Source - DGAP Regulatory

Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: Interim Results

15-Aug-2022 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


  


Highlights for the 6 months ended 30 June 2022

GROUP RESULTS 1H 2022 versus 1H 2021

 

 Profit /(loss) after tax for the year     £0.20m vs. (£0.81)

 Group Earnings Per Share (basic and diluted)*1    £0.03 vs. (£0.10)

 Book value per share*2       £1.50 vs. £0.82

 Holdings         £10.1m vs. £7.9m

 of which Unlisted holdings     £6.4m vs. £6.1m

 of which Listed holdings     £2.5m vs. £0.3m

 of which Hedges      £1.2m vs. £1.5m

 

 *1 based on weighted average number of shares in issue of 7,945,838 (2021: 7,945,838)

 *2 based on actual number of shares in issue as at 30 June 2022 of 7,945,838 (2021: 7,945,838)

 

 

2022 Observations

  • First 6 months of 2022 saw war in Ukraine continue to negatively impact Global economic growth
  • Flow of Russian energy continued to decline causing EU shortages, and a massive increase in European gas prices
  • Global borrowing in 2021 grew to $303 trillion, and keeps growing
  • Companies around the World issued $4.4 trillion of bonds in 2020, and continued through 2021
  • In 2020 Global Government indebtedness was at its highest level since Post-World War I 

 

 

 

 

 

  • Due to Central Bank Intervention, which has kept interest rates low, cost of debt since 2005 when debt/US GDP was 85% vs 140% today, means that interest cost has declined from 2% of GDP to 1.5% of GDP today
  • In an adverse scenario where U.S. borrowing costs rise 2 percentage points above current market expectations, the price tag to USA’s debt would jump from 2% of GDP in 2020 to nearly 6% of GDP in 2030. In Italy, costs could hit 5.5% of GDP—higher than during the European sovereign debt crisis
  • 2022 also saw the worst start to a year for stocks in more than half a century
  • At the halfway point of the year, the tech-heavy NASDAQ had fallen by 30%, whilst the S&P was down by over 20%. Since the 16 June 2022, when the NASDAQ bottomed, it has risen ~18.8%, whilst the S&P has risen ~12.9%...which we believe is unsustainable and a bear market rally that will reverse again
  • The next crisis will not be like its predecessors. In the 1970s, we had stagflation but no massive debt crises because debt levels were low. After 2008, we had a debt crisis followed by low inflation or deflation because the credit crunch had generated a negative demand shock. Today, we face supply shocks in a context of much higher debt levels, implying that, in our opinion, we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis.

 

https://www.bloomberg.com/graphics/2021-coronavirus-global-debt/

 

 

 

Chairman’s Statement

 

Trading update

The Company's hedging strategy has served THAL shareholders well during the first half of the year and whilst our long-quoted-holdings suffered, in some cases substantial declines, these were largely offset by gains in our hedge positions.   

We covered most hedge positions shortly before the mid-June market bottom and subsequent rally, but have since repositioned, and increased our hedge exposure, after what we perceive to have been a ‘dead cat’ bounce. 

Market Action

Shareholders who read my Statement in the Company’s recently released 2021 Annual Report will know that I had for some time anticipated a major market correction, which was, in my opinion, long overdue. 

Global Technology stocks took the full brunt of the 2022 correction on the chin, which has seen Cathie Woods’ ARK Innovation ETF give back virtually all its ~383% gain, and which is now down ~74% since peaking in December 2021. Many of ARK’s investments had no earnings (with no prospect of sustainable earnings) or were trading on triple digit p/e multiples. Many of the major stock market indices have performed badly but not as badly as the investment vehicles with substantial exposure to “Story Stocks”. At the time of writing, the Dow Jones Index is down Year to Date (“YTD”) 15.29%, the S&P 500 is down 13% and the NASDAQ Index is down 19%. whilst European Indices are down YTD between ~7% and ~22%.

Macro Outlook

Your Board is of the opinion that the Market’s recent rally is unsustainable, and take the view that there is another leg down in US and EU (incl. UK) stock prices, which will be driven by earnings’ misses and subsequent reduction in overly optimistic earnings estimates for 2022, 2023 and 2024. 

