REG - Sivota PLC - Half-year Results
30/09/2022 07:01
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RNS Number : 2441B Sivota PLC 30 September 2022
30 September 2022
SIVOTA PLC
("Sivota," or "the Company")
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Sivota, the London listed investment vehicle focused on later-stage, Israeli
technology companies, announces its results for the six-months ended 30 June
2022 ('H1 2022').
Key Highlights:
· Completed the acquisition of a majority stake (57.5%) in Apester
Ltd, a digital marketing engagement platform, for $12.0 million
o Apester's engagement platform allows digital publishers to interact with
their audience and collect insights
o Apester's technology is unique and through secure and privacy-compliant
methods is able to provide insights without the use of cookies
· Implementing a number of strategic and operational changes within
Apester
o Appointed new board members to Apester who have already started to
implement management changes
o In September appointed an experienced media and technology executive, as
Chief Executive Officer for Apester
o Further management changes and implementation of new business strategy
expected across H2 2022
· Fundraising of $14.2 million by placing and subscription of
11,500,000 new ordinary shares of Sivota of one pence each. The Company
completed its readmission to the London Stock Exchange on 26 September 2022.
· Ongoing implementation of the Group's strategy which remains
focused on seeking investment opportunities, predominantly in the Israeli
technology sector, while supporting and advising Apester on the execution of
its growth strategy
· Following the acquisition in May the group is reporting in US
dollars and consolidating Apester into its financial statements.
· Key financial highlights for the six months ended 30 June 2022
o Revenue - $1.1 million
o Gross profit - $287,000
o Cash - $8.1 million
Ziv Ben-Barouch, Chief Executive Officer of Sivota, commented:
"We are pleased to report our H1 2002 results, which saw the Group complete
the acquisition of Apester, our first transaction since listing on the London
Stock Exchange.
We believe our success in securing Sivota's investment provides further
validation of our model, alongside our new business pipeline, which continuing
to strengthen further. With the boarder macroeconomic environment weakening,
we believe seed investment will become harder to source, creating more
opportunities for the Sivota team.
I look forward to updating our key stakeholders on both Apesters' progress and
the ongoing implementation of our growth strategy."
For further information, please visit www.sivotacapital.com or contact:
Sivota PLC via Vigo Consulting
Tim Weller, Non-Executive Chairman
Ziv Ben-Barouch, Chief Executive Officer
Canaccord Genuity Limited + 44 (0) 20 7523 8000
Alex Aylen - Head of Equities
Vigo Consulting + 44 (0)20 7390 0230
Jeremy Garcia
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.
Financial Review
Investment in Apester and fundraising
On 12 May 2022, the Company completed the acquisition of a majority stake in
Apester Ltd, a digital marketing engagement platform (the "Acquisition").
Under the terms of the Acquisition agreement, the Company received Preferred
Seed Shares in the capital of Apester for an aggregate price of $12.0 million,
which provided the Company with 57.5 per cent. of Apester's voting rights.
In addition to the acquisition of Apester's shares, the Company entered into
two convertible loan assignment agreements with lenders to Apester, pursuant
to which $1.6 million in convertible loans (plus interest) were assigned to
the Company, for consideration equal to the aggregate outstanding principal
and interest accrued until the Acquisition's date.
The cash consideration for the Acquisition and convertible loans was funded
through a $14.2 million (£11.5 million) placing and direct subscription of
11,500,000 new ordinary shares of Sivota of one pence each.
Consolidation and change in functional and presentation currency
Following the Acquisition, the Company consolidates Apester's assets and
liabilities and Apester's results from the Acquisition date. In addition, at
the Acquisition date the Company recognised intangible assets in the total
amount of $14.7 million and non-controlling interests in the total amount of
$6.3 million.
Following the Acquisition, the Group's functional and presentation currency
changed from Great British Pounds Sterling ("£") to U.S. dollars ("$"), the
currency of the primary economic environment, in which the Group operates.
Cash flow and net debt
The Group's cash balance as at 30 June 2022 was $8.1 million compared to $1.0
million at the end of 2021. The debt at 30 June 2022 arose from the
consolidation of Apester and amounted to $2.2 million.
Revenues
The Group generated $1.1 million revenues during the period from the
Acquisition date on 12 May 2022 to 30 June 2022.
