3.    Consolidated statement of profit or loss and other comprehensive income

4.    Consolidated statement of financial position

5.    Consolidated statement of changes in equity

6.    Consolidated statement of cash flows

7.    Discontinued operations

The Group signed a share purchase agreement on 4 June 2019 to sell its core operating business, eServGlobal Holdings SAS and its controlled entities, to Seamless Distribution Systems. This agreement was conditional upon shareholder approval to be sought at an EGM. On 25 July 2019, the Group completed the sale of the core business following the EGM held on 22 July 2019. Total cash consideration of €2m ($3.2 million) prior to any costs to sell was received by the Company on the completion date.

8.    Investment in associate

Details of the material investment in associate at the end of the reporting period are as follows:

(i)    HomeSend SCRL was formed on 3 April 2014.  The directors have determined that the Group exercises significant influence over HomeSend SCRL by virtue of its 35.68 % voting power in shareholders meetings and its contractual right to appoint two out of six directors to the board of directors of that company. The associate is accounted for using the equity method.

(ii)   Reconciliation of the carrying amount of the investment in associate:

9.    Other financial assets

Amounts receivable from associate

During the year, the Company entered into a loan facility agreement with HomeSend SCRL for the sole permitted purpose of funding the pre- payment timing gaps in HomeSend's settlement model (the "Facility"). Mastercard has entered into a similar loan facility agreement with HomeSend SCRL. The Facility is for a total of $31.16 million (€20 million) between the Company and Mastercard with the Company providing approximately $11.57 million (€7.1 million) in proportion to its shareholding in HomeSend SCRL.

The Facility is a revolving credit line providing HomeSend the ability to draw and re-draw the funds as required, with an obligation to return amounts drawn if not required, based on HomeSend's forecasts. The Facility is unsecured and interest is payable quarterly at 1.916% per annum on the amount drawn. There is no establishment or commitment fee. The facility expires on 31 March 2020.

The first drawdown request from HomeSend SCRL under the loan facility was announced on 19 May 2019. As at balance date, the company has provided its proportionate share in total drawdowns with Mastercard amounting to $4.2 million.

10.  Net Tangible Assets per security

11.  Dividends

There are no Dividend Reinvestment Plans.

12.  Control gained over entities

N/A

12.1 Loss of control over entities

During the year, the company sold its core business, eServGlobal Holdings SAS and its controlled entities, to Seamless Distribution Systems. The sale was completed on 25 July 2019 for a total cash consideration of $3.2m prior to any costs to sell.

13.  Subsequent Events

There has not been any matter or circumstance that has arisen since the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

14.  Commentary on Results for the Period

Refer to the explanation of results in Section 2.

15.  Accounts

This report is based on accounts which are in the process of being audited.

Director

Print name:    John Conoley                       Date:   28 February 2020