TIDMTHAL
RNS Number : 7019P
Thalassa Holdings Limited
10 June 2015
Thalassa Holdings Ltd
(Reuters: THAL.L. Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Final results for the year ended 31 December 2014 and notice of
AGM
Thalassa announces its final results for the year ending 31
December 2014. The audited financial statements are being posted to
shareholders and are available on the Company website at
www.thalassaholdingsltd.com.
HIGHLIGHTS
SEISMIC OPERATIONS
-- Revenue from core Seismic Operations up 50.5% to US$15.5m from US$10.3m in 2013
-- Gross Profit from core Seismic Operations up 144.2% to US$6.6m from US$2.7m in 2013
-- Gross Margin up 61.6% to 42.6% from 26.4% in 2013
MANUFACTURING OPERATIONS
-- Manufacturing Revenue US$0.0m versus US$20.3m in 2013
following conclusion of one-off Statoil manufacturing contract
GROUP RESULTS
-- Group Revenue US$15.5m versus US$30.6m in 2013
-- Group Gross Profit down 29.0% to US$6.6m from US$9.3m in 2013
following conclusion of manufacturing contract
-- Group Gross Margin increased by 40.1% to 42.6% from 30.4% in
2013 due to change in revenue mix and increased pricing on seismic
activities
-- Non-recurring costs of US$11.7m including US$6.5m impairment
of assets and US$4.1m provision for doubtful debts
-- Adjusted Group Net Profit US$0.5m versus US$4.2m in 2013
(excluding non-recurring costs of US$11.7m and R&Dcosts at
Autonomous Robotics of US$1.0m)
-- Group Net Loss US$12.2m versus US$4.4m profit in 2013
-- Adjusted Group Earnings Per Share (basic and diluted) US$0.02
(GBP0.01) versus US$0.26 (GBP0.17) in 2013 (excluding non-recurring
costs of US$(0.47)and impact of R&D costs at Autonomous
Robotics of US$(0.04))*
-- Group Earnings Per Share (diluted)* US$(0.49) (GBP0.32) versus US$0.26 (GBP0.17) in 2013
-- Book value per share US$1.57 (GBP1.01) versus US$2.04 (GBP1.37) in 2013
-- Debt US$ nil (2013: US$ nil)
-- Cash US$17.7m (2013: US$32.2m)
-- Pipeline of order-enquiry and tenders submitted US$93.4m
*based on weightedaverage number of shares in issue of
25,064,289 (2013: 16,567,796)
OPERATIONAL HIGHLIGHTS
-- Completion of 3 surveys (2 x Snorre, 1 x Grane) as part of
the ongoing contract to provide seismic source services to
Statoil's PRM activities in the North Sea
-- Completion of the 17th Life of Field Seismic ("LoFS") survey
undertaken on behalf of BP over the Valhall field in the North
Sea
-- The Group's first business in Multi-Client Data Acquisition
with TGS using WGP's mini-PMSS system utilising P-CableTM High
Resolution 3D technology
-- Completion of shallow water seismic acquisition project in
Prudhoe Bay, North Slope, Alaska
Contacts:
Thalassa Holdings Ltd:
Duncan Soukup, Executive
Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated
adviser):
Chris Fielding, Head of
Corporate Finance 0207 220 1650
CHAIRMAN'S STATEMENT
2014 was a very challenging year for the oil industry and
particularly challenging for WGP, which suffered a number of
unforeseen operational problems.
Over the past 5 years WGP revenues have grown at an average
annual rate of 28.5%, but managing growth is not as easy in
practice as it is in theory. Companies, like humans, experience
growing pains and 2014 was definitely one of those years. WGP took
on multiple projects in 2014, in diverse geographic areas,
inevitably relying on local support, which was not, as had been
agreed with counterparties, always forthcoming.
However, 2014 was not just a story about the numbers. WGP had
operational problems, Autonomous Robotics Limited ("ARL") incurred
high costs associated with a complete review of operations of the
GO Science node and the Group's operational expenditure increased.
Nonetheless, the Company completed all projects safely and to the
ultimate clients' satisfaction.