Current trading and outlook
Sivota was established in order to acquire controlling stakes and then act as
a holding company for various target businesses operating or founded in
Israel, predominantly in the technology sector.
Apester's acquisition is the first step in executing on this strategy, and
while Sivota is working to help Apester implement its growth strategy, it
continues to work on its pipeline of acquisitions with the goal to secure the
next targets.
Financial Review (continued)
Risk and uncertainties
Difficulties in acquiring suitable targets
The Company's strategy and future success is dependent to a significant extent
on its ability to identify sufficient suitable acquisition opportunities and
to execute these transactions on terms consistent with the Company's strategy.
If the Company cannot identify suitable acquisitions, or successfully execute
any such transactions, this will have an adverse effect on its financial and
operational performance.
Keeping pace with technological developments
The Group's ability to attract new customers and increase revenue from
existing customers depends in large part on its ability to enhance and improve
its existing solutions and to introduce compelling new products and features.
If the Group is unable to successfully develop new products, enhance its
existing solutions to meet customer requirements, or otherwise gain market
acceptance, its reputation, business, results of operations, and financial
condition would be harmed.
Ability to generate revenues and profits
Given Group's relatively limited trading history to date, there is no
certainty that it will be able to expand its share of its current markets to
the extent that it intends to. Failure to do so and/or slower demand for
Group's products may result in revenues growing more slowly than anticipated.
Concentration of key clients
The Group has significant contracts and relationships with a number of key
customers. Although the Group knows of no reason why such contracts should be
terminated or will not be renewed on the same or more favourable terms, the
Directors cannot guarantee that such relevant parties' commercial position or
market conditions will not alter their position. Should any of these contracts
be terminated or not be renewed, it could have a material adverse effect on
the financial position and future prospects of the Group.
Changes to the digital advertising landscape
The Group's current revenues are derived partly from revenue sharing
agreements for advertising space sold through its platform. Such revenues are
dependent on the worldwide demand and ask prices for advertising, which are
mainly controlled by large market participants, such as search engines. If a
search engine decides to reduce its pricing or demand for advertising space is
depressed, this will adversely affect the Group's revenues. Although the
Group is seeking to reduce the proportion of revenues derived from advertising
space sold, there remains a risk that any such change to prices and/or demand
would adversely affect the Group.
Changes to data protection legislation could impact the digital marketing
landscape and impact how the Group can use the data it gathers from its
clients and customers
The Group's current revenues are derived partly from revenue sharing
agreements for advertising space sold through its platform. Such revenues are
dependent on the worldwide demand and ask prices for advertising, which are
mainly controlled by large market participants, such as search engines. If a
search engine decides to reduce its pricing or demand for advertising space is
depressed, this will adversely affect the Group's revenues. Although the
Group is seeking to reduce the proportion of revenues derived from advertising
space sold, there remains a risk that any such change to prices and/or demand
would adversely affect the Group's financial condition.
Financial Review (continued)
Disruption or failure of networks and information systems, the internet or
other technology
The Group's business is dependent on the availability of network and
information systems, the internet and the cloud. Shutdowns or service
disruptions caused by events such as criminal activity, sabotage or espionage,
computer viruses, hacking and other cyber-security attacks, router disruption,
automated attacks such as denial of service attacks, power outages, natural
disasters, accidents, terrorism, equipment failure or other events within or
outside the Group's control could adversely affect it and its customers.
Dependence on key executives and personnel
The Group's future development and prospects depends to a significant degree
on the experience, performance and continued service of its senior management
team including the Group Board.
Security, political and economic instability
Security, political and economic instability in the Middle East and Israel in
particular may harm Group's business.
