FATFISH GROUP LIMITED — Annual Report 2020

Feb 25, 2021

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Fatfish Group Limited (ACN 004 080 460) Level 4, 91 William Street Melbourne VIC 3000 Australia

www.fatfish.co

ASX Announcement

26 February 2021

Fatfish Turns Net Profitable for FY2020 and Net Assets Up by 57%

Highlights:

• For its prelim financial report, Fatfish reports a profit of A$190,852 and EBITDA of A$526,307 for FY2020

• Net Assets increased 57% to A$18.2 million in FY2020

• Fatfish completed the merger of its subsidiary to take up controlling majority stake in Abelco Investment Group AB in FY2020

• Financing business such as Smartfunding’s BNPL and other fintech business (Fatberry Insurance) will be focus of Fatfish moving forward

International venture investment and development firm, Fatfish Blockchain Limited (“ Fatfish ”, “ FFG ” or the “ Company ”) is pleased to announce its Appendix 4E preliminary financial report for the 12-month period ended 31 December 2020.

Fatfish turned into the black in FY2020, registering net profit of A$190,852 compared to losses of A$14.1 million in FY2019.

Meanwhile, Earning Before Interest, Taxes, Depreciation and Amortisation (EBITDA) is at positive A$526,307. The Group’s net assets increased by 57% to A$18.2 million in FY2020.

During FY2020, Fatfish completed the merger of its subsidiary, Fatfish Global Venture AB’s (“ FGV ”) with Swedish listed Abelco Investment Group AB (publ) (“ Abelco ”). As a result, Fatfish now owns 50.1% of Abelco.

Management Commentary

Fatfish CEO Mr. Kin Wai Lau commented:

“Financial Year 2020 is a very interesting period for the Fatfish Group, with the Group making its first profit since 2017.

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Fatfish Group Limited (ACN 004 080 460) Level 4, 91 William Street Melbourne VIC 3000 Australia www.fatfish.co

Having concluded and secured our majority controlling stake in Abelco, the management is hopeful about he opportunities we have in the innovation hot-bed of the Nordic countries in Europe.

Meanwhile, closer to home we are excited to continue to grow our businesses, especially the recently launched Buy-Now-Pay-Later services offered by Smartfunidng and the online insurance of Fatberry. We have a very capable and localised team that understand the tech landscape of Southeast Asia well, and this in shall position us well for the expansion of our core businesses over the next 18-24 months.”

This announcement has been authorised by the Board of Directors of the Company.

– End –

About Fatfish Group Limited

Fatfish Group Limited ( ASX: FFG ) is a publicly traded tech venture builder firm with business interest in the Southeast Asia and Nordic European region. FFG focuses on emerging global technology trends, specifically FFG has been building tech ventures across various sectors of video-games, esports, fintech and consumer internet technologies.

FFG owns a majority stake of 50.1% in publicly-traded Abelco Investment Group AB ( NGM: ABIG ), which is traded on the Swedish exchange, Nordic Growth Market.

FFG and Abelco operate from innovation hubs located in Singapore, Kuala Lumpur and Stockholm.

For more details, please contact:

ir@fatfish.co or visit www.fatfish.co

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APPENDIX 4E

PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Lodged with the ASX under Listing Rule 4.3A

Contents

Results for announcement to the market Net tangible assets Control over other entities Associates and joint venture entities Preliminary financial statements Compliance statement

Page 1

Company Details

Name of reporting entity: Fatfish Group Limited ABN: 88 004 080 460 Reporting period: 1 January 2020 ‐ 31 December 2020 Prior corresponding reporting period: 1 January 2019 ‐ 31 December 2019

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Results for announcement to the market

Results for announcement to the market
Revenue from ordinary activities	Down	75%	to	698,803
Profit from ordinary activities attributable to members	Up	118%	to	2,137,140
Net comprehensive loss for the year attributable to members	Down	98%	to	(373,371)

No dividend has been paid during the financial year or in the previous corresponding period. No dividend has been proposed or declared since the end of the financial year.

Revenue from ordinary activities $698,803 compared to last year's revenue of $2,745,601. The decline in revenue was due to the application of AASB 10, exception to consolidation which was adopted since 6 January 2020 on the deemed completion of the acquisition of Abelco Investment Group AB.