During the year the price of oil retreated from a peak of US$115
in May/June 2014, to a low of US$43 in January 2015; a 60% decline.
This collapse followed the 2008/09 crash when oil fell 75% from
US$135 to US$35. The first fall was due to economic slowdown, the
financial crash and rapid fall in demand. The 2014 collapse
differed being largely caused by over investment in US shale, which
increased US oil production by nearly 2 million barrels to 9.5
million barrels per day, making the US the world's largest oil
producer ahead of Russia and Saudi Arabia.
The impact on the oil service market has been brutal as
exploration budgets in particular were slashed. In the first
quarter of 2015 alone, Schlumberger (SLB, NYSE), the world's
largest oil service company, announced 9,000 job layoffs in January
2015 followed by a further 11,000 in April 2015. These personnel
cuts have also been matched by commensurate equipment write-downs
or disposals.
As a result of these factors, the Thalassa board initiated a
Group wide asset review and has taken the decision to write- down
all assets which the Board considers are either now overvalued
based on replacement cost or which the board believes will not
generate sufficient future income to justify their current carrying
value. The Board has also decided to expense the research and
development costs associated with ARL rather than capitalising them
in accordance with IFRS convention.
Furthermore, the Board has decided to take a reserve of US$3.4m
against the entire JSC Sevmorgeo ("SMG") receivable, including
interest, and will seek legal redress if management is unable to
negotiate an acceptable settlement with SMG and its parent JSC
Rusgeology ("Rosgeo"). In this connection, I am pleased to report
that discussions have finally begun with Rosgeo, which we hope will
lead to settlement of the outstanding trade receivable.
As is always the case when there is as much bad news as was
experienced in 2014, both on a macro and micro basis, there is
always a silver lining. That silver lining or good news is, in my
opinion, very good news. Excess capacity in the marine seismic
market is finally being retired. 3D, 2D and source vessel capacity
is being withdrawn so rapidly that a recovery in demand should
benefit our Portable Modular (PMSS(TM)) solution. We are also
pleased to report that whilst exploration budgets have been
slashed, production budgets are being increased to include
Permanent Reservoir Monitoring or Life of Field installation
surveys. We anticipate that in 2015, RFP's for 3 new North Sea Life
of Field projects will be put out to tender. We are quietly
confident that we have the best equipment and people for any of
these projects.
In 2014 WGP completed a significant piece of work in the Barents
Sea with TGS. This was WGP's first business in the world of Multi-
Client data acquisition. It is too early to tell how successful
this piece of business will be as the Norwegian Government delayed
the 23rd round of bidding and tendering for Barents Sea acreage and
is not due to close until December 2015. This year we are again
working with TGS in the Barents Sea, but this time as a contractor
on a proprietary basis.
2014 was a year of substantial progress for ARL, which is now
seeking operational sponsorship to continue the development of its
deep water AUV.
2014 was, in financial terms, an "annus horribilis".
Operationally we struggled at times to accommodate customers'
requested variations without seeking to renegotiate contractual
terms. However, behind the scenes, an enormous amount of time and
effort has been invested to position the Group for success in the
future.
Financially the Group is in rude health and well positioned to
capitalise on improving market conditions and increased demand in
our chosen areas of operation.
We have adapted quickly to the huge changes in market
circumstances. We have repositioned WGP to meet these new
challenges and are ready to capitalise on improving market
conditions and increased demand in our chosen areas of
operation.
I am sad to report that Rob Anderson has chosen not to stand for
re-election at this year's meeting. I would like to extend the
Board's sincere thanks to Rob for his sage advice and support and
wish him the very best for the future.
As always, I would like to thank our employees for their hard
work and dedication, our clients for their business and our
shareholders for their participation; I am confident that their
patience will, in time, be rewarded.
C. Duncan Soukup
Chairman
9 June2015
WGP2014 OPERATIONAL REVIEW
During 2014, WGP's strategy of 'Exploration and Beyond', was
reinforced. WGP continued providing bespoke exploration solutions
in frontier and challenging locations as well as permanent
reservoir monitoring ("PRM") services with the objective of
increasing production yields. In addition, WGP continued to develop
its High Resolution 3D capabilities using P-CableTM displacement
technology to provide data to enhance imaging of unconventional
hydrocarbon resources (shallow gas hydrates) and geo-hazards.
