THORNEY TECHNOLOGIES LTD For personal use only
THORNEY TECHNOLOGIES LTD
ABN 66 096 782 188
Appendix 4D and
2022 Half-Year
Financial Statements
For personal use only
Corporate information
Thorney Technologies Ltd is a disclosing entity under the Corporations Act 2001 and currently considered an investment entity pursuant to ASX Listing Rules. The Group is an investor in global listed and unlisted equities with a focus on technology investments.
ASX Code: | TEK |
Security: | Thorney Technologies Ltd fully paid ordinary shares |
Directors: | Alex Waislitz, Chairman |
Alan Fisher | |
Jeremy Leibler | |
Martin Casey | |
Tim Birch | |
Secretary: | Craig Smith |
Country of incorporation | Australia |
Registered office: | Level 39, 55 Collins Street |
Melbourne Vic 3000 |
Contact details: Level 39, 55 Collins Street
Melbourne Vic 3000
- + 613 9921 7116
- + 613 9921 7100
- craig.smith@thorney.com.au
- https://thorney.com.au/thorney-technologies/
Investment Manager: Thorney Management Services Pty Ltd
Level 39, 55 Collins Street
Melbourne Vic 3000
AFSL: 444369
Auditor: Ernst & Young, Melbourne
8 Exhibition Street
Melbourne Vic 3000
Lawyers: Arnold Bloch Leibler
Level 21, 333 Collins Street
Melbourne Vic 3000
Share Registry: Computershare Investor Services Pty Limited
Yarra Falls
452 Johnston Street
Abbotsford VIC 3067
For all shareholder related enquiries please contact the share registry.
Thorney Technologies Ltd 2022 Half-Year Financial Statements | Page | 2 |
Contents
CHAIRMAN'S LETTER........................................................................................................... | 4 |
For personal use only
DIRECTORS' REPORT........................................................................................................... | 6 | |
1. | Directors ..................................................................................................................................... | 6 |
2. | Principal activities...................................................................................................................... | 6 |
3. | Review of operations ................................................................................................................. | 6 |
4. | Auditor's independence declaration......................................................................................... | 7 |
AUDITOR'S INDEPENDENCE DECLARATION..................................................................... | 8 | |
STATEMENT OF COMPREHENSIVE INCOME ..................................................................... | 9 | |
STATEMENT OF FINANCIAL POSITION ............................................................................ | 10 | |
STATEMENT OF CHANGES IN EQUITY ............................................................................. | 11 | |
STATEMENT OF CASH FLOWS.......................................................................................... | 12 | |
NOTES TO THE FINANCIAL STATEMENTS....................................................................... | 13 | |
DIRECTORS' DECLARATION.............................................................................................. | 20 | |
INDEPENDENT AUDITOR'S REVIEW REPORT ................................................................. | 21 |
Thorney Technologies Ltd 2022 Half-Year Financial Statements | Page | 3 |
Chairman's letter
Dear fellow shareholders
For personal use only
The TEK NTA as at 31 December 2021 closed at 50.1 cents per share, achieving growth of over 19.0% since 31 December 2020. This performance was due to the strong performance of TEK's core investment portfolio which includes both listed and unlisted technology companies.
Since its inception in January 2017, TEK has delivered NTA growth of approximately 140%, significantly outperforming the broader share market.
TEK NTA (after costs and fees) vs All Ords Accum. Index - since inception (January 2017)
160% | ||
140% | NTA (after tax) | XAOAI |
120% | ||
100% | ||
80% | ||
60% | ||
40% | ||
20% | ||
0% |
TEK completed a significant equity capital raising during the period, which provided an additional $25 million of investment capital and brought a number of new strategic investors to the TEK share register.
Since the beginning of 2022, we have witnessed an increased level of equity market volatility due, in part, to increased geopolitical risks, growing inflationary pressure and central banks assessing how best to unwind historically high economic stimulus. The market, at times, has seen unprecedented swings in the share prices of some of the world's largest technology companies as valuation metrics have been challenged. Whilst not directly exposed to these global technology behemoths, TEK's portfolio has not been immune from feeling the effects of the "risk-off" attitude towards technology companies, and has seen a pull-back in its NTA since 1 January 2022. Despite this, TEK is confident in the diversified composition of its investment portfolio and its inherent value manifesting over time.
TEK remains a believer in innovative and disruptive, game-changing technologies which will influence company operations and personal lifestyles. TEK's portfolio contains numerous investments which possess these characteristics.
Thorney Technologies Ltd 2022 Half-Year Financial Statements | Page | 4 |
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Thorney Technologies Ltd. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 05:11:00 UTC.
