TIDMTHAL
RNS Number : 1340U
Thalassa Holdings Limited
05 April 2016
Thalassa Holdings Ltd
(Reuters: THAL.L. Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Final results for the year ended 31 December 2015 and notice of
AGM
Thalassa announces its final results for the year ending 31
December 2015. The audited financial statements and notice of
Annual General Meeting are being posted to shareholders and will be
made available on the Company website at
www.thalassaholdingsltd.com.
2015 HIGHLIGHTS
FINANCIAL HIGHLIGHTS
-- Revenue up 21.6% to US$18.9m from US$15.5m in 2014
-- Gross Profit up 43.0% to US$9.4m from US$6.6m in 2014
-- Gross Margin up by 17.6% to 50.1% from 42.6% in 2014
-- Operating Profit (EBITDA) up substantially to US$3.7m from US$0.2m in 2014
-- Non-recurring costs of US$12.9m including asset impairment charges
-- Adjusted Group Net Profit (excluding exceptional write downs
of US$12.9m and R&D costs at Autonomous Robotics of US$0.6m) up
138% to US$1.3m versus US$0.5m in 2014
-- Group net loss for the year US$(12.3)m versus loss of
US$(12.2)m for the year in 2014
-- Adjusted Group Earnings Per Share (basic and diluted) US$0.05
per share (GBP0.04) versus US$0.02 (GBP0.01) in 2014 (excluding
exceptional write downs of US$(0.53) and R&D costs at
Autonomous Robotics of US$(0.02)) *
-- Group Earnings Per Share (basic and diluted) US$(0.50) per
share (GBP(0.35)) versus US$(0.49) (GBP(0.32)) in 2014 *
-- Book value per share US$1.12 (GBP0.79) versus US$1.57 (GBP1.11) in 2014
-- Cash at 31 December 2015 US$20.3m (2014: US$17.7m)
-- Cash per share US$0.86 (GBP0.61) versus US$0.71 (GBP0.50) in 2014
-- Debt US$nil (2014: US$nil)
* Based on weighted average number of shares in issue of
24,656,136 at 31 December 2015
Based on 23,608,865 shares issued as at 31 December 2015
OPERATIONAL HIGHLIGHTS
-- Completion of 4 surveys as part of the ongoing contract to
provide seismic source services to Statoil's PRM activities in the
North Sea
-- Completion of contract to provide seismic services to
TGS-NOPEC Geophysical Company ASA, acquiring high resolution 3D
(HR3D) data sets in the South East Barents Sea region
-- Late data sales on the 2014 multi-client data set acquired in
collaboration with TGS
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 +44 (0)207 220 1650
Press Enquiries:
Square1 Consulting (Public Relations)
David Bick/Brian Alexander +44 (0)207 929 5599
CHAIRMAN'S STATEMENT
"May you live in interesting times" is an English expression
also known as the "Chinese curse", although apparently no such
Chinese expression exists. The nearest Chinese expression
(according to Wikipedia) is usually translated as "Better to be a
dog in a peaceful time, than to be a human in a chaotic (warring)
period".
I mention the expression "May you live in interesting times"
because we clearly are living in interesting times. There are more
economic, political, religious and military conflicts being fought
today than ever before. World news in 2015 was pretty downbeat; oil
and gas news was simply dire, although now slowly improving.
However, interesting times also create interesting
opportunities.
Overindulgence is as unhealthy for humans as it is for the
credit markets. The stories of the rapid rise and collapse of the
sub-prime debt leading to near global financial collapse are well
documented and for anyone who hasn't read Michael Lewis's book "The
Big Short", I highly recommend it; it makes for compelling reading
and succeeds in demystifying the subject matter.
The final chapter of the collapse of the oil and gas debt story
is still to be written. Let us hope that Jimmy Rogers, co-founder,
with George Soros, of the Quantum Fund is wrong and the current
mountain of (World) debt doesn't result in another global crisis.
