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Thalassa Holdings Ltd announced its Interim Results for the six months ended 30 June 2021 on 28 September 2021, reporting a Group Net Loss of $1.12m compared to a $0.61m profit in 1H 2020, and basic and diluted loss per share of $0.14. Net cash for the period decreased to $1.9m from $6.8m in the prior year period, with portfolio holdings at $10.9m (1H 2020: $13.5m). Additionally, Thalassa exited its London Medical Laboratory commitment as announced on 17 September 2021, and in July 2021, a CHF 200,000 loan from its subsidiary Apeiron AG to Janzz Technologies converted into 133,333 ordinary shares.
| Date | 28 Sept 2021 |
| Time | 07:00:04 |
| Category | Results |
| ID | 1406N |
28 September 2021
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Interim Results for the period ended 30 June 2021
GROUP RESULTS 1H 2021 versus 1H 2020
|
Net financial income / (expense) |
($0.01)m vs. $2.39m |
|
|
|
|
|
|
Group Net Profit/(Loss) for the period |
($1.12m) vs. $0.61m |
|
|
|
|
|
|
Group Earnings/(Loss) Per Share (both basic and diluted)*1 |
($0.14)/(£0.10) vs. $0.04/£0.03 |
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|
|
|
|
Reported Book value per share*2 |
$1.84/£1.33 vs. $1.85/£1.50 |
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|
|
|
|
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Net Cash |
$1.9m vs. $6.8m |
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|
Portfolio Holdings and available for sale investments |
$10.9m vs. $13.5m |
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|
|
|
|
*1 based on weighted average number of shares in issue of 7,945,838 (1H20: 15,138,558) |
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*2 based on actual number of shares in issue as at 30 June 2021 of 7,945,838
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ARL
· Focus on further continued development of Flying Node towards commercialisation
· Efforts to monetise investment through commercial collaboration, third party funding or business combination in progress
id4
· Software development completed and commercialisation and monetisation of investment now primary objectives
London Medical Laboratory ("LML")
· As announced on 17 September 2021, Thalassa exited from its LML commitment due to unforeseen circumstances.
· LML had not availed itself of the Thalassa facility and Thalassa was, therefore, not due any interest.
· Tim Donell, the Company's CFO remains on the Board of LML.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
Note to Editors: Thalassa Holdings Ltd, incorporated and registered in the BVI, is a holding company with various interests across a number of industries.
I am happy to present the unaudited interim accounts for the six months to 30 June 2021.
The stock market merry-go-round continues…except in China.
US and European stock markets continue to climb and hit new highs. These markets through the end of August 2021 are up between 10% (Spain) and 26% (Sweden). At the other end of the spectrum, China has declined by 7.64% since the beginning of the year and by ±17% from its February high.
Rotation out of technology into more cyclical companies has been the main theme recently. in an environment of continued Covid-19 uncertainty, this strikes us as possibly wishful thinking. Covid is not going away in a hurry and with the summer holidays about to end, it will be interesting to see whether a fourth wave disrupts the burgeoning economic recovery. Whilst stock market investors are clearly split, the Fed remains clearly cautious…on the fence!
OPERATIONS
Given the divestiture of ALNA and AMOI, the Board's primary focus is to bring costs in line with the Company's reduced capital base whilst at the same time creating value for shareholders.
ANEMOI (AMOI LN)
Investors will be aware that AMOI shares have been suspended pending further announcements on a potential Reverse Take Over (RTO).
APEIRON
Apeiron is a Swiss registered Company set up to acquire partial or full control of FinTech/RegTech companies. The Company's first transaction was the recently announced acquisition of id4.
AUTONOMOUS ROBOTICS (ARL)
Progress has continued with the development of the Flying Node concept.
The company is continuing to investigate opportunities to increase shareholder value including but not only the possibility of a merger or sale of the business.
ALINA (ALNA LN)
Having completed its plan to transfer the Company to the Standard List and change the Company's investment objectives from a Real Estate Investment Trust (REIT) to an operating company, the Board is now focused on the acquisition of assets to enhance shareholder value. To this end the Company recently announced the acquisition of 2.7% of Dolphin Capital Investors (DCI LN). On 21 July 2021, DCI issued a fact sheet stating that as of Q4 2020, NAV was 16p. NAV has been calculated as a going concern, which somewhat contradicts the reality of the situation, namely that DCI is in liquidation. In the Board's experience there is usually a substantial mismatch between a going concern valuation and a company in liquidation. Whether the ultimate value of DCI shares, in liquidation, lies North of the current market price of 4.2p but South of the stated 16p NAV remains to be seen. We would be happy were DCI to achieve 8p, for a gain in excess of 100% or ecstatic if the new DCI Board achieved 12p which would give ALNA a better than 200% return on investment. Given DCI's current market price, it would appear that Mr Market, does not believe that 16p is achievable!?