The year was a mixture of successes but also unfortunately,
frustrating failures both of which, under the mantra of continuous
development and improvement, have provided an opportunity to 'do
better'; learn from what went well, but more importantly where not
to make the same mistakes again.
During 2014 WGP undertook several projects:
1. Permanent Reservoir Monitoring Project - Statoil
Completion of 3 surveys (2 x Snorre, 1 x Grane) as part of the
ongoing contract to provide seismic source services to the PRM
activities over the Snorre and Grane producing fields. The Dual
Portable Modular Source System ("D-PMSSTM") as built by WGP for
Statoil in 2013, was mobilised on the Platform Supply Vessel
("PSV") "Siem Sailor" (since re-named "Siddis Sailor") in Stavanger
in April 2014 and continued operations until demobilisation in
December. In addition to the 3 prime surveys, WGP was further
tasked to complete additional "seismic-on-demand" surveys for two
research projects in adjacent fields.
2. Permanent Reservoir Monitoring Project - BP
The 17th Life of Field Seismic ("LoFS") survey was undertaken on
behalf of BP in April/May 2014. Having mobilised a Single Portable
Modular Source System (PMSSTM) onboard the PSV "Stryl Myster" the
crew proceeded to acquire some 2,728km of data over the trenched
seabed seismic array at the Valhall platform.
3. High Resolution 3D (P-CableTM) Multi-Client Data Acquisition Project
As a continuation of the High Resolution 3D ("HR3D") survey
utilising P-CableTM technology which WGP completed on behalf of
Spring Energy (now Tullow Oil) in 2012, the company entered into an
agreement with TGS-Nopec Geophysical Company AS ("TGS") (TGS:OSL)
in March 2014 to acquire Multi-Client data in the Barents Sea. For
this project the "Bergen Surveyor" was chartered and outfitted with
a P-CableTM system and our newly developed Mini Portable Modular
Source System ("M-PMSS(TM)"). The vessel acquired data throughout
the summer season in the Barents Sea (May through September)
totalling some 580km2 of high resolution seismic data. The prime
driver behind the program of work was the Norwegian 23rd Licensing
Round which, after much delay was announced on the 20th January
2015. The project, in which WGP has a 50% interest, secured 58%
client pre- funding. Subsequent data sales to "Late Participants"
were concluded in 2015 and have to date covered a further 18% of
the programs cost.
4. Transition Zone Source Vessels
WGP was sub-contracted to provide shallow water seismic source
vessels as part of a Transition Zone ("TZ") Ocean Bottom Node
("OBN") contract for BP Exploration (Alaska) Inc, in Prudhoe Bay,
North Slope, Alaska. For this purpose, partial mobilisation was
completed in Anchorage before all equipment and personnel were
shipped to the North Slope for final mobilisation and operations.
The project ran from mid-June (mobilisation) through the beginning
of October and involved the outfitting and operation of local
vessels "Peregrine" and "Maxime" in rather challenging
environmental conditions.
The company's superb QHSSE record was maintained during the year
with over 190,000 man hours recorded, and a three year average Lost
Time Incident Frequency ("LTIF") ratio of 0.54. Furthermore, the
company continued its proactive approach towards "Zero Harm"
through the focus on Training (1,444 hours recorded) and Safety
Observation Cards (545 hours recorded) during the year.
From a quality and business perspective, in Q2 2014 WGP
commenced the implementation of an 'Enterprise Resource Planning'
("ERP") system. Having identified the need to have integrated
business processes (including procurement, finance, inventory,
project management and customer relationship management) the
company identified a system developed by IFS (Industrial and
Financial Systems), a global enterprise software company, as being
most suitable for its business needs. It is anticipated that the
implementation and integration process will take 18 months to
complete.
In 2015 WGP will continue to pursue core opportunities in the
PRM and HR3D sectors.
OUTLOOK FOR 2015
-- Continuation of the Statoil contract with deployment over Grane field in April 2015
-- New multi-client contract with TGS to acquire further HR3D
P-CableTM data in the South East Barents Sea.