Statement of directors' responsibilities in respect of the interim results
The Directors; being Tim Weller (Chairman); Ziv Ben-Barouch (CEO) and Neil
Jones (Non-Executive) confirm that the set of interim financial statements has
been prepared in accordance with international Accounting Standard 34 "interim
financial reporting", and that interim report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R, namely an indication of
important events that have occurred during the six months period ended 30 June
2022; and material related party transactions in the six months period ended
30 June 2022.
SIVOTA PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
U.S. dollars in thousands
For the period from 22 September 2020 to 31 December
Six months ended June 30,
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Restated Restated
Revenues 1,114 - -
Cost of revenues 827 - -
Gross Profit 287 - -
Operating expenses:
Research and development expenses 333 - -
Sales and marketing expenses 261 - -
General and administrative expenses 1,110 65 507
Total operating expenses 1,704 65 507
Operating loss (1,417) (65) (507)
Financial income - 3 9
Financial expenses 420 - -
Financial income (expenses), net (420) 3 9
Loss before taxes (1,837) (62) (498)
Taxes on income - - -
Net loss (1,837) (62) (498)
Net comprehensive loss (1,837) (62) (498)
Loss per share:
Basic loss per ordinary share in U.S. dollars (0.44) (1.24) (0.37)
Diluted loss per ordinary share in U.S. dollars (0.44) (1.24) (0.37)
The accompanying notes are an integral part of the condensed consolidated
financial statements.
The condensed consolidated financial statements on page 6 to 19 were
authorised for issue by the board of directors on 29 September 2022 and were
signed on its behalf by Ziv Ben-Barouch.
Ziv Ben-Barouch
CEO
29 September 2022
SIVOTA PLC
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
As at As at
30 June 31 December
2022 2021
Note (Unaudited) (Audited)
Restated
ASSETS
Non-current assets
Intangible assets 5 (f) 14,492 -
Property and equipment, net 58 -
Right of use assets 2 -
Total non-current assets 14,552 -
Current assets
Trade receivables 1,473 -
Other receivables 1,197 55
Short-term restricted deposit 98 -
Cash and cash equivalents 6 8,094 1,012
Total current assets 10,862 1,067
Total assets 25,414 1,067
EQUITY AND LIABILITIES
Equity
Share capital 6 157 15
Deferred shares 65 65
Capital reserve from share-based transactions 134 -
Share premium 6 15,173 1,251
Accumulated Losses (1,756) (498)
Total equity attributable to the owners 13,773 833
Non-controlling interests 5 (f) 5,748 -
Total equity 19,521 833
Current liabilities
Trade and other payables 3,700 234
Short term loans 864 -
Total current liabilities 4,564 234
Non-current liabilities
Long term loans 5 (e) 1,317 -
Employee benefits 12 -
Total non-current liabilities 1,329 -
Total equity and liabilities 25,414 1,067
The accompanying notes are an integral part of the condensed consolidated
financial statements.
SIVOTA PLC
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands
Capital reserve from share-based transactions Total equity attributable to the owners
Ordinary Share capital Non-controlling interests
Deferred Share Premium Accumulated losses Total equity
Shares
For the six months ended June 30, 2022 (Unaudited) - Restated
Balance as at 1 January 2022 15 65 1,251 - (498) 833 - 833
Net loss - - - - (1,258) (1,258) (579) (1,837)
Net comprehensive loss - - - (1,258) (1,258) (579) (1,837)
Transactions with owners:
Non-controlling interest arising from acquisition of initially consolidated
company - see Note 5 (f)
- - - - - - 6,327 6,327
Share-based compensation by subsidiary - - - 134 - 134 - 134
Share capital issuance - see Note 6 142 - 14,053 - - 14,195 - 14,195
Share issue cost - - (131) - - (131) - (131)
Total transactions with the owners 142 - 13,922 134 - 14,198 6,327 20,525
Balance as at 30 June 2022 157 65 15,173 134 (1,756) 13,773 5,748 19,521
The accompanying notes are an integral part of the condensed consolidated
financial statements.
SIVOTA PLC
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands
Ordinary Share capital Total equity attributable to the owners
Deferred Share Premium Accumulated losses
Shares
Restated
For period from 22 September 2020 to 31 December 2021 (Audited)
Balance as at 22 September 2020 - - - - -
Net loss - - - (498) (498)
Net comprehensive loss - - - (498) (498)
Transactions with owners:
Share capital issuance on incorporation 66 - - - 66
Deferred shares (65) 65 - - -
Share capital issuance on admission 14 - 1,391 - 1,405
Share issue cost - - (140) - (140)
Total transactions with the owners 15 65 1,251 - 1,331
Balance as at 31 December 2021 15 65 1,251 (498) 833
The accompanying notes are an integral part of the condensed consolidated
financial statements.