Under AASB 10, investments in subsidiaries are measured at fair value through profit or loss in accordance with AASB 13, rather than being consolidated to form group cccounts. As such, subsidiaries under the Abelco Investment Group AB has been deconsolidated from the consolidation accounts of Fatfish Group Limited.

Net profit attributable to members 2,137,140 compared to last year's loss of $11,858,216.

Earnings per share of 0.26 cents compared with last year's loss of 1.73 cents.

Diluted earnings per share of 0.21 cents compared with last year's loss of 1.73 cents.

Review of Operations

The consolidated profit for the twelve month period ended 31 December 2020 was A$190,852. (2019 loss: $14,132,460).

The net assets of the Group as at 31 December 2020 was $18,180,655. (31 December 2019: $11,533,028).

Against the challenges the world faced due to the unprecedented Covid‐19 pandemic, the Group has maintained its focus in executing its business strategy to improve shareholders’ return.

With changing consumer habits due to the Covid‐19 pandemic, the Group believes that the fintech sector which it is heavily invested in will outperform. Currently, the Group has 78.7% stake in Singapore‐based BNPL provider Smartfunding Pte Ltd and 53.4% stake in Malaysian based insurtech company, Fatberry Sdn Bhd.

Change in accounting treatment

Subsequent to the completion of the merger Fatfish Global Venture AB (“FGV”) with Swedish listed Abelco Investment Group AB (publ) (“Abelco”), the Group now owns 50.1% of Abelco which in turn owns 100% of FGV. Under this new corporate structure, the Group no longer consolidates FGV and its subsidiaries (including iSecrets AB), which contributed to a drop the Group’s revenue.

The Group will mark to market its investment in Abelco based on the share price of Abelco.

Net tangible assets

Net tangible asset backing per ordinary share at 31 December 2020, 0.019 cents and at previous corresponding period, 0.013 cents.

Control over other entities

Control over other entities
Name of entity:	N/A
Date of control gained:	N/A
Contribution to reporting entity's profit:	N/A

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Fatfish Group Limited

ABN: 88 004 080 460

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PRELIMINARY STATEMENT OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2020

Note Continuing operations Revenue 2(a) Cost of sales Gross profit Other income/(expenses) 3(a) Loss on deemed disposal of subsidiaries Unrealised gain/(loss) on investments at fair value Unrealised gain/(loss) in fair value of intangibles Employee benefits expense Depreciation and amortisation expense Impairment expense Administration expenses 3(b) Marketing expenses Listing and filing fees Occupancy expenses Finance costs Profit before income tax Tax expense Net Profit from continuing operations Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations, net of tax Total other comprehensive income/(loss) for the year Total comprehensive income for the year Net profit attributable to: Owners of the parent entity Non‐controlling interest Total comprehensive income attributable to: Members of the parent entity Non‐controlling interest Earnings per share From continuing and discontinued operations: Basic earnings per share (cents) Diluted earnings per share (cents) Investments in equity instruments designated as Fair Value ‐ OCI, net of tax Items that may be reclassified subsequently to profit or loss when specific conditions are met: Foreign currency translation reserve recycled on deemed disposal of subsidiaries	2020 (unaudited) 2019 $ $ 698,803 2,745,601 (179,732) (1,629,113) Group
	519,071 1,116,488 (25,057) 370,693 (193,335) ‐ 1,752,394 (10,601,330) 270,065 (23,118) (143,935) (821,320) (335,281) (386,400) (1,012,783) (1,679,354) (378,916) (1,304,017) (18,165) 7,406 (76,465) (120,449) (166,567) (349,376) (174) (341,683)
	190,852 (14,132,460) ‐ ‐
	190,852 (14,132,460)
	‐ (8,480,410) (2,511,497) 117,594 17,979 117,594
	(2,493,518) (8,245,222)
	(2,302,666) (22,377,682)
	2,137,140 (11,858,216) (1,946,288) (2,274,244)
	190,852 (14,132,460)
	(373,371) (20,476,624) (1,929,295) (2,018,652)
	(2,302,666) (22,495,276)
	0.26 (1.73) 0.21 (1.73)

The above statement should be read in conjunction with the accompanying notes.