-- Bidding on a number of potential new PRM contracts
Mark Burnett
CEO
WGP Exploration
AUTONOMOUS ROBOTICS LTD (ARL)2014 OPERATIONAL REVIEW
SUMMARY
The main target for ARL during 2014 was to perform a holistic
review of the GO Science Ltd flying node system based on the
stakeholder and market requirements, and to ensure a practical and
deliverable system was presented for funding of development and
manufacture of the flying node system. A new system concept has
been created and rigorously reviewed during due diligence by third
party experts. A clear recommendation of viability was provided by
these third party experts with associated recommendations for
further work in some key areas before progressing to full
development. We are confident that a significant reduction in
survey cost will be achieved for deep water ocean bottom seismic
due to the improved efficiency of the flying node system over
competing systems.
The company changed name from its interim name of GO Science
2013 Ltd to Autonomous Robotics Ltd. The facilities of GO Science
Ltd in Bristol have been vacated and it is planned for ARL to
relocate remaining staff to Eastleigh Court to share premises with
WGP. I joined the company in April 14 and was appointed CEO in June
14.
HOLISTIC REVIEW OF GO SCIENCE FLYING NODE SYSTEM
A stakeholder's requirement document was created and its content
was reviewed by an oil major. An associated risk register was
created to analyse and mitigate the identified risks for
consideration during the development of the concept of operations
(CONOPS). A business structure utilising, where possible, tried and
tested technology was initiated with the aim of subcontracting
design and manufacture of major parts of the system to leading
industry experts and ARL performing programme and technology
management and system integration, test and service/customer
support.
CONCEPT OF OPERATIONS (CONOPS)
A comprehensive CONOPS document was generated identifying both
the technical and operational solution to match the stakeholder
requirement. This resulted in very significant change from the
concept proposed by Go Science including:
-- New flying node concept for improved packing density, robust
node handling and reduction inmanufacture cost
-- Acoustic Navigation Field replaced with a dual USBL system
with one unmanned surface vessel -this technology solution is
currently undergoing acceptance testing by others
-- New node deployment and recovery system using a node sorting
and storage cage based onexisting ROV technology
-- A compact system with 200-300 nodes and full system with 3,500 nodes identified for differentapplications. Equipment deck layout of these systems also identified
-- Survey modelling of the various market opportunities for the
system created to show survey timeand cost benefit
Due diligence of this CONOPS was performed by two recognised
expert Geophysicists for the seismic recording, survey scenarios
and market sections of the CONOPS and due diligence on the
remaining aspects of the system was performed by a leading
engineering consultancy. There was a strong recommendation to
proceed from both sets of consultants with a number of areas
identified for further analysis before proceeding to full
development.
A roadmap was also created to show the main stages and gates for
management of the proposed programme plan for development, test and
manufacture of the equipment. A pool of potential main
subcontractors has been identified and contacted.
BUSINESS PLAN
A business plan based on the new business structure, programme
plan and CONOPS is being created but some refinement is required to
complete the plan. A funding plan is outstanding and there has been
little progress with gaining support from oil majors with current
market difficulties possibly diverting focus from their support of
new technology.
INTELLECTUAL PROPERTY
Due to the significant change in the new flying node and seismic
sensor design compared with the original Go Science concept, the
ARL management have reviewed the intellectual property (IP) held by
ARL and Go Science Group and have recommended to the Board of
Thalassa that the original GO Science IP be written down to zero as
further development using the original IP will not be pursued at
this time.
OUTLOOK FOR 2015
The following prioritytasks will be addressed in 2015:
-- Finalise financial models, business plan and funding plan for the programme
-- Address the key technical risks identified by the due diligence
-- Identify oil majors which will support the development of the flying nodes system
-- Minimise all costs associated with ARL in the meantime
Dave Grant
CEO
Autonomous Robotics Ltd
FINANCIAL REVIEW
SEISMIC OPERATIONS
Seismic Operations Revenue for the period to 31 December 2014
showed an increase of 50.5% to US$15.5m from US$10.3m in 2013. 2014
Revenue from Seismic Operations has been generated from the
completion of the LoFS 17 survey on the Valhall field for BP, the
survey's over the Snorre and Grane fields for Statoil, and the two
new projects for SAExploration in Alaska and the Multi-Client
project with TGS in the Barents Sea.