SIVOTA PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
For the period from 22 September 2020 to 31 December
Six months ended 30 June
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Restated Restated
Cash flows from operating activities
Net loss (1,837) (63) (498)
Depreciation and amortisation 223 - -
Share-based compensation by subsidiary 134 - -
Interest expense (income) 316 - -
Working capital adjustments:
Decrease in trade receivables 144 - -
Increase in other receivables (37) (92) (55)
Increase (decrease) in trade and other payables (820) 226 234
Decrease in long term employee benefits (46) - -
Net cash used by operating activities 1,923 71 (319)
Cash flows from investing activities
Investment in short-term deposit (47) - -
Cash arising from initially consolidated company - see Note 5 (f)
34 - -
Convertible loans acquisition - see Note 5 (d) (1,654)
Net cash used by investing activities (1,667) - -
Cash flows from financing activities
Proceeds from the issue of Ordinary Shares, net of issuance costs
11,059 - 1,331
Loan repayments (387) - -
Net cash flow provided by financing activities 10,672 - 1,331
Net increase in cash and cash equivalents 7,082 71 1,012
Cash and cash equivalents at beginning of period 1,012 51 -
Cash and cash equivalents at end of period 8,094 122 1,012
The accompanying notes are an integral part of the condensed consolidated
financial statements.
SIVOTA PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
(a) Financing non-cash transactions:
For the period from 22 September 2020 to 31 December
Six months ended 30 June
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Debt offset against the payment for share capital of the Company - see Note 5
(e)
2,182 - -
Unpaid share capital - see Note 9 (b) 823 - -
The accompanying notes are an integral part of the condensed consolidated
financial statements.
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
1. General information
The Company is a public limited company incorporated and registered in England
and Wales on 22 September 2020 with registered company number 12897590 and its
registered office situated in England and Wales with its registered office at
New London House, 172 Drury Lane, London WC2B 5QR.
On 22 July 2021 the company completed a placing and listed on the Main Market
(Standard Segment) of the LSE.
On 12 May 2022, the Company completed the acquisition of a majority stake in
Apester Ltd, a digital marketing engagement platform (the "Acquisition") - for
more information see Note 5.
The consideration for the Acquisition was funded through placing and
subscription of new ordinary shares of Sivota - for more information see Note
6.
2. Definitions
In these financial statements:
The Company - Sivota PLC
The Group - The Company and its consolidated subsidiaries
Subsidiaries - Entities that are controlled (as defined in IFRS 10) by the Company and whose
accounts are consolidated with those of the Company.
Dollar/USD - U.S. dollar/"$"
3. Significant accounting policies
The following accounting policies have been applied consistently in the
financial statements for all periods presented, unless otherwise stated.
a. Basis of accounting
The Group Financial Statements have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
UK Companies Act 2006.
The interim condensed consolidated financial statements for the six months
ended 30 June 2022 have been prepared in accordance with IAS 34, Interim
Financial Reporting. The interim condensed consolidated financial statements
do not include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the Company's
financial statements as at 31 December 2021 and the significant accounting
policies that were added as a result of the Acquisition - see 3 (b) to (e)
below.
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
The functional currency of the Group has changed from Great British Pounds
Sterling ("£") to U.S. dollars ("$") with effect from 12 May 2022, as a
result of the Acquisition. From this date the currency of the primary economic
environment, in which the Group operates, became U.S. dollars ("$").
The Group has changes its presentation currency accounting policy from Great
British Pounds Sterling ("£") to U.S. dollars ("$"). As this is a change in
accounting policy, it has been applied retrospectively as required by IAS 8.
The rates applied for the purpose of the translating the assets and
liabilities is the current exchange rate as at the date of each statement of
financial position. Income and expenses for each statement of comprehensive
income were translated at exchange rate at the dates of the transactions. For
more information see Note 8.
The financial statements have been prepared on the historical cost basis,
except for the revaluation of financial instruments that are measured at fair
values at the end of each reporting period. Historical cost is generally based
on the fair value of the consideration given in exchange for goods and
services.
b. Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries).
Consolidation of a subsidiary begins when the Company obtains control over the
subsidiary and ceases when the Company loses control of the subsidiary.