Analysts surveyed by Bloomberg are still estimating that S&P 500 earnings will increase from current level of

199.67 to 235.78, an increase of 18.08%, in 2022, by +5.22% in 2023, and by +9.02% in 2024. Given the fact that inflation is currently running at record levels, and our view that Central Bankers could well tighten too much, just as Western economies grind to a standstill, we believe that analysts will rapidly start to reduce their 2022 Q3 and Q4, as well as 2023 and 2024 earnings estimates when they get back from their summer holidays.

ARL - https://autonomousroboticsltd.com/

  • Focus on further continued development of Flying Node towards commercialisation with significant progress made in software development.
  • Offshore trials scheduled for the second half of 2022.
  • Advanced sales process aborted due to potential buyer itself being acquired

 

Tappit - https://tappit.com/

  • We await news on further developments

 

Janzz  - https://janzz.technology/

  • Company recently closed strategic investment by subsidiary of major Japanese industry market-leader

 

ALNA - https://www.alina-holdings.com/

  • Please refer to Alina website

 

AMOI - https://anemoi-international.com/

  • Please refer to Anemoi website

 

NWT - https://newmarksecurity.com/

  • Please refer to Newmark Securities’  website

 

Conclusion

We anticipate a further correction to Western Stock Markets, and remain cautious on the macro-economic outlook, which we believe could deteriorate significantly this Winter.

 

 

Duncan Soukup

Chairman

Thalassa Holdings Ltd

12 August 2022

 

 

Responsibility Statement

 

 

We confirm that to the best of our knowledge:

 

  1. the condensed set of financial statements has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R;

 

  1. the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

  1. the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein).

 

 

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company’s strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

 

 

 

Duncan Soukup

Chairman

Thalassa Holdings Ltd

12 August 2022

 

  

 

Financial Review

 

Continuing Operations

Total revenue from operations for the period to 30 June 2022 was £0.1m (1H21: £0.1m).

Net financial income from investment operations was £0.56m (1H21: £0.21m),

Cost of Sales was a credit of nil (1H21 : £0.18m) comprising development costs (net of capitalised costs) at ARL, resulting in a Gross Profit of £0.68m (1H21: gross profit £0.51m).

Administration expenses were £0.33m (1H21: £1.25m).  Depreciation costs were £0.15m (1H21: £0.06m).

Operating Profit was therefore £0.35m (1H21 Loss: (£0.75)m).

Profit before tax was £0.2m (1H21 loss: (£0.8m)).

Net assets at 30 June 2022 amounted to £11.9m (1H21: £10.5m). The increase in net assets primarily due to the sale of id4 to Anemoi International Ltd in 2021.

Net cash (being cash balances less borrowings) was £0.8m as at 30 June 2022 (1H21: £1.4m).

Net cash inflow from operating activities amounted to £0.18m compared to an outflow of £1.85m in 1H21.

Net cash outflow from investing activities amounted to £0.26m, which related to the purchase of portfolio securities and R&D in ARL, compared to 1H21 of £0.47m.

Net cash outflow from financing activities amounted to £3.89m (1H21: inflow £1.29m). This relates to the settlement of the short position on USD, which resulted in a gain of £0.3m.

 

 

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2022

 

 

Six months

Six months

Year

 

ended

ended

ended

 

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

Note

GBP

GBP

GBP

Continuing Operations

 

 

 

 

Revenue

 

119,498

122,712

138,656

Net financial income/(expense)

 

553,522

(9,262)

(355,204)

Other gains

 

101,691

218,574

(22,380)

Share of losses of associated entities

 

(93,758)

-

(9,156)

Cost of sales

 

-

177,921

(55,125)

Gross Profit

 

680,953

509,945

(303,209)

Administrative expenses excluding exceptional costs

 

(330,190)

(1,254,530)

(1,406,048)

Profit/(loss) before depreciation

 

350,763

(744,585)

(1,709,257)

Depreciation

4&5

(147,083)

(63,477)

(101,462)

Profit/(loss) before taxation

 

203,680

(808,062)

(1,810,719)

Taxation

 

(431)

(838)

132,240

Profit/(loss) for the year from continuing operations

 

203,249

(808,900)

(1,678,479)

Profit/(loss) for the year from discontinued operations

 

-

-

(305,509)

Gain on disposal of subsidiary

 

-

-

2,440,728

Profit/(loss) for the year

 

203,249

(808,900)

456,740

Attributable to:

 

 

 

 

Equity shareholders of the parent

 

203,249

(766,439)

456,740

Non-controlling interest

 

-

(42,461)

-

 

 

203,249

(808,900)

456,740

 

 

 

 

 

Earnings per share - GBP (using weighted average number of shares)

 

 

 

 

Basic and Diluted

3

0.03

(0.10)

0.06

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.


Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2022

 

Six months

Six months

Year

 

ended

ended

ended

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

 

GBP

GBP

GBP

 

 

 

 

Profit/(loss) for the financial year

203,249

(808,900)

456,740

Other comprehensive income:

 

 

 

Exchange differences on re-translating foreign operations

586,430

(111,573)

134,698

Total comprehensive income

789,679

(920,473)

591,438

 

 

 

 

Attributable to:

 

 

 

Equity shareholders of the parent

789,679

(878,012)

591,438

Non-Controlling interest

-

(42,461)

-

Total Comprehensive income

789,679

(920,473)

591,438

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

 

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2022

 

 

As at

As at

As at

 

 

30 Jun 22

30 Jun 21

31 Dec 21

Note

Unaudited

Unaudited

Audited

Assets

 

GBP

GBP

GBP

Non-current  assets

 

 

 

 

Goodwill

 

-

147,979

-

Intangible assets

4

1,073,047

1,000,632

907,531

Property, plant and equipment

5

1,608,478

738,269

1,661,081

Portfolio investments

6

1,536,883

1,786,524

1,187,346

Loans

7

6,056,810

6,089,729

5,705,273

Investments in associated entities

8

2,494,091

-

2,325,457

Total non-current assets

 

12,769,309

9,763,133

11,786,688

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

 

897,740

578,531

809,607

Cash and cash equivalents

 

1,297,876

6,099,161

5,398,208

Total current assets

 

2,195,616

6,677,692

6,207,815

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

1,156,112

693,375

1,113,289

Short term debt

9

163,262

53,532

-

Borrowings

9

459,280

4,701,915

4,475,560

Total current liabilities

 

1,778,654

5,448,822

5,588,849

 

 

 

 

 

Net current assets

 

416,962

1,228,870

618,966

 

 

 

 

 

Non-current liabilities

 

 

 

 

Long term debt

9

1,243,273

442,179

1,252,335

Total non-current liabilities

 

1,243,273

442,179

1,252,335

 

 

 

 

 

Net assets

 

11,942,998

10,549,824

11,153,319

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

Share capital

11

128,977

128,977

128,977

Share premium

 

21,717,786

21,717,786

21,717,786

Treasury shares

 

(8,558,935)

(8,558,935)

(8,558,935)

Other reserves

 

(1,696,320)

188,369

(1,696,320)

Non-Controlling Interest

 

-

(163,117)

-

Foreign exchange reserve

 

3,836,171

2,431,576

3,836,171

Retained earnings

 

(3,484,681)

(5,194,832)

(4,274,360)

Total shareholders' equity

 

11,942,998

10,549,824

11,153,319

 

 

 

 

 

Total equity

 

11,942,998

10,549,824

11,153,319

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

These financial statements were approved by the board on 12 August 2022.

Signed on behalf of the board by:  Duncan Soukup

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2022

 

 

As at

As at

As at

 

30 Jun 22

30 Jun 21

31 Dec 21

 

 

Unaudited

Unaudited

Audited

 

Notes

GBP

GBP

GBP

 

 

 

 

 

 

 

 

 

 

Profit/(Loss) before income tax from:

 

 

 

 

Continuing operations

 

203,680

(1,017,374)

(1,810,719)

Add back Portfolio Holdings

 

(561,455)

209,312

374,741

Discontinued operations

 

-

-

(285,509)

Profit/(Loss) before income tax

 

(357,775)

(808,062)

(1,721,487)

Adjustments for:

 

 

 

 

Impairment losses on goodwill

 

-

-

149,992

(Increase)/decrease in trade and other receivables

 

(88,133)

(76,143)

(311,077)

(Decrease)/increase in trade and other payables

 

42,823

(71,283)

347,870

Accrued interest income

 

180,132

(171,592)

-

Gain/(loss) on disposal of portfolio investments

 

(294,986)

(388,540)

117,541

Net exchange differences

 

(26,161)

(111,193)

(93,995)