The outlook, however, is not rosy, particularly in the oil and gas
sector where according to the Bank for International Settlements
("BIS"), total debt of the oil and gas sector globally stood at
US$2.5 trillion in 2014, two and half times what it was at the end
of 2006. Add to this the US$3.3 trillion of USD denominated debt
taken on by emerging market debtors since the financial crisis and
China's US$28 trillion of private and public debt and the only
conclusion one can reach is that we do indeed live in (extremely)
interesting times. Global debt now stands at 200% of GDP of the
World, which exceeds levels seen before the financial crash in
2007. Hostile credit conditions risk imperilling companies and
countries, raising the chances of default and corporate
bankruptcies, according to the BIS.
"The total debt of the oil and gas sector globally stands at
roughly US$2.5 trillion, two and a half times what it was at the
end of 2006. The recent fall in the oil price represents a
significant decline in the value of assets backing this debt,
introducing a new element to price developments. In common with
other episodes of retrenchment induced by rapid declines in asset
values, greater leverage may have amplified the dynamics of the oil
price decline. The high debt burden of the oil sector also
complicates the assessment of the macroeconomic effects of the oil
price decline because of its impact on capital expenditure and
government budgets, and due to the interaction with a stronger
dollar."
BIS report OIL and debt by Dietrich Domanski et al March
2015
http://www.bis.org/publ/qtrpdf/r_qt1503f.htm
All of which brings me back to "opportunity". In order to take
advantage of crisis one has to have survived the crisis,
preferably, unscathed. I am happy to report that Thalassa has
survived the current crisis, although not entirely unscathed.
Having said which, 2015 was a record year for our subsidiary
WGP. Revenues, EBITDA and EBIT all reached record levels. As a
Company we do not currently break out these figures for competitive
reasons. The Board constantly reviews this policy as we appreciate
that market participants would appreciate greater clarity, as,
unfortunately, would our competitors. Financially, the Company
closed the year in sound financial health and with zero debt and
US$20.3 million of cash.
2015 was also a year of transition for WGP, which completed its
relocation from Cornwall to Wiltshire. Regrettably, the company
lost more staff to the move than anticipated. ERP roll-out
continued throughout the year and in the course of 2016 the entire
Group will hopefully become seamlessly connected.
OUTLOOK
As I wrote in my last report, US$30 oil is universally
unprofitable, particularly where shale is concerned. Why, given a
US$100 drop in the price of oil from a peak of US$134 has it taken
so long for US production to tail off? The answer is a combination
of easy credit and technological innovation. Shale oil producers,
desperate to stay afloat, have continued to pump oil at a loss in
the vain hope that they could secure sufficient funding to be one
of the survivors. A few have successfully raised equity. However,
most have failed. As I pointed out above, the oil and gas industry
is awash with excess debt. Unfortunately it is now also awash with
excess oil. History has a way of repeating itself; in the same way
that the sub-prime mortgage market was kept afloat by creditors
unwilling to crystallise losses, there are US$2.5 trillion reasons
why the credit markets have no interest in crystallising losses on
their energy exposure.
Fortunately for the oil and gas industry there is a realisation
amongst senior OPEC and Russian officials that $30 oil is both
unprofitable and uneconomical, as it does not support current
spending levels. To date, there has been much talk but not much
action. Nonetheless, WTI oil has recovered from a low of US$26 and
is, at the time of writing, trading around US$37 per barrel; still
not high enough for the industry to return to profitability but a
recovery nonetheless.
I have no doubt that there is a long-term future for oil and I
believe that our Company has good long-term prospects; but it is
quite clear that attitudes towards the burning of fossil fuels in
Advanced Economies are changing. The oil industry will have to
adapt or die. This also means that companies operating in the oil
industry will also have to adapt to the changing environment.
During 2015, Dolphin Geophysical, a direct competitor of WGP, filed
for bankruptcy. Others are teetering on the edge. Management's job
is to focus on areas where we have a competitive advantage such as
Permanent Reservoir Monitoring ("PRM") and to ensure that Return on
Capital Employed ("ROCE") is achieved at a realistic pace; a real
challenge in a market with much excess capacity.