Cost of Sales in relation to Seismic Operations increased by
17.7% in 2014 to US$8.9m (2013: US$7.6m) as a result of the
increase in operations in 2014 as compared to 2013. Cost of Sales
as a proportion of Revenue decreased to 57.3% from 73.6% in the
prior period.
Gross Profit from Seismic Operations increased by 144.2% to
US$6.6m (2013: USD$2.7m) with Gross margin increasing by 61.6% to
42.6% from 26.4% in 2013. The increase in margin representing
change in revenue mix and increased pricing on seismic
activities.
Operating Profit before depreciation, non-recurring costs and
ARL costs was US$1.0m (2013: US$2.1m) with operating margin 6.4%
compared to 12.0% in 2013.
Profit before tax on Seismic Operations (excluding the
non-recurring costs), was US$0.5m versus US$0.8m in 2013.
Net profit on Seismic Operations (excluding the non- recurring
costs) was US$0.5m versus US$0.2m in 2013 with a net margin of 3.2%
compared to 1.7% in 2013, the increase due to higher withholding
tax estimates accrued for in 2013 on overseas operations, some of
which was released in 2014. This resulted in adjusted basic and
diluted EPS on seismic operations of US$0.02 per share (GBP0.01)
(2013: US$0.01 (GBP0.01)).
MANUFACTURING
Manufacturing Revenue was US$nil versus US$20.3m in the prior
period reflecting the non-recurring revenue recognised in relation
to the manufacture and sale of equipment to Statoil in 2013.
GROUP RESULTS
Group results for the period to 31 December 2014 showed revenue
of US$15.5m versus US$30.6m in 2013, a decrease of 49.3% as a
result of the non-recurring revenue in 2013 from the manufacture
and sale of equipment to Statoil.
Cost of Sales was US$8.9m versus US$21.3m in 2013, the decrease
largely due to the non-recurring manufacturing costs in 2013.
Gross profit was US$6.6m, a decrease of 29.0% versus the same
period last year of US$9.3m (including non-recurring manufacturing
revenue and associated costs) however Gross margin increased by
40.1% to 42.6% from 30.4% in 2013 due to seismic activities factors
described above.
Administrative expenses increased by 47.0% in 2014 to US$6.4m
(2013: US$4.4m). This was largely due to the following:
ARL - investment in R&D related activities of ARL which
contributed costs of US$0.8m in the period as compared to US$0.1m
in 2013. This included a full years worth of costs as compared to a
single month in 2013 (ARL was acquired late November 2013), largely
made up of Payroll and Consultant related costs of US$0.5m
(incorporating the impact of a reduction in headcount from 6 to 3
in Q3), Office related costs of US$0.1m including office rent and
rates on the business premises and warehouse at Aztec West which
was discontinued in July 2014, and Legal and Professional costs of
US$0.1m including patent related costs.
WGP - an increase of US$1.0m to US$3.4m from US$2.4m in 2013
largely due to an increase in Payroll costs of US$0.5m, Office
related costs including rent and rates of US$0.1m and
Relocation/Restructuring costs associated with the move of UK
operations to Eastleigh Court in Wiltshire of US$0.3m. The increase
in Payroll related costs was predominantly due to an increase in
headcount, with the average number of employees increasing to 21
from 13 in 2013.
Thalassa - an increase of US$0.6m predominantly due to legal and
professional fees (US$0.1m), insurance (US$0.1m), directors' fees
(US$0.1m), consultants (US$0.2m) and various other costs (US$0.1m)
including PR and Marketing and IT maintenance costs on the new ERP
software.
Operating Profit before depreciation was US$0.2m versus US$4.9m
in 2013 with operating margin decreasing to 1.2%, from 16.1% in
2013.
Depreciation and Amortisation of US$1.3m (2013: US$0.7m)
reflects depreciation on the Group's equipment of US$1.0m (2013:
US$0.6m), the increase reflecting depreciation on additions
purchased during the period, and amortisation of US$0.3m on the
intellectual property in ARL (2013: US$0.1m).