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Fatfish Group Limited ABN: 88 004 080 460

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PRELIMINARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

Note ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other financial assets 4 Other assets 7 TOTAL CURRENT ASSETS NON‐CURRENT ASSETS Financial Assets ‐ Fair value OCI 5 Other financial assets 4 Property, plant and equipment Investments at fair value through profit or loss 6 Investments accounted for using the equity method Intangible assets Other non‐current assets 7 Right‐of‐use assets TOTAL NON‐CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 8 Lease liabilities Borrowings Other financial liabilities 9 TOTAL CURRENT LIABILITIES NON‐CURRENT LIABILITIES Borrowings TOTAL NON‐CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 10 Reserves Retained earnings Equity attributable to owners of the parent entity Non‐controlling interest TOTAL EQUITY	2020 (unaudited) 2019 $ $ 1,051,415 596,472 237,724 353,031 ‐ 130,989 1,203,890 845,069 23,535 53,421 Group
	2,516,564 1,978,982
	‐ 2,782,785 3,536,472 ‐ 561,244 879,313 11,669,155 8,487,135 544,950 ‐ 150,591 532,573 8,438 1,180,372 ‐ 39,776
	16,470,850 13,901,954
	18,987,414 15,880,936
	155,376 1,063,951 ‐ 40,459 ‐ 387,593 651,383 2,783,851
	806,759 4,275,854
	‐ 52,054
	‐ 52,054
	806,759 4,327,908
	18,180,655 11,553,028
	40,995,300 39,159,136 (878,605) (5,112,673) (21,641,197) (24,127,887)
	18,475,498 9,918,576 (294,843) 1,634,452
	18,180,655 11,553,028

The above statement should be read in conjunction with the accompanying notes.

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Fatfish Group Limited ABN: 88 004 080 460

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PRELIMINARY STATEMENT OF CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2020

				Reserves
	Ordinary share	Retained	Foreign Currency	Option Reserve	Financial Assets	Subtotal	Non‐controlling	Total
	capital	earnings	Translation		Reserve		interests
			Reserve
	$	$	$	$	$	$	$	$
Consolidated Group
Balance at 1 January 2019	36,248,763	(12,269,671)	2,083,638	398,593	1,023,504	27,484,827	3,653,104	31,137,931
Comprehensive income
Loss for the year	‐	(11,858,216)	‐	‐	‐	(11,858,216)	(2,274,244)	(14,132,460)
Other comprehensive income for the year	‐	‐	(137,998)	‐	(8,480,410)	(8,618,408)	255,592	(8,362,816)
Total comprehensive income for the year	‐	(11,858,216)	(137,998)	‐	(8,480,410)	(20,476,624)	(2,018,652)	(22,495,276)
Transactions with owners, in their capacity as owners, and other
Shares issued during the year	2,952,373	‐	‐	‐	‐	2,952,373	‐	2,952,373
Transaction costs net of tax	(42,000)	‐	‐	‐	‐	(42,000)	‐	(42,000)
Total transactions with owners and other transfers	2,910,373	‐	‐	‐	‐	2,910,373	‐	2,910,373
Balance at 31 December 2019	39,159,136	(24,127,887)	1,945,640	398,593	(7,456,906)	9,918,576	1,634,452	11,553,028
Balance at 1 January 2020	39,159,136	(24,127,887)	1,945,640	398,593	(7,456,906)	9,918,576	1,634,452	11,553,028
Comprehensive income
Profit for the year	‐	2,137,140	‐	‐	‐	2,137,140	(1,946,288)	190,852
Other comprehensive income for the year	‐	‐	(2,510,511)	‐	‐	(2,510,511)	16,993	(2,493,518)
Total comprehensive income for the year	‐	2,137,140	(2,510,511)	‐	‐	(373,371)	(1,929,295)	(2,302,666)
Transactions with owners, in their capacity as owners, and other
Shares issued during the year	2,082,668	‐	‐	‐	‐	2,082,668	‐	2,082,668
Transaction costs net of tax	(95,281)	‐	‐	‐	‐	(95,281)	‐	(95,281)
Shares bought back during the year	(151,223)	‐	‐	‐	‐	(151,223)	‐	(151,223)
Expiry of options	‐	349,550	‐	(349,550)	‐	‐	‐	‐
Derecognition of subsidiaries upon deemed disposal of	‐	‐	‐	‐	7,094,129	7,094,129	‐	7,094,129
Total transactions with owners and other transfers	1,836,164	349,550	‐	(349,550)	7,094,129	8,930,293	‐	8,930,293
Balance at 31 December 2019	40,995,300	(21,641,197)	(564,871)	49,043	(362,777)	18,475,498	(294,843)	18,180,655

The above statement should be read in conjunction with the accompanying notes.