2016 will be another tough year for the oil and gas industry. I
fully expect bankruptcies to increase as exploration budgets are
slashed. Nevertheless, as mentioned above, I am a firm believer
that interesting times create interesting opportunities...for those
able to capitalise on them.
C. Duncan Soukup
Chairman
4 April 2016
WGP OPERATIONAL REVIEW
WGP has continued to perform well in 2015 despite the challenges
faced within the oil and gas sector and geophysical industry as a
result of the collapse in the oil price. WGP, through the
implementation of a corrective action plan during the 2014-15
winter, effected significant improvements in operational
efficiencies and cost control. It has also secured a significant
long term contract with ConocoPhillips, which is due to commence in
Q3 2016.
Statoil Snorre and Grane Permanent Reservoir Monitoring
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
After a somewhat frustrating 2014, the system design
improvements that were planned and implemented to the Dual Portable
Modular Source System (D-PMSS(TM)) during the 2014-15 winter
maintenance period has indeed paid off and, along with some
favourable weather conditions and good survey planning, we have
delivered a total of 4 successful Permanent Reservoir Monitoring
(PRM) surveys to our clients' expectations, and all with zero HSE
incidents.
The Spring 2015 operations saw an immediate improvement in
operational efficiency compared to that of 2014. This was
demonstrated with over 6,000km of data being acquired over the
Snorre and Grane fields, on time and with better than expected
technical downtime levels.
Mobilisation for the Autumn season took place in early September
and although the surveys had been slightly reduced by Statoil to a
total of just under 4,000km, the performance seen during the Spring
was maintained, with even better downtime levels to report on the
completion of the 2 surveys at the end of October.
Following a well-executed demobilisation, the system was taken
back into our storage facility onshore and the first of a two stage
maintenance programme before the Spring 2016 start-up took place.
All personnel involved in the project are looking forward to what
we hope will be continued success with our PRM operations in
2016.
Completion of High Resolution 3D Barents Sea and Northern North
Sea Survey
As reported in the 2015 Interim Report, a contract to acquire
High Resolution 3D ("HR3D") P-Cable(TM) seismic in the Barents Sea
was secured with TGS Nopec Geophysical Co ASA ("TGS") in April
2015. This was a follow-on project from the multi-client operations
conducted with WGP in 2014 using the vessel "Bergen Surveyor".
Using the same vessel, operations commenced in early May 2015.
The programme of work comprised both extended regional coverage
with High Resolution Single Swath 3D ("HRSS3D") data acquisition,
combined with targeted HR3D blocks, as part of the ongoing
development of TGS' multi-client library in the Barents Sea. The
aim of this season's work was to acquire speculative HR2D data for
TGS in new blocks, to provide an insight into the potential of both
P-Cable(TM) data and also shallow target resolution in previously
identified focus areas.
With a greatly improved operating performance and reduced
downtime figures compared to 2014, the original work programme
provided was completed well ahead of schedule much to the
satisfaction of our client with an excellent quality of HR3D and
HR2D data acquired. The client therefore took the opportunity to
acquire additional surveys beyond the original programme in the
Barents Sea and the mid-Norway offshore region. Solid acquisition
performance continued and survey operations were completed at the
end of July as planned with zero HSE incidents and the vessel
returned to Bergen for demobilisation in early August.
The improvements developed by WGP in handling systems,
navigation, 3D binning and in-water towing geometry reaped better
than expected results in acquisition efficiencies. WGP is sanguine
about prospects for the future in HR3D/HRSS3D and see this
acquisition as a true displacement technology. Going forwards we
will look to further improve the suite of systems and offer
deliverables to energy companies making this method attractive.
ConocoPhillips Ekofisk Permanent Reservoir Monitoring Award
WGP was successfully awarded a long term contract by
ConocoPhillips ("COP") in December 2015 to provide seismic data
acquisition services on the Ekofisk field in the Norwegian sector
of the North Sea.