The results of subsidiaries acquired or disposed of during the year are
included in profit or loss from the date the Company gains control until the
date when the Company ceases to control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows
relating to transactions between the members of the Group are eliminated on
consolidation.
Non-controlling interests in subsidiaries are identified separately from the
Group's equity therein. Subsequent to acquisition, the carrying amount of
non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests' share of subsequent changes in
equity.
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
c. Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method.
The cost of the acquisition is measured at the fair value of the consideration
transferred on the date of acquisition with the addition of non-controlling
interests in the acquiree. In each business combination, the Company chooses
whether to measure the non-controlling interests in the acquiree based on
their fair value on the date of acquisition or at their proportionate share in
the fair value of the acquiree's net identifiable assets.
Direct acquisition costs are expensed as incurred.
Goodwill is initially measured at cost, which represents the excess of the
acquisition consideration and the amount of non-controlling interests over the
net identifiable assets acquired and liabilities assumed. After initial
recognition, goodwill is measured at cost less any accumulated impairment
losses.
d. Intangible assets
Intangible assets acquired in a business combination are measured at fair
value at the acquisition date. Intangible assets with a finite useful life are
amortised over their useful life and reviewed for impairment whenever there is
an indication that the asset may be impaired. The amortisations period and the
amortisation method for an intangible asset are reviewed at least at each year
end.
Intangible assets with indefinite useful lives are not systematically
amortised and are tested for impairment annually or whenever there is an
indication that the intangible asset may be impaired
e. Share-based payments
Share-based payment transactions of the Company equity-settled share-based
payments to employees and others providing similar services are measured at
the fair value of the equity instruments at the grant date. The fair value
determined at the grant date is expensed on a straight-line basis over the
vesting period, based on the Group's estimate of the number of equity
instruments that will eventually vest.
f. Standards and interpretations issued but not yet applied
There were no new standards or interpretations
effective for the first time for periods beginning on or after 1 January 2022
that had a significant effect on the Company's Financial Statements.
At the date of authorisation of these Financial Statements, a number of
amendments to existing standards and interpretations, which have not been
applied in these Financial Statements, were in issue but not yet effective for
the year presented. The Directors do not expect that the adoption of these
standards will have a material impact on the financial information of the
Company in future periods.
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
4. Significant accounting judgments, estimates and assumptions
In preparing the Company Financial Information, the Directors have to make
judgments on how to apply the Company's accounting policies and make estimates
about the future.
In the process of applying the significant accounting policies, the Group made
the following judgment which have the most significant effect on the amounts
recognised in the financial statements:
Business combinations
The Group is required to allocate the acquisition cost of the subsidiary and
activities through business combinations on the basis of the fair value of the
acquired assets and assumed liabilities. The Group used external valuations to
determine the fair value. The valuations
include management estimates and assumptions as for future cash flow
projections from the acquired business and selection of models to compute the
fair value of the acquired components and their depreciation period.
5. Business combination
a. On 24 January 2022 the Company entered into a Share Purchase
Agreement ("Acquisition") with Apester Ltd, a digital marketing engagement
platform, that was completed on 12 May 2022. Under the terms of Acquisition
Apester issued to the Company 14,947,409 Preferred Seed Shares for an
aggregate consideration of $12.0 million of which $6.0 million was paid on 13
May 2022 and the further $6.0 million was paid on 12 August 2022. The
Preferred Seed Shares provide the Company with 57.5% of Apester's voting
rights.
b. Pursuant to the articles of association of Apester, that were
exercised following Acquisition completion, the Company also has certain veto
and consent rights, including the right to appoint a majority of directors to
the Apester's Board.
c. In addition, amongst other customary provisions, the Share Purchase
Agreement contains various warranties typical in a transaction of this nature
from Apester in favour of the Company, regarding the operations, employees and
the business and assets of Apester.
d. Following the Acquisition, the Company entered into two convertible
loan assignment agreements with lenders to Apester, pursuant to which $1.654
million in convertible loans, including accrued interest, were assigned to the
Company. The convertible loans bear interest at a rate of 6% per annum and
will be capable of conversion by the Company into Preferred Seed Shares in
Apester. If converted in full, the Preferred Seed Shares immediately after
the SPA's completion represent approximately 5.6% of Apester's share capital
on a fully diluted basis. If the convertible loans are not so converted,
Apester will be required to repay all outstanding principal and interest on
the loans in full in 24 monthly instalments starting February 2024.