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Fatfish Group Limited ABN: 88 004 080 460

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PRELIMINARY STATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2020

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Interest received Payments to suppliers and employees Net cash generated by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments Loans to related parties: ‐ payments made ‐ proceeds from repayments Net cash deconsolidated on deemed disposal of subsidiary Purchase of property, plant and equipment Net cash (used in)/generated by investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Proceeds from exercise of options Proceeds from issue of convertible notes Share buy‐back payment Payments for capital raising costs Payments of lease liabilities Proceeds from borrowings Repayments of borrowings Net cash provided by (used in) financing activities Net increase in cash held Cash and cash equivalents at beginning of financial year Effect of exchange rates on cash holdings in foreign currencies Cash and cash equivalents at end of financial year	2020 (unaudited) 2019 $ $ 703,780 2,256,811 1,045 1,851 (1,004,711) (4,080,380) Group
	(299,886) (1,821,718)
	‐ 343,673 (410,394) (577,808) ‐ 220,016 36,856 ‐ (159,603) (475,402)
	(533,141) (489,521)
	1,525,000 ‐ ‐ 1,313,833 ‐ 1,539,014 (151,223) ‐ (95,281) (42,000) ‐ (68,865) ‐ 9,040 ‐ (173,668)
	1,278,496 2,577,354
	445,469 266,115 596,472 336,838 9,474 (6,481)
	1,051,415 596,472

The above statement should be read in conjunction with the accompanying notes.

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 1: Summary of Significant Accounting Policies

There have been no material changes in the Company's application of its significant accounting policies as presented in the Company's financial statements for the year ended 31 December 2019. Readers of this report should refer to Note 1: Summary of Significant Accounting Policies in the afore‐mentioned statements for details of those accounting policies.

Note 2: Revenue

enue
(a) Revenue ‐ incubator services ‐ interest revenue ‐ online sales ‐ management fees ‐ services income ‐ income on digital currency mined	2020 (unaudited) 2019 $ $ 70,999 75,749 176,857 1,851 ‐ 2,038,282 ‐ 15,185 60,395 56,567 390,552 557,967 Group
	698,803 2,745,601

Note 3: Profit for the year

(a) Other income/(expenses) ‐ unrealised foreign currency exchange gains/(loss) ‐ other income ‐ gain on sale of fixed assets ‐ gain on sale of investments (b) Included in administration expenses ‐ accounting fees ‐ audit fees ‐ consulting fees ‐ subscription fees ‐ motor vehicle costs ‐ legal fees ‐ travel and accommodation ‐ office related expense ‐ secretarial fees ‐ other miscellaneous expenses it before income tax from continuing operations includes the following specific expenses:	2020 (unaudited) 2019 $ $ (13,048) (20,048) ‐ 371,015 ‐ 19,726 (12,009) ‐ Group
	(25,057) 370,693
	48,000 92,591 45,050 89,328 145,846 253,666 ‐ 25,673 ‐ 7,758 70,775 517,920 ‐ 73,009 45,645 138,154 18,676 18,647 4,924 87,271
	378,916 1,304,017

Profit before income tax from continuing operations includes the following specific expenses:

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 4: Other Financial Assets

CURRENT Amounts receivable from: ‐ related parties ‐ others ‐ related parties ‐ subsidiaries (unconsolidated) ‐ others Less: Provision for impairment of amounts receivable from related parties Convertible Notes ‐ Related parties NON‐CURRENT Promissory Note ‐ subsidiaries (unconsolidated) Total Other Financial Assets Current Non‐Current Terms of Financial assets ‐ PromissoryNote ‐ subsidiaries (unconsolidated) Issuer: Fatfish Global Ventures AB Maturity: 14 November 2024 Interest on loan: Accrue a yearly interest of 5%	2020 (unaudited) 2019 $ $ 226,989 22,775 849,907 569,030 126,994 6,105 ‐ (24,083) Group
	1,203,890 573,827 ‐ 271,242
	1,203,890 845,069
	3,536,472 ‐
	3,536,472 ‐
	1,203,890 845,069 3,536,472 ‐
	4,740,362 845,069

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 5: Financial Assets ‐ Fair Value OCI