The contract commences in Q3 2016 and will run for an initial 5
years with potential extensions. The scope of work entails surveys
being acquired twice a year in the Spring and Autumn over the
already installed Optoplan recording system.
In addition to the source systems, WGP will be developing and
running a data management and real time QC system for installation
in COP's Norwegian operations centre in Stavanger.
Work on design and build of the project specific containerised
source has begun with prebuild planned for August 2016 and
mobilisation onto the PSV Skandi Nova early September.
OUTLOOK
Currently, contracted work in 2016 comprises the ongoing Statoil
PRM project in the North Sea and the new contract with COP due to
commence in Q3 2016. With the ongoing uncertainty within the
upstream oil and gas exploration sector, WGP has continued to
review its position both internally and externally. Internally, WGP
undertook further cost control measures in the latter part of 2015
that we expect to positively impact 2016 financial performance.
Externally, WGP continues to pursue pipeline opportunities.
Mark Burnett
CEO, WGP Exploration
AUTONOMOUS ROBOTICS LTD (ARL) OPERATIONAL REVIEW
SUMMARY
The Flying Nodes concept for efficient seabed seismic recording
has been further developed and design studies have been performed
on a number of aspects of the technology. An engineering solution
has been proposed for the node navigation system and the node
deployment/recovery cage. A proposed design for the node has also
been further developed with a model of the node produced and
presented at the Society for Exploration Geophysicists (SEG)
Exhibition. This initial marketing of the Flying Node system at SEG
was supported by an animation of the concept, available at
www.autonomousroboticsltd.com, and an associated paper presented at
the SEG conference. The concept was very well received and there
was a high level of interest from both Oil Majors and the seismic
industry. Detailed design of the first prototype node was started
and will continue in 2016.
MARKETING AND FUNDING
Marketing directly to Oil Majors has also continued through the
year with a number of companies offering technical support through
the development programme but, due to market difficulties, external
funding for the full development and manufacture programme has yet
to be secured.
OPERATIONS
Staff was reduced to a level which allowed ARL to continue to
progress the Flying Node concept development to reduce technical
risk. ARL also moved into the new WGP Eastleigh Court facility.
TECHNOLOGY DEVELOPMENT
An engineering design study of the node navigation and homing
concept demonstrated that it was feasible to develop such systems
and that the solutions would be based on existing acoustic
technology with a number of areas of new design work to be
integrated for new features required by the system.
An engineering design study of the deployment and recovery
system cage and the storage requirements for the nodes was also
completed and a solution presented. This system is based on
existing hydraulic Remotely Operated Vehicle (ROV) system
technology but with significant special engineering for the cage
sorting and storage of the nodes.
Some further work on the node design was also performed to
create a model node for marketing of the system. This work will be
continued in 2016 to create the first prototype node for testing in
water.
A number of new patent applications to protect novel aspects of
the Flying Nodes concept have been filed.
OUTLOOK FOR 2016
ARL will continue development of the Flying Node system in a
manner similar to 2015 while potential external sources of funding
will continue to be investigated. High risk areas of the technology
will continue to be investigated in association with suppliers. The
main priorities for 2016 will be as follows:
-- Design, build and test the first prototype node
-- Further assess the software solutions required for the system
-- Define in more detail an engineering solution for the
deployment/recovery of the node cage
-- Review possible methods of automating the node handling on deck
-- Continue to investigate sources of additional funding
-- Continue marketing the concept
Dave Grant
CEO, Autonomous Robotics Ltd
FINANCIAL REVIEW
GROUP RESULTS
Revenue from seismic operations for the period to 31 December
2015 showed an increase of 21.6% to US$18.9m from US$15.5m in 2014.
Revenue was generated from the completion of the surveys over the
Snorre and Grane fields for Statoil, the project to provide seismic
services for TGS in the Barents Sea and late data sales generated
from the multi-client project with TGS in 2014.