OUTLOOK
I would repeat my statement from last year, "at some point Govt. support will be withdrawn and we will, as Mr Buffett puts it…find out who has been swimming naked when the tide goes out."
The big question your board is asking itself, is not will the US Federal Reserve reduce bond buying but how quickly will they increase interest rates. Our current view is that the Fed is more concerned with Employment than inflation and not in a hurry to raise interest rates. Having said that, input price inflation is running substantially ahead of FED targets and if wage inflation follows suit the FED will be faced with a real problem…allow inflation to overshoot or combat inflation and risk harming the economic recovery and job growth. In the meantime the only game in town is the stock market!
Your Board is in the same camp as the FED and believes that deflationary risks are as great as inflationary risks. In other words, we remain cautious and would like to see the porridge cooked before serving and eating.
Responsibility Statement
We confirm that to the best of our knowledge:
(a) 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;
(b) 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
(c) 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
20 September 2021
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2021
|
|
|
|
Six months |
Six months |
Year |
|
|
|
ended |
ended |
ended |
|
|
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
Note |
|
$ |
$ |
$ |
|
|
Continuing Operations |
|
|
|
|
|
|
Revenue |
|
|
169,768 |
269,327 |
55,855 |
|
Cost of sales |
|
|
246,149 |
(29,528) |
900 |
|
Gross profit |
|
|
415,917 |
239,799 |
56,755 |
|
Administrative expenses excluding exceptional costs |
|
|
(1,735,604) |
(2,009,187) |
(3,131,073) |
|
Exceptional administration costs |
|
|
- |
- |
(77,603) |
|
Total administrative expenses |
|
|
(1,735,604) |
(2,009,187) |
(3,208,676) |
|
Operating loss before depreciation |
|
|
(1,319,687) |
(1,769,388) |
(3,151,921) |
|
Depreciation |
|
5 |
(87,818) |
(9,268) |
(47,771) |
|
Impairment |
|
|
- |
- |
- |
|
Operating loss |
|
|
(1,407,505) |
(1,778,656) |
(3,199,692) |
|
Net financial income/(expense) |
|
|
(12,814) |
2,390,564 |
3,591,382 |
|
Other gains |
|
|
302,391 |
- |
1,160,300 |
|
Profit/(loss) before taxation |
|
|
(1,117,928) |
611,908 |
1,551,990 |
|
Taxation |
|
|
(1,159) |
(994) |
109,303 |
|
Profit/(loss) for the year from continuing operations |
|
|
(1,119,087) |
610,914 |
1,661,293 |
|
Discontinued Operations |
|
|
|
|
|
|
Profit/(loss) for the year from discontinued operations |
|
|
- |
- |
(868,303) |
|
Gain on disposal of subsidiary |
|
|
- |
- |
121,891 |
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
(1,119,087) |
610,914 |
914,881 |
|
Attributable to: |
|
|
|
|
|
|
Equity shareholders of the parent |
|
(1,060,345) |
688,859 |
765,725 |
|
|
Non-controlling interest |
|
|
(58,742) |
(77,945) |
149,156 |
|
|
|
|
(1,119,087) |
610,914 |
914,881 |
|
|
|
|
|
|
|
|
Earnings per share - US$ (using weighted average number of shares) |
|
|
|
|
|
|
Basic and Diluted |
3 |
|
(0.14) |
0.04 |
0.06 |
Interim Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
|
|
Six months |
Six months |
Year |
|
|
ended |
ended |
ended |
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
$ |
$ |
$ |
|
|
|
|
|
|
Loss for the financial year |
(1,119,087) |
610,914 |
914,881 |
|
Other comprehensive income: |
|
|
|
|
Exchange differences on re-translating foreign operations |
(154,358) |
(618,630) |
(332,954) |
|
Total comprehensive income |
(1,273,445) |
(7,716) |