Depreciation

4&5

147,083

63,477

210,401

Share of losses of associate

 

(93,758)

-

(9,156)

Fair value movement on portfolio investments

 

672,217

(281,978)

(704,554)

Cash generated by operations

 

181,442

(1,845,314)

(2,014,465)

Taxation

 

(431)

(2,006)

132,240

Net cash flow from operating activities

 

181,011

(1,847,320)

(1,882,225)

 

 

 

 

 

Sale/(purchase) of property, plant and equipment

 

-

(18,741)

(1,564,752)

Sale/(purchase) of intangible assets

4

(167,576)

(314,854)

(212,433)

Sale/(purchase) of investment property

 

-

-

-

Net (purchase)/sale of portfolio investments

6

(89,465)

-

97,010

Investments in subsidiaries

 

-

-

(815,428)

Issuance of investment loans

 

-

(138,333)

-

Net cash flow in investing activities

 

(257,041)

(471,928)

(2,495,603)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Interest Expense

 

(25,132)

(17,639)

-

Leasing Liabilities

 

(45,051)

(22,385)

-

Proceeds from borrowings

 

32,116

1,326,267

354,229

Repayment of borrowings

9

(3,853,018)

-

2,167,225

Net cash flow from financing activities

 

(3,891,085)

1,286,243

2,521,454

 

 

 

 

 

Net increase in cash and cash equivalents

 

(3,967,115)

(1,033,005)

(1,856,374)

Cash and cash equivalents at the start of the year

 

5,398,208

7,020,592

7,116,110

Effects of exchange rate changes on cash and cash equivalents

(133,217)

111,574

138,472

Cash and cash equivalents at the end of the year

 

1,297,876

6,099,161

5,398,208

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2022

 

Attributable to owners of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

Total

 

Share

Share

Treasury

Other

Foreign Exchange

Retained

 

controlling

Shareholders

 

Capital

Premium

Shares

Reserves

Reserve

Earnings

Total

Interest

Equity

 

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

 

 

 

 

 

 

 

 

 

 

Balance as at
31 December 2020

128,977

21,717,786

(8,558,935)

78,716

3,697,697

(5,428,679)

11,635,562

(122,298)

11,513,264

Total comprehensive income

-

-

-

109,653

(1,266,121)

233,847

(922,621)

(40,819)

(963,440)

Balance as at 30 June 2021

128,977

21,717,786

(8,558,935)

188,369

2,431,576

(5,194,832)

10,712,941

(163,117)

10,549,824

Disposal of subsidiary with NCI

-

-

-

(1,884,689)

-

-

(1,884,689)

-

(1,884,689)

Exchange on conversion to GBP

-

-

-

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

1,404,595

920,472

2,325,067

163,117

2,488,184

Balance as at
31 December 2021

128,977

21,717,786

(8,558,935)

(1,696,320)

3,836,171

(4,274,360)

11,153,319

-

11,153,319

Total comprehensive income

-

-

-

-

-

789,679

789,679

-

789,679

Balance as at
30 June 2022

128,977

21,717,786

(8,558,935)

(1,696,320)

3,836,171

(3,484,681)

11,942,998

-

11,942,998

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

 


Notes to the Interim Condensed Consolidated Financial Information

 

1. General information

Thalassa Holdings Ltd (the “Company”) is a British Virgin Island (“BVI”) International business company (“IBC”), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.

Autonomous Robotics Limited (“ARL” – formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous Underwater Vehicle (”AUV”) research and development company.

Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa AG which is a company registered in Switzerland.

WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa which has an additional subsidiary, WGP Group AT GmbH, both currently non-operational.

 

2. Significant Accounting policies

The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.

The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2021 except as detailed below.

The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.

 

2.1. Basis of preparation

The condensed consolidated interim financial information for the six months ended 30 June 2022 has been prepared in accordance with International Accounting Standard No. 34, ‘Interim Financial Reporting’. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2021.

These condensed interim financial statements for the six months ended 30 June 2022 and 30 June 2021 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2021 are extracted from the 2021 audited financial statements. The independent auditor’s report on the 2021 financial statements was not qualified.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

 

2.2. Going concern

The financial information has been prepared on the going concern basis as management consider that the Group has sufficient cash to fund its current commitments for the foreseeable future.