Cost of Sales increased by 5.7% in 2015 to US$9.4m (2014:
US$8.9m). This includes US$0.2m of R&D related costs at ARL.
While Cost of Sales increased versus the prior year, as a
proportion of Revenue, it decreased to 50.0% from 57.3% largely as
a result of improved operational performance on the Dual Portable
Modular Source System (D-PMSSTM) and HR3D systems utilised in the
year. The technical problems experienced in 2014 that resulted in
higher levels of costly technical downtime were resolved through
the corrective plan put into place during the winter period of
2014-15.
Gross Profit increased by 43.0% to US$9.4m (2014: USD$6.6m) with
Gross margin increasing by 7.5% points to 50.1% from 42.6% in 2014
as a result of the improved operational performance commented on
above.
Administrative expenses decreased by 10.0% in 2015 to US$5.8m
(2014: US$6.4m). This was largely due to the following:
ARL - administrative costs relating to the investment in R&D
activities contributed US$0.5m to the Group (2014: US$0.8m), a
decrease of US$0.3m or 42%. This includes payroll and consultant
related costs of US$0.3m (2014: US$0.5m), the decrease reflecting
the impact of a reduction in headcount from 3 to 1 in June 2015.
Other costs relate to legal and professional fees (including patent
related costs) and office related costs of $0.2m.
WGP - a decrease of US$0.1m to US$3.3m (2014: US$3.4m) largely
due to a decrease in business development related costs,
specifically the cost of exhibitions and associated travel and
accommodation.
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
Thalassa - a decrease of US$0.2m to US$2.0m (2014: US$2.2m)
largely due to a reduction in consultant costs, corporate travel,
legal and professional fees and various costs associated with being
public.
Operating Profit before depreciation and non-recurring costs
(EBITDA - Earnings before interest, tax, depreciation and
amortisation) was US$3.7m (2014: US$0.2m) with operating margin
19.5% compared to 1.2% in 2014. Adjusted Operating Profit
(excluding costs at ARL of US$0.6m) was US$4.3m, an increase of
338% from US$1.0m in 2014.
Depreciation increased by 70.3% to US$2.2m compared to US$1.3m
in 2014 as a result of the asset review in 2014 and resultant
acceleration of depreciation on certain assets.
Exceptional write downs of US$12.9m (2014: US$ 11.7m) as
follows:
IMPAIRMENT - PLANT AND EQUIPMENT
An impairment review of the Group's equipment has been
undertaken, taking into account obsolescence, market conditions and
useful economic life. As a result an impairment charge of US$6.1m
has been incurred in the period (2014: US$3.3m).
IMPAIRMENT - MULTI-CLIENT LIBRARY
An impairment review of the Group's Multi-client Library has
been undertaken taking into account the impact of current market
conditions and the lack of visibility over any future data sales.
As a result, an impairment charge of US$1.5m has been made in 2015
bringing the NBV down to US$nil.
IMPAIRMENT - LOANS RECEIVABLE
As at 31 December 2015, the total loan outstanding to the THAL
Discretionary Trust was US$7.3m including interest. The carrying
value of the Thalassa ordinary shares held within the Trust was in
excess of Thalassa's share price and given recent market
conditions, the ability of the Trust to repay the loan is in doubt.
An impairment charge of US$5.8m has been included in 2015 bringing
the loan value down to US$1.5m, with the carrying value of the
shares held within the Trust now in line with the current Thalassa
share price.
OTHER EXCEPTIONAL COSTS
Other exceptional costs includes US$0.3m restructuring costs
associated with a redundancy program that began in Q4 2015 and the
release of the 2014 accrual made for the remediation of WGP's
equipment from Ecuador of US$0.75m that has not been used.
Operating Loss was US$(11.5)m (2014: US$(12.8)m).
