EX1A-15 ADD EXHB 5 f1unaudited_152.htm UNAUDITED FINANCIALS Exhibit 15.2 Unaudited Interim Financials

 

EXHIBIT 15.2

 

SwissLink Carrier AG (formerly Swissphone Carrier AG)

 

Quarterly reporting for the period from 1 January to 31 March 2019

 

Unaudited figures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Registered office:Schochenmühlestrasse 4 

6340 Baar Switzerland


1


 

 

INCOME STATEMENT

3

BALANCE SHEET

4

STATEMENT OF CASH FLOWS

5

STATEMENT OF CHANGES IN SHAREHOLDER’ EQUITY

6


2


 

 

Statement of comprehensive income

for the period from January 1 to March 31, 2019

 

Income statement

 

 

 

 

 

 

Period

 

Year ended

2018

 

 

January 1, 2019

To

March 31, 2019

 

 

Note

(in CHF)

 

(in CHF)

Continuing operations

 

 

 

 

Revenue

 

1,361,292

 

7,930,672

Material costs

 

(1,150,599)

 

(7,225,167)

Gross profit

 

210,693

 

705,505

Personnel expenses

 

(112,874)

 

(760,088)

Travelling expenses

 

(4,780)

 

(18,813)

Repair and maintenance costs

 

(36,902)

 

(112,110)

Insurance costs

 

(16,955)

 

(27,046)

Administration expenses

 

(9,191)

 

(31,487)

Consulting, legal and audit fees

 

-

 

(29,666)

Other Operating expenses

 

(6,981)

 

(53,390)

Operating result before interest and taxes (EBITDA)

 

23,010

 

(327,095)

Depreciation PP&E

 

(553)

 

(2,826)

Amortisation of intangible assets

 

-

 

(5,944)

Operating result before interest and taxes (EBIT)

 

22,457

 

(335,865)

Other non operating expenses

 

(1,399)

 

-

Financial expenses

 

(3,141)

 

(75,297)

Profit/Loss before tax

 

17,917

 

(411,162)

Tax income

 

-

 

69,897

Profit/Loss for the period/year

 

17,917

 

(341,265)

 

 

 

 

 

Other comprehensive income

 

 

 

 

Items that will not be reclassified subsequently to profit and loss:

 

 

 

 

Re-measurement of defined benefit obligation

 

-

 

82,182

Related tax

 

-

 

(13,971)

-

 

-

 

68,211

Other comprehensive income / (expenses) for the year, net of tax

 

-

 

68,211

 

 

 

 

 

Total comprehensive income / (expenses) for the year

 

-

 

(273,054)

 

 

 

 


3


 

 

Balance sheet

as at March 31, 2019

 

Balance sheet

 

 

 

 

 

 

 

 

March 31, 2019

 

December 31, 2018

 

January 1, 2018

 

Note

(in CHF)

 

(in CHF)

 

(in CHF)

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

149,682

 

280,884

 

119,723

Trade accounts receivable (net)

 

1,270,434

 

626,567

 

1,233,978

Trade accounts receivable, shareholder

 

 

 

 

 

 

 

 

-

 

-

 

-

Other current receivables

 

76,958

 

81,817

 

149,017

Prepayments / accrued income

 

-

 

-

 

-

Total current assets

 

1,497,074

 

989,268

 

1,502,718

Non-current assets

 

 

 

 

 

 

Deferred tax assets

 

406,967

 

406,967

 

354,552

Property, plant and equipment

 

12,018

 

1,528

 

9,089

Intangible assets

 

-

 

-

 

23,775

Total non-current assets

 

418,985

 

408,495

 

387,416

TOTAL ASSETS

 

1,916,059

 

1,397,763

 

1,890,134

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable, trade

 

1,209,145

 

737,280

 

931,103

Accruals and deferred income

 

-

 

55,670

 

35,996

Employee benefits

 

-

 

43,476

 

71,226

Other current liabilities

 

213,305

 

183’601

 

48’520

Total current liabilities

 

1’422’450

 

1,020,027

 

1,086,845

Non-current liabilities

 

 

 

 

 

 

Loan, third party

 

97’956

 

-

 

-

Loans, shareholder

 

2,137,077

 

2,137,077

 

1,601,825

Loans, related parties

 

-

 

-

 

