TIDMTHAL
RNS Number : 5601N
Thalassa Holdings Limited
05 September 2011
5 September 2011
Thalassa Holdings Ltd
("Thalassa" or the "Company")
Results for the 6 months to 30 June 2011
The Company is pleased to announce its financial results for the
6 months ended 30 June 2011. A summary of the results is set out
below.
Contact:
Duncan Soukup, Chairman Tel: + 33 (0)6 78 63 26 89
Thalassa Holdings Ltd
Antony Legge/Oliver Rigby Tel: + 44 (0)20 7776 6550
Daniel Stewart & Company plc
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI in
2007 and listed on AIM in July 2008, is a holding company with a
focus on Marine Seismic operations.
Chairman's Statement
Highlights
Operations
-- Second seismic source deployed and work commenced on New
Contract in North Atlantic, announced 15 April 2011.
-- Successful completion of thirteenth Life of Field Seismic
(LoFS) survey over the Valhall Field in the North Sea, announced 31
May 2011.
Financials - 1st Half 2011
-- Revenues on continuing operations for the 6 months to 30 June
2011 were US$ 464,777 versus US$ nil for H1 2010.
-- Operating Profit before depreciation for the 6 months to 30
June 2011 was US$ 58,885 versus a loss of US$ (366,407) for H1
2010.
-- Net Loss for the period, which reflects the deduction of
depreciation of US$ (110,937) amounted to US$ (55,424).
-- Net (Loss) per share for the period was US$(0.01) versus a
loss of US$(0.05) per share (from operations, excluding gains on
investments) for the same period in 2010.
Financial Review:
Group results for the 6 months to 30 June 2011 show an increase
in revenue to US$ 464,777 as compared to the first half of 2010 of
US$ nil, as revenue from operations only commenced in the second
half of 2010. Revenue in the first half was generated from the
seismic shoot on the Valhall field that completed in May 2011 and
from the new contract in the North Atlantic with WGP and a US based
multi-national oil service company that was announced on 15 April
2011, and on which work started in June 2011.
Cost of sales of US$ 19,484 (H1 2010: US$ 17,723) and
Administrative Expenses of US$ 386,408 (H1 2010: US$ 348,684) have
resulted in Operating profit before depreciation of US$ 58,885
compared to a loss of US$ (366,407) for the comparative period.
Operating loss is stated after Depreciation of US$ 110,937 (H1
2010: US$ nil) resulting in a loss of US$ (52,052) (H1 2010: loss
US$ 366,407).
Net interest expense of US$ (23,399) and foreign currency gains
of US$ 20,027 have resulted in a net loss for the period of US$
(55,424) as compared to a net profit of US$ 185,153 in H1 2010 that
includes net Investment Income generated of US$ 512,540 from
financial investment activities, all of which have been curtailed
in 2011.
Basic loss per share was US$ (0.01) and diluted loss per share
was US$ (0.01) compared to basic and diluted loss per share of US$
(0.05) and US$ (0.04) respectively in the prior period (excluding
Investment Income).
Net assets at 30 June 2011 amounted to US$ 7,407,660, resulting
in a net asset value per share of US$ 1.03 (GBP0.64) in comparison
to US$ 1.04 (GBP0.69) for the prior period.
Cash outflow for the period amounted to US$ (189,239) relating
largely to cash flow from operating activities.
Outlook 2(nd) Half and Full Year 2011
Operations
-- Both Source Systems will be operating for the first time in
the Company's history; one is in use on BP's Valhall field and the
second is being used in the North Atlantic.
Financials
-- The Board expects strongly improved results (from Operations)
for the second half and the Full Year 2011.
-- Revenues from Operations for the second half and for the Full
Year 2011 are expected to exceed US$ 535,000 and US$ 1,000,000
respectively versus US$ 404,086 for the second half and Full Year
2010 (N.B. Operations only commenced in the second half of
2010).
-- Operating Profits before depreciation for the second half and
for the Full Year 2011 are expected to exceed US$ 340,000 and US$
400,000 respectively versus US$ 175,654 for the second half 2010
and an operating Loss of (US$ 190,751) for the Full Year 2010.
-- Net Income for the second half and for the Full Year 2011 is
expected to exceed US$ 200,000 and US$ 145,000 respectively versus
US$ 280,968 for the second half 2010 and a Net Loss from Operations
(excluding gains on investments) of (US$ 100,183) for the Full Year
2010.
Outlook for 2012
With both systems currently in operation, the Board is now
investigating new avenues for increasing the Company's operational
capabilities and enhancing shareholder value. Oil continues to be a
scarce commodity with exploration occurring in ever more hostile
environments, such as the Arctic. The Company's PMSS units have
demonstrated their value in both Permanent Reservoir Monitoring
(PRM)/Life of Field Seismic (LoFS) by increasing extraction
efficiencies and also by aiding exploration capabilities giving the
company a good platform from which to grow.