		Group
		2020	2019
		(unaudited)
		$	$
NON‐CURRENT
Fair assets ‐ Fair value OCI		‐	2,782,785
TOTAL NON‐CURRENT ASSETS		‐	2,782,785
(a)	Financial assets ‐ Fair Value OCI
	NON‐CURRENT
	Listed and unlisted investments at fair value
	‐ shares in listed corporations	‐	2,609,485
	‐ shares in unlisted corporations	‐	173,300
		‐	2,782,785
	Listed Corporations
	‐ Financial Assets ‐ Fair value OCI's listed corporations have been valued using quoted prices in		active markets.
	Opening Balance	2,609,485	4,519,693
	Movement in foreign currency	‐	5,280
	Deconsolidation of subsidiaries	(2,609,485)	‐
	Movement in fair value of financial assets ‐ fair value OCI	‐	(1,915,488)
		‐	2,609,485
	Unlisted Corporations
	‐ Financial Assets ‐ Fair value OCI's unlisted corporations have been valued using the market approach. The valuation
	techniques uses prices and other relevant information generated by market transactions for identical or similar assets or
	liabilities.
	Opening Balance	173,300	7,251,010
	Additions	‐	105,955
	Disposals	‐	(343,673)
	Movement in foreign currency	‐	(269,791)
	Deconsolidation of subsidiaries	(173,300)	‐
	Movement in fair value of financial assets ‐ fair value OCI	‐	(6,570,201)
		‐	173,300

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 6: Interest in Subsidiaries

(a) Information about Principal Subsidiaries

The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group.

Name of subsidiary	Country of	Ownership	interest held by the	Proportion of non‐controlling	Proportion of non‐controlling
	Incorporation		Group		interests
		2020	2019	2020	2019
Fatfish Disruptive Ventures Limited	British Virgin	100%	100%	‐	‐
	Island
Minerium Limited	Guemsey	‐	100%	‐	‐
Minerium Technology Limited	British Virgin	49%	51%	51%	49%
	Island
D2K Ventures Sdn Bhd	Malaysia	49%	51%	51%	49%
Fatfish Capital Limited	British Virgin	75%	75%	25%	25%
	Island
Fatfish Medialab Pte Ltd	Singapore	75%	75%	25%	25%
Abelco Investment Group AB	Sweden	50.1%	‐	49.9%	‐
Rightbridge Ventures AB	Sweden	50.1%	‐	49.9%	‐
Fatfish Global Ventures AB	Sweden	50.1%	81%	49.9%	19%
Snaefell Ventures AB	Sweden	50.1%	81%	49.9%	19%
iSecrets AB	Sweden	24%	38%	76%	62%
Fatfish Internet Pte Ltd	Singapore	50.1%	81%	49.9%	19%
Fatfish Ventures Sdn Bhd	Malaysia	50.1%	81%	49.9%	19%
vDancer Pte Ltd	Singapore	48%	77%	52%	23%
Fintech Asia Group Limited	British Virgin	26%	53%	74%	47%
	Island
Peer Direct Sdn Bhd	Malaysia	26%	53%	74%	47%
Fatberry Sdn Bhd	Malaysia	13%	30%	87%	70%
Smartfunding Pte Ltd*	Singapore	29%	27%	71%	73%
iCandy Interactive Limited	Australia	18%	56%	82%	44%
iCandy Digital Pte Ltd	Singapore	18%	56%	82%	44%
Appxplore (iCandy) Limited	British Virgin				44%
	Island	18%	56%	82%
Appxplore (iCandy) Sdn	Malaysia	18%	56%	82%	44%
Bhd
Inzen (iCandy) Pte Ltd	Singapore	18%	56%	82%	44%
iCandy Play Limited	British Virgin	‐	56%	‐	44%
	Island
iCandy Games Limited	British Virgin	18%	56%	82%	44%
	Island
PT Joyseed Berbagi Sukses	Indonesia	12%	37%	88%	63%
Beetleroar Sdn Bhd	Malaysia	7%	22%	93%	78%
Smartfunding Pte Ltd*	Singapore	19.9%	‐	80.1%	‐

*The Company holds 19.9% stake in Smartfunding Pte Ltd directly. In addition, the Company holds 58.8% in Smartfunding Pte Ltd via its subsidiary, Abelco Investments Group AB, in which the Company has a 50.1% stake.

(b) Significant Restrictions

There are no significant restrictions over the Group's ability to access or use assets, and settle liabilities, of the Group.

