to previous period. The performance in the general equity market to which such portfolio is exposed to impacted the performance negatively. Administration expenses decreased as a result of reduced

expenditure in relation to cost of investigating new market opportunities. Covid -19

As at 31 December 2021, it is not possible to reliably estimate the full financial effect (if any) of the virus on the company's operations. The Board of Directors will continue to monitor the impact COVID-19 has on the Group and reflect the consequences as appropriate in the subsequent accounting and reporting periods.

The Company currently holds 100% equity in AfriSwitch Limited ('AfriSwitch'), 100% equity in Blue Saphire S.A. ('Blue Saphire') and 100% equity in 1dentity International Ltd ('1dentity').

Business Activity of AfriSwitch

The principal activity of AfriSwitch is an investment holding company and it also provide services to the banking, retail and corporate industry, offering a turnkey solution relating to any form of electronic transaction processing and account hosting services.

Business Activity of Blue Saphire

Blue Saphire holds the intellectual property rights to certain software used in the financial services industry. This software is licenced to AfriSwitch that uses the software in rendering its services.

Business Activity of 1dentity

The principal activity of 1dentity is that of providing solutions for personal and commercial Information Management and Verification Service, to serve

both consumers and business entities. The interest in 1dentity was increased from 80% to 100% during the current financial year.

Others:

The reports have been prepared in accordance with International Financial Reporting Standards.

The reports have been prepared on the same basis as the accounting policies and methods of computation set out in the audited Financial Statements of the Company for the year ended 30 June 2021, except for the adoption of relevant amendments to published Standards, Standards and Interpretations issued and effective for accounting period starting on or after 1 July 2021.

By Order of the Board

11-Feb-2022