581,927 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
Equity shareholders of the parent |
(1,214,703) |
117,333 |
432,771 |
|
Non-Controlling interest |
(58,742) |
(125,049) |
149,156 |
|
Total Comprehensive income |
(1,273,445) |
(7,716) |
581,927 |
Interim Condensed Consolidated Statement of Financial Position
As at 30 June 2021
|
|
|
As at |
As at |
As at |
|
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
Note |
Unaudited |
Unaudited |
Audited |
|
|
Assets |
|
$ |
$ |
$ |
|
Non-current assets |
|
|
|
|
|
Goodwill |
4 |
204,724 |
204,724 |
204,724 |
|
Intangible assets |
4 |
1,384,344 |
577,497 |
948,739 |
|
Investment properties |
|
- |
3,868,782 |
- |
|
Property, plant and equipment |
5 |
1,021,373 |
63,448 |
418,656 |
|
Available for sale financial assets |
6 |
2,471,603 |
5,341,353 |
1,934,068 |
|
Loans |
7 |
8,424,958 |
8,216,085 |
7,606,077 |
|
Total non-current assets |
|
13,507,002 |
18,271,889 |
11,112,264 |
|
|
|
|
|
|
|
Assets Held for Sale |
|
- |
407,031 |
- |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
800,380 |
2,421,232 |
680,443 |
|
Cash and cash equivalents |
|
8,438,006 |
12,891,696 |
9,712,779 |
|
Total current assets |
|
9,238,386 |
15,312,928 |
10,393,222 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
959,263 |
1,469,036 |
1,044,721 |
|
Short term debt |
8 |
74,060 |
- |
- |
|
Borrowings |
8 |
6,504,958 |
6,183,066 |
4,706,981 |
|
Total current liabilities |
|
7,538,281 |
7,652,102 |
5,751,702 |
|
|
|
|
|
|
|
Net current assets |
|
1,700,105 |
7,660,826 |
4,641,520 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Long term debt |
8 |
611,741 |
472,041 |
39,331 |
|
Total non-current liabilities |
|
611,741 |
472,041 |
39,331 |
|
|
|
|
|
|
|
Net assets |
|
14,595,366 |
25,867,705 |
15,714,453 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital |
10 |
208,522 |
255,675 |
208,522 |
|
Share premium |
|
36,714,225 |
45,416,298 |
36,714,225 |
|
Treasury shares |
|
(11,414,289) |
(10,216,218) |
(11,414,289) |
|
Other reserves |
|
260,603 |
(179,431) |
106,245 |
|
Non-Controlling Interest |
|
(225,667) |
503,624 |
(166,925) |
|
Retained earnings |
|
(10,948,028) |
(9,912,243) |
(9,733,325) |
|
Total shareholders' equity |
|
14,595,366 |
25,867,705 |
15,714,453 |
|
Total equity |
|
14,595,366 |
25,867,705 |
15,714,453 |
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2021
|
|
|
As at |
As at |
As at |
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
Notes |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit/Loss for the period before taxation |
|
(1,117,928) |
611,908 |
(3,199,699) |
|
Impairment losses on goodwill |
|
- |
- |
- |
|
(Increase)/decrease in trade and other receivables |
|
(105,342) |
(1,528,300) |
123,388 |
|
(Decrease)/increase in trade and other payables |
|
(98,618) |
174,903 |
78,171 |
|
Loss/(gain) on disposal of PPE |
|
- |
- |
- |
|
Gain/(loss) on disposal of AFS investments |
|
88,130 |
(2,162,700) |
1,907,391 |
|
Net exchange differences |
|
(153,833) |
(618,630) |
1,379,322 |
|
Accrued interest income |
|
(237,392) |
(37,231) |
- |
|
Depreciation |
5 |
87,818 |
9,268 |
47,771 |
|
Share of losses of associate/gain on disposal |
|
- |
- |
(701,165) |
|
Fair value movement on AFS financial assets |
|
(581,487) |
226,778 |
1,290,219 |
|
Cash generated by operations |
|
(2,118,652) |
(3,324,004) |
925,398 |
|
Taxation |
|
(2,775) |
- |
109,303 |
|
Net cash flow used in operating activities |
|
(2,121,427) |
(3,324,004) |
1,034,701 |
|
Net cash flow from discontinued operations |
|
- |
- |
(563,302) |
|
|
|
|
|
|
|
Sale/(purchase) of property, plant and equipment |
|
(25,927) |