NON-RECURRING COSTS
IMPAIRMENT - PLANT AND EQUIPMENT
An impairment review of the Group's equipment has been
undertaken, taking into account obsolescence, market conditions,
value in use and useful economic life. As a result an impairment
charge of US$3.3m has been included in the period.
IMPAIRMENT - INTELLECTUAL PROPERTY AND DEVELOPMENT COSTS
An impairment review of the intellectual property (IP) held by
ARL and Go Science Group was undertaken. Since the acquisition of
the IP ARL have been reviewing and reconfiguring the concept of
operation and technical solutions for the main equipment to be used
to provide a practical and deliverable solution for 'flying nodes'
as a cost effective method of acquiring ocean bottom seismic data
for the oil & gas industry. Due diligence by third party
experts has been performed on the technical, seismic, market and
business aspects of this revised concept of operation and technical
solution which supports the system solutions created by ARL
management.
It is therefore appropriate that the applicability of the
acquired IP is assessed by management against this revised concept
of operation and technical solution and the value of the IP
adjusted according to its applicability to the revised 'flying
node' system. As a result an impairment charge of US$2.8m has been
raised in relation to IP plus an additional US$0.4m of capitalized
development costs that have been expensed.
PROVISION FOR DOUBTFUL DEBTS
The Company's subsidiary, WGP Energy Services Ltd received
written notification from the new General Director of its client,
Joint Stock Company Sevmorgeo ("SMG), that SMG now claims it has
not received any documentation confirming that WGP fulfilled its
obligations and therefore no longer recognises the compensation due
to WGP of US$3.4m, including accrued interest of US$0.1m, for
services provided in Ecuador during 2013. This is despite SMG's
previous acceptance of all invoices issued by WGP and numerous
correspondences from the former General Director of SMG confirming
the unpaid compensation, including a legal confirmation executed by
the parties in January 2014.
As a result, the outstanding receivable has been fully provided
for in the period as a doubtful debt.
An additional provision has been included in full against an
outstanding receivable from SAExploration of US$0.7m.
OTHER NON-RECURRING COSTS
In addition to the SMG provision on the outstanding debt the
Company has also recognised a charge for repatriation and
remediation of its equipment from Ecuador to Europe of US$1.2m.
Net financial income of US$0.6m included foreign exchange gains
and interest income in the period partially offset by interest and
share option expense (2013: US$0.7m).
Loss before tax, was US$(12.2)m versus US$4.9m profit in 2013.
Adjusted profit before tax (excluding the non- recurring costs of
US$11.7m and R&D related costs of ARL of US$0.8m) was US$0.5m
compared to US$5.0m in the prior period.
Tax in the period of US$0.02m incorporates an estimate of the
tax liability incurred from the Company's operations across its
different regions of activity offset by the release of over accrued
tax in the prior period.
Adjusted net profit (excluding the non-recurring costs of
US$11.7m and R&D related costs of ARL of US$0.8m) was US$0.5m
compared to US$4.2m in the prior period. Group net loss, was
US$(12.2)m versus a profit of US$4.4m in 2013.
Net assets at 31 December 2014 amounted to US$39.4m (2013:
US$51.2m) resulting in net assets per share of US$1.57 (GBP1.01)
versus US$2.04 (GBP1.32) in 2013.
The Company had debt of US$0.0m at the period end (2013:
US$0.0m).
Net cash flow from operating activities amounted to US$0.3m as
compared to cash outflow of US$(0.9)m in 2013.
Net cash outflow from investing activities, excluding loans to
the THAL Discretionary Trust, amounted to US$(10.0)m largely due
to:
-- capital expenditure of US$9.6m that includes the
refurbishment and upgrade of existing equipment, and the purchase
of new equipment including a mini-PMSSTM and high resolution 3D
P-Cable system deployed on the multi-client project in the Barents
Sea.
-- capital expenditure of US$0.3m on a new ERP system and implementation.
During the period further loans were made to the THAL
Discretionary trust of US$5.2m.