Adjusted Operating Profit (excluding exceptional write downs of
US$12.9m and costs at ARL of US$0.6m) was US$2.1m, compared to a
loss of US$(0.1)m in 2014 with adjusted operating margin at 10.9%
(2014: (0.4)%).
Net financial expense of US$0.3m included foreign exchange gains
and losses, interest income/expense, share option expense and
gains/losses from financial investments (2014: US$0.6m).
Loss before tax was US$11.8m versus US$12.2m in 2014. Adjusted
Profit before Tax was US$1.8m (2014: profit of US$0.5m) with an
adjusted net margin of 10.3% (2014: 3.5%).
Net assets at 31 December 2015 amounted to US$26.4m (2014:
US$39.4m) resulting in net assets per share of US$1.12 (GBP0.79)
versus US$1.57 (GBP1.11) in 2014 including cash of US$20.3m
equivalent to US$0.86 (GBP0.61) per share.
Non-current assets decreased by US$13.1m to US$9.9m in 2015
(2014 US$23.0m) largely as a result of impairment charges on plant
and equipment (US$6.0m), the multi-client library (US$1.5m) and
loans receivable (US$5.8m). See comments above for more detail. A
further decrease due to depreciation on plant and equipment of
US$2.2m and amortisation on the multi-client library of US$0.4m was
offset by an increase of US$2.8m of plant and equipment
additions,.
The Company had debt of US$0.0m at the period end (2014:
US$0.0m).
Net cash flow from operating activities amounted to US$4.8m as
compared to US$0.3m in 2014. This includes cash generated from
operations in 2015 and US$2.4m of cash received from late data
sales relating to the multi-client project with TGS in 2014 (where
all costs had been incurred in 2014).
Net cash outflow from investing activities, amounted to US$1.2m
relating to capital expenditure on new equipment included within
property, plant and equipment.
Net cash flow from financing activities amounted to US$0.9m
relating to the buy back of 1,458,657 Thalassa ordinary shares into
Treasury at an average price of GBP0.42.
Net increase in cash and cash equivalents was US$2.6m resulting
in Cash and Cash Equivalents at 31 December 2015 of US$20.3m.
CONSOLIDATED STATEMENT OF INCOME
for the year ended 31 December 2015
2015 2014
$ $
Revenue 18,863,273 15,517,200
Cost of sales (9,416,746) (8,909,444)
Gross profit 9,446,527 6,607,756
-------------------------------------------- ------------- -------------
Administrative expenses (5,775,983) (6,417,859)
-------------------------------------------- ------------- -------------
Operating profit before depreciation
and exceptional write downs 3,670,544 189,897
-------------------------------------------- ------------- -------------
Depreciation (2,226,645) (1,307,414)
-------------------------------------------- ------------- -------------
Operating profit/(loss) before exceptional
write downs 1,443,899 (1,117,517)
-------------------------------------------- ------------- -------------
Exceptional write downs (12,948,755) (11,706,206)
Operating loss (11,504,856) (12,823,723)
-------------------------------------------- ------------- -------------
Net financial expense/income (261,144) 592,362
-------------------------------------------- ------------- -------------
Loss before taxation (11,766,000) (12,231,361)
-------------------------------------------- ------------- -------------
Taxation (493,230) 20,994
-------------------------------------------- ------------- -------------
Loss for the year (12,259,230) (12,210,367)
-------------------------------------------- ------------- -------------
Attributable to:
Equity shareholders of the parent (12,259,230) (12,166,241)
Non-controlling interest - (44,126)
(12,259,230) (12,210,367)
-------------------------------------------- ------------- -------------
Earnings per share - $ (using weighted
average number of shares)
Basic and Diluted (0.50) (0.49)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
2015 2014
$ $
Loss for the financial year (12,259,230) (12,210,367)
Other comprehensive income:
Exchange differences on re-translating
foreign operations 43,460 (255,229)
Impairment of AFS Securities - (38,675)
Total comprehensive income (12,215,770) (12,504,271)
---------------------------------------- ------------- -------------
Attributable to:
Equity shareholders of the parent (12,215,770) (12,460,145)
