UNIVID ASA Q2
2023
Second Quarter 2023
Financials Q2 2023
In the second quarter of 2023 Univid ASA executed a strategic shift through the sale of its foreign operational entities and completing a private placement.
As a result of the events in the quarter the equity at the end of the second quarter was ~USD 8.5 million (~NOK 92 million), up from ~USD 4.1 million (~NOK 44 million) at year end 2022.1
Management Letter
Following the transaction in Q2 the company has been focusing on maintaining a lean operation, realizing the potential in our investment portfolio and finding a partner for a business combination.
As a result of the strategic process initiated in Q2, the company has managed to renegotiate some of the previously incurred costs in relation to the BMAC transaction, resulting in a gain in other operating expenses for the quarter.
The financial costs were driven by write-downs in our portfolio. Newchip/Astralabs was written down to zero due to its bankruptcy filing, and the loan to the buyer of the operating entities has been written down by 90% due to the uncertainty of the future of the divested Filecoin business and its financing challenges.
Outlook
The main focus of the company going forward is to complete a business combination with a partner in line with the stated strategy of the company.
In cooperation with Legacy Hill the company is exploring potential development opportunities for Ambershaw Metallics. We are optimistic that we can move into a new phase in 2024 with a solution which will be accretive for Univid and facilitate a profitable exit.
The Rhodium Enterprises and SilverSun Technologies merger process is ongoing, and we believe a Nasdaq listing of Rhodium will be beneficial for the value of our investment.
Univid has held numerous discussions to find a suitable partner for a "business combination" in line with the development strategy of the company. Discussions are ongoing with several potential partners.
1 USDNOK 10,77 - 30 June 2023.
Second Quarter 2023
Responsibility Statement
The Board and acting Managing Director confirm to the best of our belief that:
- The enclosed financial statements, which have been prepared in accordance with IAS 34 - Interim Reporting, give a true and fair view of the Company's assets, liabilities, financial position and result of operation.
- The information presented in the management report includes a true and fair review of potential risks and uncertainties, as well as the impact of important events on the consolidated financial statements.
- The enclosed financial statements include a true and fair view on related-party transactions.
Oslo, August 29th, 2023, Board of Directors, Univid ASA
Viggo Leisner | Thomas Christensen | Rebecca Holbeck |
Board Member | Chairman | Board Member |
Roger Lund
Acting Managing Director
Responsibility Statement
Univid Portfolio
Projects
In USD (000) | ||
Ambershaw Metallics | https://ambershaw.ca/ | 4 901 |
Rhodium Enterprises | https://rhdm.com/ | 1 400 |
AdNode | https://adnode.io/ | 45 |
Globex-Horizon | https://www.horizonfintex.com/ | 750 |
Newchip/Astralabs1 | https://newchip.com/ | - |
Nodle | https://www.nodle.com/ | 23 |
Vertalo | https://www.vertalo.com/ | 142 |
SVBS | http://svbs.one/ | 297 |
Tari | https://www.tari.com/ | - |
Two12 | https://www.two12.co/ | 29 |
Alphapoint | https://alphapoint.com/ | 13 |
Titan | https://titan.io/ | 50 |
Avocado | https://www.avocadodao.io/ | - |
Weather XM | https://weatherxm.com/ | 100 |
1 Newchip/Astralabs has been written down to zero due to it filing for bankruptcy.
Portfolio
Univid Financial Statements
Income Statement
Second quarter | Year to date | Year end | ||||
(USD '000) | 30.06.2023 | 30.06.2022 | 30.06.2023 | 30.06.2022 31.12.2022 | ||
Revenue | - | 253 | - | 794 | 372 | |
Other income | - | 272 | - | 867 | 1 594 | |
Total income | - | 525 | - | 1 661 | 1 966 | |
Cost of goods sold | - | -1 110 | - | -1 110 | -3 003 | |
Depreciation | -8 | -1 121 | -30 | -1 714 | -8 567 | |
Salary and social security cost | -114 | -593 | -1 332 | -1 033 | -6 195 | |
Other operating expenses | 33 | -1 135 | 28 | -2 865 | -6 732 | |
Operating profit/loss | -89 | -3 434 | -1 335 | -5 062 | -22 531 | |
Financial income | 636 | 311 | 1 078 | 484 | 4 377 | |
Financial costs | -5 998 | -2 403 | -6 503 | -3 769 | -18 952 | |
Net financial items | -5 362 | -2 092 | -5 425 | -3 285 | -14 575 | |
Profit/loss before tax | -5 451 | -5 525 | -6 759 | -8 347 | -37 106 | |
Income Taxes | - | 23 | - | 47 | -126 | |
Profit/loss after tax | -5 451 | -5 502 | -6 759 | -8 300 | -37 232 | |
Loss discontinued operations, after tax | 10 961 | - | 7 375 | - | - | |
Profit/loss for the period | 5 510 | -5 502 | 616 | -8 300 | -37 232 | |
Profit/loss attributable to non-controlling interests | -18 | - | - | - | -15 | |
Profit/loss attributable to Univid ASA shareholders | 5 528 | -5 502 | 616 | -8 300 | -37 217 | |
Basic and diluted earnings per share | 0,05 | -0,08 | 0,01 | -0,12 | -0,52 | |
Basic and diluted earnings per share - continued operations | -0,05 | -0,08 | -0,07 | -0,12 | -0,52 | |
Basic and diluted earnings per share - discontinued | 0,11 | 0,00 | 0,07 | 0,00 | 0,00 | |
operations | ||||||
Other comprehensive income: | ||||||
Items that will be reclassified to income statement | ||||||
Currency translation adjustments | -274 | -1 259 | -441 | -1 416 | -1 279 | |
Other comprehensive income | ||||||
Total comprehensive income | 5 236 | -6 761 | 174 | -9 716 | -38 511 |
Total comprehensive income attributable to non controlling interests
Total comprehensive income attributable to Univid ASA shareholders
-18 | 0 | 0 | 0 | -15 |
5 254 | -6 761 | 174 | -9 716 | -38 496 |
Financial Statements
Attachments
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Disclaimer
Univid ASA published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 15:28:06 UTC.