CONSOLIDATED STATEMENT OF INCOME
for the year ended 31 December 2014
2014 2013
$ $
Continuing operations
Revenue 15,517,200 30,551,967
Cost of sales (8,909,444) (21,259,292)
------------------------------------------- -------------------- ------------------
Gross profit 6,607,756 9,292,675
------------------------------------------- -------------------- ------------------
Administrative expenses (6,417,859) (4,366,937)
------------------------------------------- -------------------- ------------------
Operating profit before depreciation
and non recurring costs 189,897 4,925,738
------------------------------------------- -------------------- ------------------
Depreciation and Amortisation (1,307,414) (685,173)
------------------------------------------- -------------------- ------------------
Operating (loss)/profit before
non-recurring costs (1,117,517) 4,240,565
------------------------------------------- -------------------- ------------------
Non-recurring costs
Impairment - Plant and Equipment (3,307,899) -
Impairment - Intellectual Property (2,763,131) -
Impairment - Development Costs (404,298) -
Provision for doubtful debts (4,060,021) -
Other Provisions (1,170,857) -
Total Non-recurring costs (11,706,206) -
------------------------------------------- -------------------- ------------------
Operating (loss)/profit (12,823,723) 4,240,565
------------------------------------------- -------------------- ------------------
Net financial income 592,362 721,227
------------------------------------------- -------------------- ------------------
(Loss)/Profit before taxation (12,231,361) 4,961,792
------------------------------------------- -------------------- ------------------
Taxation 20,994 (575,722)
------------------------------------------- -------------------- ------------------
(Loss)/Profit for the year (12,210,367) 4,386,070
------------------------------------------- -------------------- ------------------
Attributable to:
Equity shareholders of the parent (12,166,241) 4,285,931
Non-controlling interest (44,126) 100,139
------------------------------------------- -------------------- ------------------
(12,210,367) 4,386,070
------------------------------------------ -------------------- ------------------
Earnings per share - US$ (using
weighted average number of shares)
Basic and Diluted (0.49) 0.26
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
$ $
(Loss)/profit for the financial
period Other comprehensive income: (12,210,367) 4,386,070
Exchange differences on re-translating
foreign operations (255,229) 197,185
Impairment of AFS Securities (38,675)
---------------------------------------- ------------------------------------------ -----------------
Total comprehensive income (12,504,271) 4,583,255
Attributable to:
Equity shareholders of the parent (12,460,145) 4,483,116
Non-Controlling interest (44,126) 100,139
---------------------------------------- ------------------------------------------ -----------------
Total Comprehensive income (12,504,271) 4,583,255
---------------------------------------- ------------------------------------------ -----------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2014
2014 2013
$ $
Assets
Non-current assets
Goodwill 368,525 368,525
Intellectual property - 2,870,043
Property, plant and equipment 13,631,466 8,153,119
Multi-Client Library 1,889,693 -
Available for sale financial
assets - 38,675
Loans 7,124,648 1,885,583
-------------------------------------------- ----------------- -----------------
Total non-current assets 23,014,332 13,315,945
-------------------------------------------- ----------------- -----------------
Current assets
Inventory 343,231 690,008
Derivative Financial Asset 66,563 -
Trade and other receivables 2,754,923 7,078,753
Cash and cash equivalents 17,728,074 32,235,155
-------------------------------------------- ----------------- -----------------
Total current assets 20,892,791 40,003,916
-------------------------------------------- ----------------- -----------------
Liabilities
Current liabilities
Trade and other payables 4,530,219 2,084,595
-------------------------------------------- ----------------- -----------------
Total current liabilities 4,530,219 2,084,595
-------------------------------------------- ----------------- -----------------
Net current assets 16,362,572 37,919,321
-------------------------------------------- ----------------- -----------------
Net assets 39,376,904 51,235,266
-------------------------------------------- ----------------- -----------------
Shareholders' Equity
Share capital 250,675 250,575