(1,551) |
(390,971) |
|
Sale/(purchase) of intangible assets |
|
(435,592) |
(420,072) |
(775,273) |
|
Sale/(purchase) of investment property |
|
- |
157,175 |
3,725,261 |
|
Net (purchase)/sale of AFS financial assets |
|
(625,663) |
1,396,019 |
(2,608,009) |
|
Investments in subsidiaries |
|
- |
(6,385,349) |
(8,150,392) |
|
Net cash flow used in investing activities - continuing operations |
|
(1,087,182) |
(5,253,778) |
(8,199,384) |
|
|
|
|
|
|
|
Proceeds from disposal of Alina Holdings PLC |
|
- |
- |
121,891 |
|
Net cash flow from investing activities - discontinued operations |
|
- |
- |
121,891 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Purchase of treasury shares |
|
- |
(1,525,753) |
(2,723,824) |
|
Leasing Liabilities |
|
(30,969) |
- |
39,331 |
|
Interest Expense |
|
(24,404) |
- |
- |
|
Proceeds from borrowings |
|
1,834,851 |
(1,021,720) |
212,343 |
|
Repayment of borrowings |
|
- |
- |
(3,007,076) |
|
Net cash flow from financing activities - continuing operations |
|
1,779,478 |
(2,547,473) |
(5,479,226) |
|
Net cash flow from financing activities - discontinued operations |
|
- |
- |
(468,856) |
|
|
|
|
|
- |
|
Net decrease in cash and cash equivalents |
|
(1,429,131) |
(11,125,255) |
(13,554,176) |
|
Cash and cash equivalents at the start of the year |
|
9,712,779 |
24,198,744 |
24,198,744 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
154,358 |
(181,793) |
(931,789) |
|
Cash and cash equivalents at the end of the year |
|
8,438,006 |
12,891,696 |
9,712,779 |
Interim Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2021
|
|
Attributable to owners of the Company |
|
|
|
||||
|
|
|
|
|
|
|
|
Non- |
Total |
|
|
Share |
Share |
Treasury |
Other |
Retained |
|
controlling |
Shareholders |
|
|
Capital |
Premium |
Shares |
Reserves |
Earnings |
Total |
Interest |
Equity |
|
|
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|
Balance as at |
255,675 |
45,416,298 |
(8,690,465) |
439,199 |
(10,648,206) |
26,772,501 |
628,673 |
27,401,174 |
|
Purchase of treasury shares |
- |
- |
(1,525,753) |
- |
- |
(1,525,753) |
- |
(1,525,753) |
|
Total comprehensive income for the period |
- |
- |
- |
(618,630) |
735,963 |
117,333 |
(125,049) |
(7,716) |
|
Balance as at 30 June 2020 |
255,675 |
45,416,298 |
(10,216,218) |
(179,431) |
(9,912,243) |
25,364,081 |
503,624 |
25,867,705 |
|
Redemption of Capital |
(47,153) |
(8,702,073) |
- |
- |
- |
(8,749,226) |
- |
(8,749,226) |
|
Purchase of treasury shares |
- |
- |
(1,198,071) |
- |
- |
(1,198,071) |
- |
(1,198,071) |
|
Disposal of subsidiary with NCI |
- |
- |
- |
- |
89,072 |
89,072 |
(396,344) |
(307,272) |
|
Total comprehensive income for the period |
- |
- |
- |
285,676 |
89,846 |
375,522 |
(274,205) |
101,317 |
|
Balance as at |
208,522 |
36,714,225 |
(11,414,289) |
106,245 |
(9,733,325) |
15,881,378 |
(166,925) |
15,714,453 |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
Forex adjustment on bought forwards |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total comprehensive income for the period |
- |
- |
- |
154,358 |
(1,214,703) |
(1,060,345) |
(58,742) |
(1,119,087) |
|
Balance as at 30 June 2021 |
208,522 |
36,714,225 |
(11,414,289) |
260,603 |
(10,948,028) |
14,821,033 |
(225,667) |
14,595,366 |
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 Apeiron Holdings AG which is a company registered in Switzerland. In 2019 Apeiron Holdings AG completed the acquisition of 84% of id4, a FinTech company also 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 International Financial Reporting Standards ("IFRS") as adopted by the United Kingdom.