C. Duncan Soukup
Chairman
Consolidated Interim Statement of Income
Six months
ended Six months ended
30 June 2011 30 June 2010
Unaudited Unaudited
Note US$ US$
Continuing operations
Revenue 464,777 -
Cost of sales (19,484) (17,723)
Gross profit / (loss) 445,293 (17,723)
------------- -----------------
Administrative expenses 4 (386,408) (348,684)
Operating profit before depreciation 58,885 (366,407)
------------- -----------------
Depreciation (110,937) -
------------- -----------------
Operating (Loss) (52,052) (366,407)
------------- -----------------
Interest income 1,610 127
Interest expense (25,009) (10,538)
Other gains and losses - foreign
currency gains 20,027 48,217
Investment income (1) - 572,733
Investment expense (1) - (60,193)
Share of profit of associate - 1,214
(Loss)/Profit before taxation (55,424) 185,153
------------- -----------------
Tax - -
(Loss)/Profit for the financial
period (55,424) 185,153
============= =================
(Loss)/Earnings per share
Basic 3 (0.01) 0.03
============= =================
Diluted 3 (0.01) 0.02
============= =================
(1): Income and Expenses in 2010 from Financial Investing
activities, of US$ 572,733 and US$ (60,193) respectively, have been
reclassified from Revenue to Investment Income / Expense for the
period to 30(th) June 2010. Revenue reflects operating activity
only since all non-core investing activities were curtailed at the
start of the year. Operating Expenses of US$ (17,723) have also
been reclassified to Cost of Sales.
Consolidated Statement of Comprehensive Income
Six months Six months
ended ended
30 June 2011 30 June 2010
Unaudited Unaudited
US$ US$
Profit for the financial period (55,424) 185,153
Other comprehensive income:
Financial assets - available-for-sale
- fair value movement - (545,526)
Total comprehensive income (55,424) (360,373)
============= =============
Consolidated Interim Statement of Financial Position
At At
31 December
30 June 2011 2010
Unaudited Audited
Note US$ US$
ASSETS
Non-current assets
Tangible fixed assets 7,659,081 7,723,349
7,659,081 7,723,349
------------- ------------
Current assets
Inventory 81,109 -
Loans and receivables - 21,268
Trade and other receivables 89,809 66,083
Cash and cash equivalents 315,751 504,989
Total current assets 486,669 592,340
------------- ------------
LIABILITIES
Current liabilities
Trade and other payables 4 478,282 605,170
Loans 4 259,808 247,435
Total current liabilities 738,090 852,605
------------- ------------
Net current assets (251,421) (260,265)
------------- ------------
Net assets 7,407,660 7,463,084
============= ============
EQUITY
Equity attributable to owners
of the parent
Share capital 85,000 85,000
Share premium 7,264,414 7,264,414
Treasury shares (313,725) (313,725)
Retained earnings 371,971 427,395
Equity attributable to owners
of the parent 7,407,660 7,463,084
============= ============
Consolidated Interim Statement of Cash Flows
Six months
ended Six months ended
30 June 2011 30 June 2010
Unaudited Unaudited
US$ US$
Cash flows from operating activities
Operating (Loss)/Profit before
depreciation 58,885 (366,407)
Increase in inventory (81,109) -
Decrease in loans and receivables 21,268 59,432
Increase in trade and other receivables (23,726) (19,286)
(Decrease)/Increase in trade and
other payables (126,888) 120,140
Acquisition of investments - (1,094,132)
Disposal of investments (cost) - 1,169,769
------------- -----------------
Cash used by operations (151,570) (130,484)
Interest paid (25,009) (10,538)
Net cash flow from operating activities (176,579) (141,022)
------------- -----------------
Cash flows from investing activities
Investment Income - 572,733
Investment Expense - (60,193)
Interest received 1,610 127
Net cash flow from investing activities 1,610 512,667
------------- -----------------
Cash flows from financing activities
Other gains and losses - foreign
exchange 20,027 48,217
Increase in shareholder loan 12,373 505,417
Purchase of equipment (46,669)
Net cash flow from financing activities (14,269) 553,634
------------- -----------------
Net (decrease) / increase in cash
and cash equivalents (189,238) 925,279
Cash and cash equivalents at the
start of the period 504,989 135,738
Cash and cash equivalents at the
end of the period 315,751 1,061,017
============= =================
Consolidated Interim Statement of Changes in Equity
for the six months ended 30 June 2011 (unaudited)
Retained
earnings
Share Share Treasury Other / Total
Note Capital Premium shares reserves (losses) Equity
US$ US$ US$ US$ US$ US$
Balance as at 1
January 2010 85,000 7,125,634 (482,653) 510,208 (118,864) 7,119,325
Total comprehensive
income for the
period - - - (545,526) 185,153 (360,373)
Balance as at 30
June 2010 85,000 7,125,634 (482,653) (35,318) 66,289 6,758,952
-------- ---------- ---------- ---------- ---------- ----------
Balance as at 1
January 2011 85,000 7,264,414 (313,725) - 427,395 7,463,084
Total comprehensive
income for the
period - - - - (55,424) (55,424)
Balance as at 30
June 2011 85,000 7,264,414 (313,725) - 371,971 7,407,660
-------- ---------- ---------- ---------- ---------- ----------
Notes to the Consolidated Interim Financial Information
1. General information
Thalassa Holdings Ltd (the "Company") is a BVI business company,
incorporated and registered in the British Virgin Islands on 26
September 2007. The Company was established as a holding company,
and currently has three subsidiaries, Thalassa Energy Services Ltd
("TESL"), Thalassa Public Investments Ltd ("TPUIL") and Thalassa
Private Investments Ltd ("TPRIL") (together with Thalassa Holdings
Ltd, the "Group"). TPUIL and TPRIL are no longer operating as all
financial investment activity was curtailed in 2010.
