8VI : Full Year Statutory Accounts & App 4E

For personal use only

AND ITS SUBSIDIARIES

RESULTS FOR ANNOUNCEMENT TO THE MARKET (ASX APPENDIX 4E)

&

ANNUAL FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR

ENDED 31 MARCH 2022

Contents	Page
Results for Announcement to the Market	A
Operations & Financials Review	B
Annual Financial Statements	C
General Information	1
Directors' Statement	2
Independent Auditor's Report	7
Consolidated Statement of Financial Position	12
Statement of Financial Position - Company	13
Consolidated Statement of Comprehensive Income	14
Consolidated Statement of Changes in Equity	15
Statement of Changes in Equity - Company	17
Consolidated Statement of Cash Flows	18
Notes to the Financial Statements	19
Media Enquiries:
Louis Chua	Goh Yi Lin / Sua Xiu Kai
Company Secretary (Australia)	Investor Relations
8VI Holdings Limited	8VI Holdings Limited
[phone]	[phone]
[e-mail]	[e-mail]

About 8VI Holdings Limited

8VI Holdings Limited ("8VI") is a Singapore-based FinEduTech company operating under the brand name VI.

Established in 2008, VI is the representation of our beliefs and roots in Value Investing and empowers the average man-on-the-street to achieve sustainable wealth as part of their mission to make investments smarter, faster and easier.

VI App, a unique, proprietary stock analysis tool developed through 8BIT Global Pte Ltd ("8BIT"), crunches traditional financial data and simplifies the complex stock analysis and decision-making process for equity investors into easy-to-use visuals under a comprehensive framework. As a licensed Financial Adviser approved by the Monetary Authority of Singapore, 8BIT provides financial advice concerning securities and units in collective investment scheme through research analyses and research reports, through VI App.

With numerous offices across the Asia Pacific region, VI College supports a community of graduates and value investors from 29 cities globally through its flagship "VI Bootcamp" and other programmes. As the region's leading FinEduTech provider, VI College leverages the power of technology and transforms the perception and application of value investing.

For personal use only

8VI Holdings Limited (ASX: 8VI)

(Incorporated in the Republic of Singapore)

Company Registration Number: 201505599H

ARBN 605 944 198

RESULTS FOR ANNOUNCEMENT TO THE MARKET (ASX APPENDIX 4E)

For the financial year from 1 April 2021 to 31 March 2022

RESULTS FOR ANNOUNCEMENT TO THE MARKET

(All comparisons to financial year ended 31 March 2021)

	S$	Up/Down	% Movement
Revenue from ordinary activities	31,353,141	Up	21%
Profit after tax from ordinary activities attributable
to members	1,985,400	Down	-66%
Net profit attributable to members	1,985,400	Down	-66%

EXPLANATION FOR REVENUE FROM ORDINARY ACTIVITIES, PROFIT AFTER TAX FROM ORDINARY ACTIVITIES AND NET PROFIT ATTRIBUTABLE TO MEMBERS

The increase in revenue from ordinary activities is mainly attributable to overall growth in the FinTech arm and financial education in Taiwan. The reduction in profit after tax from ordinary activities and net profit attributable to members is due to rising business costs, particularly in branding and marketing expenses. Please refer to the Operating and Financial Review for more details.

		Franked
	Amount per	amount per
	share	share
	(Singapore	(Singapore	Tax rate for
Dividend information	cent)	cent)	franking credit
Final FY2022 dividend per share	NIL	NIL	NIL
		31.3.2022	31.3.2021
Net tangible assets per security		S$0.31	S$0.26

This information should be read in conjunction with the FY2022 Annual Financial Report of 8VI Holdings Limited and its subsidiaries and any public announcements made in the period by 8VI Holdings Limited in accordance with the continuous disclosure requirements of the Companies Act (Chapter 50) and Listing Rules.

Additional Appendix 4E disclosure requirements can be found in the Directors' statement and the consolidated financial statements for the financial year ended 31 March 2022.

This report is based on the consolidated financial statements which have been audited by KLP LLP.

A

For personal use only

Operations and Financials Review

Financial Year 2022

Overview

In 2020, the COVID-19 global pandemic accelerated 8VI's overall digitalization plan and transformation journey, which catalysed the growth of the Group, resulting in exceptional growth for the following 2 financial periods. While 8VI rode on the strong momentum from the previous financial year, the team has not rested on its laurels and continued to adapt, innovate, and invest heavily in several projects and initiatives in FY2022, aimed at propelling the Group to the next level in the new post-pandemic world

FY2022 in review

As such, the Group recorded revenue of S$31.4 million in FY2022 as compared to S$26.0 million in the corresponding period in the previous year (FY2021), representing growth of 21%.