642,459

Deferred tax liabilities

 

-

 

-

 

3,511

Employee benefits

 

142,614

 

142,614

 

184,395

Total non-current liabilities

 

2,377,647

 

2,279,691

 

2,432,190

TOTAL LIABILITIES

 

3,800,097

 

3,299,718

 

3,519,035

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

Share capital

 

100,000

 

100,000

 

100,000

Retained earnings

 

(1,984,038)

 

(2,001,955)

 

(1,728,901)

Total Equity

 

(1,884,038)

 

(1,901,955)

 

(1,628,901)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

1,916,059

 

1,397,763

 

1,890,134


4


 

 

Statement of cash flow

for the period from January 1 to March 31, 2019

 

Statement of cash flows

 

Period

January 1, 2019

To

March 31, 2019

(in CHF)

 

Year

ended 2018

(in CHF)

 

 

 

 

Note  

 

Cash flow from operating activities

 

 

 

 

Profit/Loss for the period/year

 

17,917

 

(341,265)

Adjustments for:

 

 

 

 

Depreciation of fixed assets

 

553

 

2,826

Amortization of intangible assets

 

-

 

5,944

Change in employee benefits

 

(43,476)

 

38,974

Non-cash financial expense/(income), net

 

-

 

11,448

Tax income  

 

-

 

(69,897)

 

 

(42,923)

 

(351,970)

Changes in:

 

 

 

 

Trade and other receivables

 

(639,008)

 

674,611

Trade and other payables and accruals

 

445,899

 

(39,068)

Current employee benefits

 

-

 

(27,750)

 

 

(193,109)

 

607,793

Income taxes paid

 

-

 

-

Cash-flow from operating activities

 

(218,115)

 

255,823

Cash flow from investing activities

 

 

 

 

Acquisition for intangible assets

 

-

 

-

Acquisition of tangible assets

 

(8,223)

 

11,773

Proceeds from sale of intangible assets

 

-

 

29’719

Net cash provided / (used in) by investing activities

 

(8,223)

 

41,492

Cash flow from financing activities

 

 

 

 

Proceeds of loans, shareholder

 

-

 

535,252

Proceeds of loans, third party

 

97,956

 

-

Repayment of loans, related parties

 

-

 

(642,459)

Interest paid

 

-

 

(3,201)

Interest on shareholder loans paid

 

-

 

(12,938)

Bank fees and other finance fees paid

 

-

 

(14,887)

Net cash used in financing activities

 

97,956

 

(138,233)

Net increase / (decrease) in cash and cash equivalents

 

(128,382)

 

159,082

Cash and cash equivalents at beginning of year

 

280,884

 

119,723

Effect of foreign exchange rate changes

 

(2,820)

 

2,079

Cash and cash equivalents at end of period/year

 

149,682

 

280,884

 

 

 

 


5


 

 

Statement of changes in shareholders' equity

for the period from 1 January to 31 March 2019

 

Statement of changes in shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in CHF)

Share capital

 

Translation reserve

 

Retained earnings

 

Total equity

Balance as at 1 January 2018

100,000

 

-

 

(1,728,901)

 

(1,628,901)

Loss for the year

-

 

-

 

(341,265)

 

(341,265)

Other comprehensive income / (expenses)

-

 

-

 

68,211

 

68,211

- Remeasurements of defined benefit obligation (see Note 15)

-

 

-

 

82,182

 

82,182

- Related tax (see Note 8)

-

 

-

 

(13,971)

 

(13,971)

Total comprehensive income / (expenses)

-

 

-

 

(273,054)

 

(273,054)

Balance as at 31 December 2018

100,000

 

-

 

(2,001,955)

 

(1,901,955)

Profit for the period/year

-

 

-

 

17,917

 

17,917

Other comprehensive income / (expenses)

-

 

-

 

-

 

-

- Remeasurements of defined benefit obligation (see Note 15)

-

 

-

 

-

 

-

- Related tax (see Note 8)

-

 

-

 

-

 

-

Total comprehensive income / (expenses)

-

 

-

 

17,917

 

17,917

Balance as at 31 March 2019

100,000

 

-

 

1,984,038

 

(1,884,038)

 

As of 31 March 2019 the share capital consists of 1’000 shares, each with a par value of CHF 100. The share capital is fully liberated.


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