 

 

3. Earnings per share

 

Six months

Six months

Year

 

ended

ended

ended

 

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

The calculation of earnings per share is based on
the following loss and number of shares:

 

 

 

Profit/(loss) for the period

203,249

(808,900)

456,740

 

 

 

 

Weighted average number of shares of the Company

7,945,838

7,945,838

7,945,838

 

 

 

 

Earnings per share:

 

 

 

Basic and Diluted (GBP)

0.03

(0.10)

0.06

 

 

 

 

Number of shares outstanding at the period end:

7,945,838

7,945,838

7,945,838

 

4. Intangible assets

 

 

Development

 

 

 

 

 

 

costs

Patents

Software

Sub-total

Goodwill

Total

 

GBP

GBP

GBP

GBP

GBP

GBP

At 31 December 2021

 

 

 

 

 

 

Cost

762,358

126,382

22,550

911,290

-

911,290

Accumulated amortisation

-

-

(3,759)

(3,759)

-

(3,759)

Net book amount

762,358

126,382

18,791

907,531

-

907,531

 

 

 

 

 

 

 

Half-year ended 30 June 2022

 

 

 

 

 

 

Opening net book amount

762,358

126,382

18,791

907,531

-

907,531

FX movement

-

-

2,546

2,546

-

2,546

 

762,358

126,382

21,337

910,077

-

910,077

 

 

 

 

 

 

 

Additions

167,576

-

-

167,576

-

167,576

Amortisation charge

-

-

(3,958)

(3,958)

-

(3,958)

FX movement

-

-

(648)

(648)

-

(648)

Closing net book amount

929,934

126,382

16,731

1,073,047

-

1,073,047

 

 

 

 

 

 

 

At 30 June 2022

 

 

 

 

 

 

Cost

929,934

126,382

25,096

1,081,412

-

1,081,412

Accumulated amortisation

-

-

(8,365)

(8,365)

-

(8,365)

Net book amount

929,934

126,382

16,731

1,073,047

-

1,073,047

 

The intangible assets held by the Group increased as a result of capitalising the development costs of Autonomous Robotics Ltd (“ARL”).

 

5. Property, plant and equipment

 

 

 

Plant

 

 

 

Land and

and

Motor

 

Total

buildings

Equipment

Vehicles

 

 

 

 

 

Cost

GBP

GBP

GBP

GBP

Cost at 1 January 2022

2,017,577

1,413,282

119,576

484,719

FX movement

114,583

81,030

9,376

24,177

 

2,132,160

1,494,312

128,952

508,896

 

 

 

 

 

Cost at 30 June 2022

2,132,160

1,494,312

128,952

508,896

Depreciation

 

 

 

 

Depreciation at 1 January 2022

356,496

27,776

114,924

213,796

FX movement

37,146

19

12,980

24,147

 

393,642

27,795

127,904

237,943

Charge for the year on continuing operations

143,125

93,623

1,996

47,506

Foreign exchange effect on year end translation

(13,085)

7

(3,665)

(9,427)

Depreciation at 30 June 2022

523,682

121,425

126,235

276,022

 

 

 

 

 

Closing net book value at 30 June 2022

1,608,478

1,372,887

2,717

232,874

 

 

6. Securities

 

The Group classifies the following financial assets at fair value through profit or loss (FVPL):-

Equity investments that are held for trading

 

As at

As at

As at

 

30 Jun 21

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

 

GBP

GBP

GBP

Securities

 

 

 

At the beginning of the period

1,187,346

1,397,983

1,417,003

Additions

2,078,047

3,225,366

3,445,080

Unrealised gain/(losses)

(168,131)

29,704

(518,523)

Disposals

(1,693,596)

(2,866,529)

(3,172,142)

Forex on opening balance

133,217

-

15,928

At period close

1,536,883

1,786,524

1,187,346

 

Investments have been valued incorporating Level 1 inputs in accordance with IFRS7.