Share premium 45,034,435 44,668,608
Treasury shares - (279,982)
Other reserves (77,693) 177,536
Retained earnings (5,830,513) 6,272,185
-------------------------------------------- ----------------- -----------------
Total shareholders' equity 39,376,904 51,088,922
Non-controlling interest - 146,344
-------------------------------------------- ----------------- -----------------
Total equity 39,376,904 51,235,266
-------------------------------------------- ----------------- -----------------
These financial statements were approved
and authorised by the board on 9 June
2015.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
$ $
Cash flows from operating activities
(Loss)/profit for the period before
taxation (12,231,361) 4,961,792
Impairment of Non-current assets 6,071,030 -
Provision for doubtful debts 4,060,021 -
Share option expense 168,377 55,367
Loss on disposal of property, plant
and equipment 66,243 -
Unrealised gain on FX option (66,563)
Decrease/(Increase) in inventory 346,777 (608,231)
Decrease/(Increase) in trade and other
receivables 263,809 (6,450,675)
Increase in trade and other payables 2,466,617 1,846,699
Net foreign exchange gain (255,229) (1,109,570)
(2,369,523)
Increase in multi-client library Taxation - - (69,119)
------------------------------------------ ---------------------- ---------------------------
Cash used in/generated by operations (1,479,802) (1,373,737)
Interest paid - (166,749)
Depreciation and Amortisation 1,307,414 685,173
Amortisation of multi-client library 479,830 -
------------------------------------------ ---------------------- ---------------------------
Net cash flow from operating activities 307,442 (855,313)
------------------------------------------ ---------------------- ---------------------------
Cash flows from investing activities
Acquisition of intellectual property (145,185) (2,913,201)
Interest received - 30,958
Purchase of equipment (9,907,805) (941,278)
Loan to THAL Discretionary Trust (5,239,065) (1,885,583)
------------------------------------------ ---------------------- ---------------------------
Net cash flow from investing activities (15,292,055) (5,709,104)
------------------------------------------ ---------------------- ---------------------------
Cash flows from financing activities
Issue of ordinary share capital - 35,366,920
Proceeds from exercise of share options 8,745 -
Disposal of treasury shares 468,787 950,183
------------------------------------------ ---------------------- ---------------------------
Net cash flow from financing activities 477,532 36,317,103
------------------------------------------ ---------------------- ---------------------------
Net (decrease)/increase in cash and
cash equivalents (14,507,081) 29,752,686
Cash and cash equivalents at the start
of the period 32,235,155 2,482,469
------------------------------------------ ---------------------- ---------------------------
Cash and cash equivalents at the end
of the period 17,728,074 32,235,155
------------------------------------------ ---------------------- ---------------------------
CONSOLIDATED STATEMENT OF CHANGESIN EQUITY
for the year ended 31 December 2014
Share Share Treasury Foreign Retained Total Non Total
Capital Premium Shares Exchange Earnings Shareholders Controlling Equity
Reserve Equity Interest
US$ US$ US$ US$ US$ US$ US$ US$
Balance
as at
31 December
2012 133,175 8,517,782 (384,226) (19,649) 1,986,254 10,233,336 46,205 10,279,541
Issue of
Ordinary
Share Capital 117,400 35,304,887 - - - 35,422,287 - 35,422,287
Sale of
treasury
shares - 845,939 104,244 - - 950,183 - 950,183
Total
comprehensive
income
for the
period - - - 197,185 4,285,931 4,483,116 100,139 4,583,255
Balance
as at
31 December
2013 250,575 44,668,608 (279,982) 177,536 6,272,185 51,088,922 146,344 51,235,266
Shares
issued
on exercise
of options 100 8,645 - - - 8,745 - 8,745
Sale of
treasury
shares - 188,805 279,982 - - 468,787 - 468,787
Share option
expense - 168,377 - - - 168,377 - 168,377
Acquisition
of
Non-Controlling
Interest - - - - 102,218 102,218 (102,218) -
Total
comprehensive
income
for the
period - - - (255,229) (12,204,916) (12,460,145) (44,126) (12,504,271)
Balance
as at
31 December
2014 250,675 45,034,435 - (77,693) (5,830,513) 39,376,904 - 39,376,904
The Company's full year results, including the notes to the
consolidated financial statements, and notice of AGM will shortly
be mailed to all Thalassa shareholders and will be made available
on the Company's website at www.thalassaholdingsltd.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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