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 2020 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 2021 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 2020.
These condensed interim financial statements for the six months ended 30 June 2021 and 30 June 2020 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2020 are extracted from the 2020 audited financial statements. The independent auditor's report on the 2020 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.
Notes to the Interim Condensed Consolidated Financial Information Continued
3. Earnings per share
|
|
Six months |
Six months |
Year |
|
|
ended |
ended |
ended |
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
Unaudited |
Unaudited |
Audited |
|
The calculation of earnings per share is based on |
|
|
|
|
Profit/(loss) for the period |
(1,119,087) |
610,914 |
914,881 |
|
|
|
|
|
|
Weighted average number of shares of the Company |
7,945,838 |
15,138,558 |
14,139,629 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic and Diluted (US$) |
(0.14) |
0.04 |
0.06 |
4. Intangible assets
|
|
Development |
|
|
|
|
|
|
|
costs |
Patents |
Software |
Sub-total |
Goodwill |
Total |
|
|
$ |
$ |
$ |
$ |
$ |
$ |
|
At 31 December 2020 |
|
|
|
|
|
|
|
Cost |
838,147 |
110,592 |
- |
948,739 |
361,909 |
1,310,648 |
|
Accumulated amortisation and impairment |
- |
- |
- |
- |
(157,185) |
(157,185) |
|
Net book amount |
838,147 |
110,592 |
- |
948,739 |
204,724 |
1,153,463 |
|
|
|
|
|
|
|
|
|
Half-year ended 30 June 2021 |
|
|
|
|
|
|
|
Opening net book amount |
838,147 |
110,592 |
- |
948,739 |
204,724 |
1,153,463 |
|
FX movement |
(6,088) |
1,504 |
- |
(4,584) |
- |
(4,584) |
|
|
832,059 |
112,096 |
- |
944,155 |
204,724 |
1,148,879 |
|
|
|
|
|
|
|
|
|
Additions |
372,157 |
37,596 |
30,436 |
440,189 |
- |
440,189 |
|
Amortisation charge |
- |
- |
- |
- |
- |
- |
|
Closing net book amount |
1,204,216 |
149,692 |
30,436 |
1,384,344 |
204,724 |
1,589,068 |
|
|
|
|
|
|
|
|
|
At 30 June 2021 |
|
|
|
|
|
|
|
Cost |
1,204,216 |
149,692 |
30,436 |
1,384,344 |
361,909 |
1,746,253 |
|
Accumulated amortisation and impairment |
- |
- |
- |
- |
(157,185) |
(157,185) |
|
Net book amount |
1,204,216 |
149,692 |
30,436 |
1,384,344 |
204,724 |
1,589,068 |
The intangible assets held by the Group increased as a result of capitalising the development costs of Autonomous Robotics Ltd ("ARL") and id4 AG, alongside the introduction of a new ERP system within the Group.
Notes to the Interim Condensed Consolidated Financial Information Continued
5. Property, plant and equipment
|
|
|
|
Plant |
|
|
|
|
Land and |
and |
Motor |
|
|
Total |
buildings |
Equipment |
Vehicles |
|
|
|
|
|
|
|
Cost |
$ |
$ |
$ |
$ |
|
Cost at 1 January 2021 |
784,149 |
75,829 |
187,937 |
520,383 |
|
FX movement |
5,709 |
1,032 |
(378) |
5,055 |
|
|
789,858 |
76,861 |
187,559 |
525,438 |
|
Additions |
685,454 |
664,237 |
980 |
20,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost at 30 June 2020 |
1,475,312 |
741,098 |
188,539 |
545,675 |
|
Depreciation |
|
|
|
|
|
Depreciation at 1 January 2021 |
365,494 |
25,277 |
160,405 |
179,812 |
|
FX movement |
693 |
344 |
215 |
134 |
|
|
366,187 |
25,621 |
160,620 |
179,946 |
|
Charge for the year on continuing operations |
87,818 |
37,184 |
3,237 |
47,397 |
|
Foreign exchange effect on year end translation |
(66) |
(27) |
(3) |
(36) |
|
Depreciation at 30 June 2021 |
453,939 |
62,778 |
163,855 |
227,307 |
|
|
|
|
|
|
|
Closing net book value at 30 June 2021 |
1,021,373 |
678,320 |
24,685 |
318,368 |
Additions relate to the office lease taken out in Aperion Holdings AG, with a corresponding liability in note 10. Depreciation differs to the Income Statement due to forex translation.