The Group's Adjusted EBITDA for FY2022 is S$7.2 million, a 22% reduction as compared to S$9.3 million in FY2021. Accordingly, our net profit after tax is recorded at S$3.6 million (FY2021: S$6.5 million), mainly due to increased branding and marketing expenses.

Adjusted EBITDA

	FY2022	FY2021
	S$'000 S$'000
Net profit after tax	3,584	6,496
Adjust:
Income tax (credit)/expense	(380)	1,037
Finance cost	114	34
Depreciation & amortisation	2,400	1,944
EBITDA	5,718	9,511
Adjust:
Government grants	(280)	(699)
Legal compensation	(1,112)	-
Stock-based compensation	1,026	666
Secondary listing costs	331	-
Investment loss/(gain)	1,501	(209)

As businesses compete to attract and acquire customers exclusively online, marketing expenses, especially those on social and digital media have rocketed across the board, weighing down on the margins of businesses. 8VI was not exempted from this phenomenon, and therefore it was salient for us to step up our branding efforts across the region. While the initial costs involved may be deemed intensive and its effects may not be apparent immediately, the relationship that we build with the public in the long-term will be crucial in our future development.

Cash flow from operations have decreased significantly to S$8.6 million compared to S$16.8 million in FY2021, while free cash flow stands at S$5.5 million, as compared to S$15.6 million in the previous year. This result was not unexpected given the record industry growth rates last year in Financial Education and FinTech segments. However, when we disregard the outlying results from the pandemic period, the Group continues to see growth in all aspects.

Adjusted EBITDA

7,184

9,269

8VI Holdings Limited	B-I
and its subsidiaries

Operations and Financials Review

Financial Year 2022

Acquisition, Retention and Technology Development Efforts

For personal use only

i. Acquisition

The Group experienced significant growth over the past several years, with our growth rates varying between the different markets depending on the respective region's micro and overall macro environment. In Malaysia and Singapore where we have been operating for a longer period now, the growths have tapered as compared to a newer market like Taiwan. However, our strategy to leverage edutainment and drive conversation about VI and its offerings, remain the common focus across markets in the past financial year. As outlined in the FY2021 annual report, the team has broadened its content creation efforts on multiple platforms and in language-specific formats to build engagement across a wider set of audience, thereby strengthening our brand as well as enhancing our digital footprint.

With a dedicated creative and media team in Singapore, we ramped up production in FY2022 by rolling out several content and edutainment series covering a variety of angles. Our popular Money Money Home series in Malaysia was refreshed in partnership with Mediacorp, by adapting it for relatability through a cast of local artistes, Darren Lim and Sharon Au, and expanding the content to cover areas relevant to the Singaporean viewer. While initial results of our content strategy in Singapore have been encouraging, we do expect a longer runway before we are able to achieve a significant local following and greater digital presence.

In Malaysia, riding on our past successes with local satellite television and IPTV provider, Astro, we also launched a reboot of our "Bijak Labur" Malay- language web series to cater to its predominant ethnic population. The 6-episode series aired in November and December 2021 and garnered 594,000 television viewers throughout its run and a total of 1.1M views across Astro's digital media platforms during the campaign.

Meanwhile in Taiwan, the content series curated for its audience has started to command a steady growing viewer base over the past year. On top of that, purposeful investment made on our branding efforts locally not only brought about positive reception to our products and offerings, but we have also seen a boost on other opportunities for our acquisition effort.

B-II

For personal use only

Operations and Financials Review

Financial Year 2022

Some key mentions are listed in the table below:

In summary, we have published the following content and programmes in FY2022:

Singapore

• "Talk Money with VI" is a podcast series discussing money-related topics and features four different personalities to share their thoughts and experiences. Each episode tackles a topic in an informative yet light-hearted way.
• "Dr VI" is a YouTube Shorts series featuring VI's trainer, as Dr VI. Each episode showcases stock updates and company analyses.
• "Inside an Investor's Mind" is a video series featuring VI's master trainers while exploring various topics from financial management to value investing.
• "Money Money Home" is a remake of the same series in Malaysia that sets out to help Singaporeans learn about and navigate wealth management and investment.
• "Women of Wealth" is a video series featuring inspiring women with their extraordinary stories, and how they abide by and create their own definition of Wealth.
• "ChooseMe" is a video series that follows the journey of 4 mentees' from the VI Community in growing their first $100,000 portfolio with the help of VI's trainers.

8VI Holdings Limited	B-III
and its subsidiaries