e. Following the Acquisition and pursuant to the agreement with the
Apester's shareholder ("the Shareholder"), the Shareholder's loan in amount of
$2.182 million, including accrued interest, was fully settled by offset
against the payment for share capital of the
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
Company. The remaining Shareholder's loan in amount of $1.5 million shall bear
interest at the rate of 6% per annum, accrued from the actual funding date,
will be capable of conversion by the Shareholder into Preferred Seed Shares in
Apester. If converted in full, the Preferred Seed Shares immediately after
the SPA's completion represent approximately 5.3% of Apester's share capital
on a fully diluted basis. If the convertible loans are not so converted,
Apester will be required to repay all outstanding principal and interest on
the loans in full in 24 monthly instalments starting February 2024.
f. The provisional fair value of the identifiable assets and
liabilities of Apester on the acquisition date:
Fair Value
Cash and cash equivalents after the Acquisition 12,034
Short-term restricted deposit 51
Trade receivable 1,617
Other receivables 282
Property and equipment, net 64
Right of use assets 7
Intangible assets:
Developed Technology 8,655
Customer Relationships 2,608
Total identifiable assets 25,318
Short term loans 1,092
Trade and other payables 4,286
Employee benefits 58
Long-term loans 4,996
Total identifiable liabilities 10,432
Total identifiable assets, net 14,886
Non-controlling interest (6,327)
Goodwill arising on acquisition 3,441
Total acquisition cost 12,000
6. Fundraising
The cash consideration for the acquisition of Apester's shares and convertible
loans was funded through a $14.2 million (£11.5 million) placing and direct
subscription of 11,500,000 new ordinary shares of one pence each in the
Company from existing and new investors in the Company. The issue price is 100
pence per new ordinary share.
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
7. Operating segments
a. General:
The Group has one operating segment which is Apester's digital marketing
engagement platform.
b. Geographic information:
The following table sets forth revenues classified by geographical areas based
on client location:
For the period from 22 September 2020 to 31 December,
Six months ended June 30,
2022 2021 2021
U.S
.
dol
lar
s
in
tho
usa
nds
(Unaudited) (Unaudited) (Audited)
North America 341 - -
UK and Ireland 275 - -
European countries 467 - -
Other countries 31 - -
1,114 - -
8. Changes in presentation accounting policy
The Group has changed its presentation accounting policy in order to align its
functional and presentation currency to be U.S. dollars. As a result, the
prior period comparatives in these financial statements have been restated
from Great British Pounds Sterling ("£") to U.S. dollars ("$"):
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
As at 31 December 2021
Restated amount in U.S. dollars
Amount in £
in thousands
Current assets
Other receivables 41 55
Cash and cash equivalents 749 1,012
Total current assets 790 1,067
Equity
Share capital 11 15
Deferred shares 49 65
Share premium 922 1,251
Foreign currency translation reserve (balancing figure)
- -
Accumulated Losses (365) (498)
Total equity 617 833
Current liabilities
Trade and other payables 173 234
Total current liabilities 173 234
Total equity and liabilities 790 1,067
SIVOTA PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands
As at 12 May 2022
Restated amount in U.S. dollars
Amount in £
in thousands
Current assets
Other receivables 17 21
Cash and cash equivalents 5,544 6,774
Total current assets 5,561 6,795
Equity
Share capital 11 15
Deferred shares 49 65
Share premium 922 1,251
Foreign currency translation reserve (balancing figure)
- -
Accumulated Losses (446) (675)
Total equity 536 656
Current liabilities
Trade and other payables 153 187
Payment on account of share capital 4,872 5,952
Total current liabilities 5,025 6,139
Total equity and liabilities 5,561 6,795
9. Subsequent events
a. In August 2022 the short term loan of $864 thousands was fully
repaid.
b. Subsequent the reporting date a debt for unpaid share capital of
$823 thousands was fully paid.
c. Subsequent the reporting date 1,569,000 options to Apester's
ordinary shares were exercised by two former executives of Apester to
1,569,000 ordinary shares of Apester at an exercise price of NIS 0.01 per
share. As a result, the Company's share in Apester reduced to 54.2%.
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