6. Investments - Available For Sale Financial Assets
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 20 |
31 Dec 20 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
$ |
$ |
$ |
|
Available for sale investments |
|
|
|
|
At the beginning of the period |
1,934,068 |
4,801,450 |
4,801,450 |
|
Additions |
4,462,197 |
19,589,204 |
28,983,183 |
|
Unrealised gain/(losses) |
41,095 |
(370,754) |
214,956 |
|
Disposals |
(3,965,757) |
(18,678,547) |
(32,065,521) |
|
|
|
|
|
|
At period close |
2,471,603 |
5,341,353 |
1,934,068 |
AFS investments have been valued incorporating Level 1 inputs in accordance with IFRS7.
Notes to the Interim Condensed Consolidated Financial Information Continued
7. Investment Loans
|
|
As at |
As at |
As at |
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
$ |
$ |
$ |
|
Loans at period open |
1,746,866 |
1,695,302 |
1,695,302 |
|
Accrued interest - to be waived |
26,368 |
25,589 |
51,564 |
|
Loans at period close |
1,773,234 |
1,720,891 |
1,746,866 |
|
|
|
|
|
|
Portfolio Holdings at period open |
5,859,211 |
- |
- |
|
Issued |
448,362 |
6,495,194 |
10,661,053 |
|
Accrued interest - to be waived |
217,278 |
- |
90,245 |
|
Repaid |
- |
- |
(6,538,704) |
|
Forex |
70,565 |
- |
578,810 |
|
Fair Value Adjustment |
56,308 |
- |
1,067,808 |
|
Portfolio holdings at period close |
6,651,724 |
6,495,194 |
5,859,211 |
|
|
|
|
|
|
Total of loans and holdings |
8,424,958 |
8,216,085 |
7,606,077 |
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.
The portfolio holdings increased through further drawdown of convertible loan notes to Anemoi International Ltd and the issuance of a convertible loan note from the Group company Apeiron AG to Janzz Technologies of CHF200,000.
8. Borrowings
|
|
As at |
As at |
As at |
|
|
30 Jun 21 |
30 Jun 20 |
31 Dec 20 |
|
|
Unaudited |
Unaudited |
Audited |
|
Non-current liabilities |
$ |
$ |
$ |
|
Credit facility |
- |
- |
|
|
Lease liabilities |
611,741 |
472,041 |
39,330 |
|
|
611,741 |
472,041 |
39,330 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Credit facility |
6,504,958 |
6,148,339 |
4,694,511 |
|
Lease liabilities |
74,060 |
34,727 |
12,470 |
|
|
6,579,018 |
6,183,066 |
4,706,981 |
The credit facilities outstanding as at 30 Jun 2021 consist of fixed term advances opened on 28 Jun 2021 for £4.4m and opened on 7 Jun 2021 for €300k, both advances were settled by 31 Jul 2021 and new credit facilities opened.
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.
Notes to the Interim Condensed Consolidated Financial Information Continued
9. Related party balances and transactions
Under the consultancy and administrative services agreement entered into on 30 August 2014 with a company in which the Chairman has a beneficial interest, the Group accrued $335,000 (1H20:$264,000) for consultancy and administrative services provided to the Group. At 30 June 2021 the amount owed to this company was $200,000 (1H20: $63,287).
10. Share capital
|
|
|
As at |
As at |
|
|
|
30 Jun 2021 |
31 Dec 2020 |
|
|
|
$ |
$ |
|
Authorised share capital: |
|
|
|
|
100,000,000 ordinary shares of $0.01 each |
|
1,000,000 |
1,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Allotted, issued and fully paid: |
|
|
|
|
20,852,359 ordinary shares of $0.01 each |
|
208,522 |
208,522 |
|
|
|
|
|
11. Subsequent events
In July 2021 the Board entered into non-legally binding heads of terms with Anemoi International Ltd and one of its investee companies, id4 AG which set out the key terms for the proposed acquisition of the entire issued share capital of id4 by Anemoi.
In July 2021, the loan to Janzz Technologies of CHF 200,000, as held by the subsidiary Apeiron AG, converted in to equity equal to 133,333 ordinary shares.
12. Copies of the Interim Report
The interim report is available on the Company's website: www.thalassaholdingsltd.com.