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 6: Interests in subsidiaries (continued)

(c) Subsidiaries held at fair value through profit or loss

The Board adopted the exception to consolidation for investment entities as described in AASB 10. The direct effect of the change in accounting policy sees Abelco Investment Group AB treated as an investment entity which permits the company to value is subsidiaries and relevant investments at fair value. Table below shows the subsidiaries fair value brought into account.

Subsidiary Country of Incorporation vDancer Pte Ltd Singapore iCandy Interactive Limited(i) Australia Fintech Asia Group Limited(i) British Virgin Island Abelco Investment Group AB(ii) Sweden	625,000 5,762,125 ‐ 2,725,010 11,044,155 ‐ Fair value at 31 December 2019 Fair value at 31 December 2020 ‐ ‐
	11,669,155 8,487,135

(i) The fair value of iCandy Interactive Limited is based on its last trade price for the financial year ended 31 December 2020. $625,000 relates to the value of its investments held by the company's subsidiary, Fatfish Medialab Pte Ltd. The remaining interest in iCandy Interactive Limited and Fintech Asia Group Limited is now fair valued through a different subsidiary, Abelco Investment Group AB.

(ii) The fair value of Abelco Investment Group AB is based on its last trade price for the financial year 31 December 2020.

Note 7: Other Assets

CURRENT Prepayments NON‐CURRENT Prepayment for investment(i) Deposits paid Total Other Assets Current Non‐Current	2020 (unaudited) 2019 $ $ 23,535 53,421 Group
	23,535 53,421
	‐ 1,004,920 8,438 175,452
	8,438 1,180,372
	23,535 53,421 8,438 1,180,372
	31,973 1,233,793

(i) An impairment charge for Kryptos‐X was incurred during the financial period.

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 8: Trade and other payables

CURRENT Unsecured liabilities Trade payables Sundry payables and accrued expenses Note 9: Other financial liabilities CURRENT Amounts payable to: ‐ Others ‐ Related parties ‐ subsidiaries (unconsolidated) Convertible loans	2020 (unaudited) 2019 $ $ 78,433 143,456 76,943 920,495 Group
	155,376 1,063,951
	2020 (unaudited) 2019 $ $ 19,166 260,810 632,217 689,111 ‐ 1,833,930 Group
	651,383 2,783,851

Note 10: Issued Capital

(a) Share Capital

The share capital of Fatfish Group Limited (the Company) consists of 928,643,554 fully paid ordinary shares at 31 December 2020.

(b) Movements in ordinary share capital

Opening Balance at 1 January 2019 Issued during the year Less: Transaction costs Closing Balance at 31 December 2019 Opening Balance at 1 January 2020 Issued during the year Less: Transaction costs Share buyback Closing Balance at 31 December 2020 Earnings per share Gains/(Losses) used to calculate basic and dilutive EPS Basic earnings/(loss) per share (cents) Diluted earnings/(loss) per share (cents) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS	Number of shares Amount $ 564,267,892 36,248,763 249,297,239 2,952,373 ‐ (42,000)
	813,565,131 39,159,136
	813,565,131 39,159,136 115,078,243 2,082,668 ‐ (95,281) ‐ (151,223)
	928,643,374 40,995,300
	2,137,140 (11,858,216) 2020 2019 832,736,085 684,311,565 1,004,369,698 684,311,565 Number
	0.26 (1.73) 0.21 (1.73)

Note 11: Earnings per share

Note 12: Operating Segments

The Group operates in four geographical segments, Australia, Singapore, Sweden and British Virgin Island.

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Fatfish Group Limited ABN: 88 004 080 460

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NOTES TO THE PRELIMINARY FINANCIAL STATEMENTS

For the year ended 31 December 2020

Note 13: Events Subsequent to Reporting Date

On 18 February 2021, the Company announced its subsidiary, Smartfunding Pte Ltd had successfully launched its Buy‐Now‐Pay‐Later Platform.

On 22 February 2021, 9,873,333 fully paid ordinary shares were issued following the exercise of 9,873,333 unlisted options with an exercise price of $0.045, raising a total of $444,300.

COMPLIANCE STATEMENT

The financial information provided in Appendix 4E is based on the annual financial report which is being prepared in accordance with Australian Accounting Standards or standards acceptable to ASX.

The reporting and the accounts upon which the report is based used the same accounting policies.

In the Directors' Opinion, this report does give a true and fair view of the matters disclosed.

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

The financial report is not likely to be the subject of dispute or qualification.

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Signed:

Kin Wai Lau Director 26 February 2021

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