TESL was established to acquire marine seismic equipment,
specifically a Portable Modular Source System ("PMSS(TM)"). TESL
has two PMSS(TM) units. The equipment can be installed on a vessel
in order to provide the seismic (sound) source to allow exploration
and production companies to perform reservoir monitoring.
The condensed consolidated interim financial information was
approved for issue by the Company's Board of Directors on 1(st)
September 2011. This financial information is unaudited but has
been reviewed by the Company's auditors.
2. Significant Accounting policies
The Group prepares its accounts in accordance with applicable
International Financial Reporting Standards ("IFRS") as adopted by
the EU.
The accounting policies applied by the Company in this unaudited
consolidated interim financial information are the same to those
applied by the Company in its consolidated financial statements as
at and for the period ended 31 December 2010 except for the
following:
-- fixed assets are depreciated on a straight line basis over 15
years from the point at which the equipment is deployed and put
into use,
-- prior year income and expenses from financial investing
activities have been reclassed from Revenue to Investment Income /
Expense. Revenue reflects operating activity only since all
non-core investing activities were curtailed at the start of the
year.
2.1. Basis of preparation
The consolidated interim financial information for the six
months ended 30 June 2011 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 period ended 31 December 2010 except as stated in Note
2.
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
ended ended
30 June 30 June
2011 2010
Unaudited Unaudited
The calculation of earnings per
share is based on the following
(loss) / profit and number of shares:
Profit / (loss) for the period
(US$) (55,424) 185,153
=========== ===========
Weighted average number of shares
of the Company:
Basic 7,200,000 6,500,000
Diluted 9,580,000 8,880,000
=========== ===========
Earnings / (loss) per share:
Basic (US$) (0.01) 0.03
Diluted (US$) (0.01) 0.02
=========== ===========
Net (Loss) per share, for the period, of US$ (0.01) per share is
comparable to a net (loss) per share from the prior period of US$
(0.05) per share (from operations after excluding gains on
investments). The prior period comparative is calculated by
deducting net investment income from financial investing activities
that have since been curtailed of US$ 512,540 from the profit for
the period of US$ 185,153.
3.1 Diluted weighted average number of share of the Company
The basic weighted average number of shares of the Company have
been adjusted in order to calculate the diluted weighted average
number of shares of the Company for the share options detailed
below. Further details of which can be found in the Financial
Statements for the period to 31 December 2010.
-- Founding shareholder options - 2,125,000 shares
-- Non-Executive Director share options - 255,000 shares
4. Related party balances and transactions
At 30 June 2011, the amount owed to the Chairman as a result of
a loan provided from him to the Company was US$ 259,808. This loan
is secured against the assets of the company and bears interest at
10%.
Also during the period, the Company was invoiced US$ 222,000 of
fees (H1 2010: US$ 248,584) and US$ 12,085 of interest (H1 2010:
US$ 4,668) from a company in which the Chairman has a beneficial
interest. Such fees include legal, financial and administrative
services provided to the Company. At 30 June 2011, the amount owed
to this company was US$ 362,043.
5. Share options
During the period none of the share options were exercised,
lapsed or issued.
6. Post balance sheet events
In August 2011 the Company made a payment of US$ 178,759 to a
company in which the Chairman has a beneficial interest. This
includes a balance outstanding of US$ 163,718 for legal, financial
and administrative services brought forward from the prior year,
and interest of US$ 15,041.
On 23 July, the Non-Executive Director three year options to
subscribe for up to 85,000 shares in the Company lapsed. It is
expected that new options will be issued on similar terms.
7. Copies of the Interim Report
The interim report is available on the Company's website:
www.thalassaholdingsltd.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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