 

Notes to the Interim Condensed Consolidated Financial Information Continued

7. Loans and holdings

 

As at

As at

As at

 

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

 

GBP

GBP

GBP

Loans at period open

1,333,599

1,262,670

1,279,849

Accrued interest - to be waived

22,403

19,059

39,365

Forex on opening balance

150,599

-

14,385

Loans at period close

1,506,601

1,281,729

1,333,599

 

 

 

 

Portfolio Holdings at 1 January

4,371,674

4,235,156

4,292,777

Issued

-

324,085

255,607

Interest

158,225

157,053

293,767

Repaid

-

-

(475,861)

Forex

20,310

51,006

5,384

Fair Value Adjustment

-

40,700

-

Portfolio holdings at period close

4,550,209

4,808,000

4,371,674

 

 

 

 

Total of loans and holdings

6,056,810

6,089,729

5,705,273

The Loan is to the THAL Discretionary Trust, the terms of the loan are set with a 0% interest rate however interest has been accrued at 3% as per IFRS requirements, it is the intention of the Company to waive this interest upon repayment of the capital.

 

8.  Investments in associated entities

On 17 December 2021, the acquisition of id4 was complete by Anemoi International Ltd with consideration in the form of shares issued to Thalassa and its subsidiary Aperion BVI totaling 36.92% of the voting rights. The investment is recognised using the equity method as described in the financial statements for December 2021

Movement on interests in associates can therefore be summarised as follows:

 

As at

As at

As at

 

30 Jun 22

30 Jun 21

31 Dec 21

 

GBP

GBP

GBP

Fair value of investment at beginning of period

2,325,457

- 

2,086,448

Share of losses for the period

(93,758)

- 

(9,156)

Conversion of loan notes to preference shares

-

- 

248,165

Exchange Variance

262,392

-

-

 

2,494,091

-

2,325,457

 

 

There are no other entities in which the Group holds 20% or more of the equity, or otherwise exercises significant influence over the affairs of the entity.

 

9. Borrowings

 

As at

As at

As at

 

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

Non-current liabilities

GBP

GBP

GBP

Credit facility

-

-

-

Lease liabilities

1,243,273

442,179

1,252,335

 

1,243,273

442,179

1,252,335

 

 

 

 

Current liabilities

 

 

 

Credit facility

459,280

4,701,915

4,324,649

Lease liabilities

163,262

53,532

150,911

 

622,542

4,755,447

4,475,560

 

The credit facilities outstanding as at 30 Jun 2022 consist of fixed term advances opened on in May 2022 for £461k, this advance was settled in July 2022. The settling of the facility outstanding at Dec ’21 was completed on the 9th April 2022.

The lease liabilities comprise of amounts owed in relation to office leases held by ARL and Aperion AG. The lease held by Aperion Holdings AG was entered in to in Feb 2021.

 

10. Related party balances and transactions

Under the consultancy and administrative services agreement initially entered into on 3 January 2011 and most recently updated 1 February 2018 with a company in which the Chairman has a beneficial interest, the Group was invoiced £225,145 (1H21: £261,382) for consultancy and administrative services provided to the Group. As at 30 June 2022 the amount owed to this company was £268,055 (1H21: £156,049).

Having not been paid out under the terms of the agreement, Mr Soukup volunteered to waive £453,856 of the balance held at December 2021. The 2022 services also remain unpaid and will be reviewed on an going basis in line with the performance of the Group.

 

11. Share capital

 

As at

As at

As at

 

30 Jun 22

30 Jun 21

31 Dec 21

 

Unaudited

Unaudited

Audited

 

GBP

GBP

GBP

Authorised share capital:

 

 

 

100,000,000 ordinary shares of $0.01 each

1,000,000

1,000,000

1,000,000

Exchange Rate for Conversion

1.61674

1.61674

1.61674

100,000,000 ordinary shares of $0.01 each in GBP

618,529

618,529

618,529

 

 

 

 

 

 

 

 

Allotted, issued and fully paid:

 

 

 

20,852,359 ordinary shares of $0.01 each

208,522

208,522

208,522

Average Exchange Rate for Conversion

1.61674

1.61674

1.61674

20,852,359 ordinary shares of $0.01 each in GBP

128,977

128,977

128,977

 

The exchange rate used for conversion is the aggregate rate for the transactions as they occurred.

 

12. Subsequent events

 

There were no reportable subsequent events

 

13. Copies of the Interim Report

The interim report is available on the Company’s website:

www.thalassaholdingsltd.com.

 

 

 



ISIN: VGG878801114
Category Code: IR
TIDM: THAL
LEI Code: 2138002739WFQPLBEQ42
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 181199
EQS News ID: 1419957

 
End of Announcement EQS News Service

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