Non-Controlling interest - (44,126)
Total Comprehensive income (12,215,770) (12,504,271)
---------------------------------------- ------------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2015
2015 2014
$ $
Assets
Non-current assets
Goodwill 368,525 368,525
Intellectual property - -
Property, plant and equipment 8,023,557 13,631,466
Multi-client library - 1,889,693
Available for sale financial assets - -
Loans 1,503,823 7,124,648
Total non-current assets 9,895,905 23,014,332
------------------------------------- ------------- ------------
Current assets
Inventories 391,035 343,231
Derivative financial asset - 66,563
Trade and other receivables 811,728 2,754,923
Cash and cash equivalents 20,303,136 17,728,074
Total current assets 21,505,899 20,892,791
------------------------------------- ------------- ------------
Liabilities
Current liabilities
Trade and other payables 5,012,720 4,530,219
Total current liabilities 5,012,720 4,530,219
------------------------------------- ------------- ------------
Net current assets 16,493,179 16,362,572
------------------------------------- ------------- ------------
Net assets 26,389,084 39,376,904
------------------------------------- ------------- ------------
Shareholders' Equity
Share capital 250,675 250,675
Share premium 45,202,810 45,034,435
Treasury shares (940,425) -
Other reserves (34,233) (77,693)
Accumulated deficit (18,089,743) (5,830,513)
Total shareholders' equity 26,389,084 39,376,904
Total equity 26,389,084 39,376,904
(MORE TO FOLLOW) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
------------------------------------- ------------- ------------
These financial statements were approved and authorised by the
board on 4 April 2016.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
$ $
Cash flows from operating activities
Loss for the year before taxation (11,766,000) (12,231,361)
Impairment of assets 13,374,071 6,071,030
Provision for doubtful debts - 4,060,021
Share option expense 168,375 168,377
Loss on disposal of property, plant
and equipment - 66,243
Unrealised gain on FX option 66,563 (66,563)
(Increase)/Decrease in inventories (47,804) 346,777
Decrease in trade and other receivables 1,943,195 263,809
(Decrease)/Increase in trade and other
payables (975,750) 2,466,617
Net foreign exchange gain 43,460 (255,229)
Increase in multi-client library - (2,369,523)
Accrued interest income (212,082) -
Taxation (493,230) -
-------------------------------------------- ------------- -------------
Cash generated by/(used in) operations 2,100,798 (1,479,802)
Depreciation 2,226,645 1,307,414
Amortisation of multi-client library 430,336 479,830
Net cash flow from operating activities 4,757,779 307,442
-------------------------------------------- ------------- -------------
Cash flows from investing activities
Acquisition of intellectual property - (145,185)
Purchase of property, plant and equipment (1,242,292) (9,907,805)
Loan to THAL Discretionary Trust - (5,239,065)
Net cash flow used in investing activities (1,242,292) (15,292,055)
-------------------------------------------- ------------- -------------
Cash flows from financing activities
Proceeds from exercise of share options - 8,745
(Purchase)/disposal of treasury shares (940,425) 468,787
Net cash flow from financing activities (940,425) 477,532
-------------------------------------------- ------------- -------------
Net increase/(decrease) in cash and
cash equivalents 2,575,062 (14,507,081)
Cash and cash equivalents at the start
of the year 17,728,074 32,235,155
Cash and cash equivalents at the end
of the year 20,303,136 17,728,074
-------------------------------------------- ------------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2015
Foreign Total Non
Share Share Treasury Exchange Accumulated Shareholders Controlling Total
Capital Premium Shares Reserve Deficit Equity Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$
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
Purchase
of treasury
shares - - (940,425) - - (940,425) - (940,425)
Share option
expense - 168,375 - - - 168,375 - 168,375
Total
comprehensive
income
for the
period - - - 43,460 (12,259,230) (12,215,770) - (12,215,770)
Balance
as at
31 December
2015 250,675 45,202,810 (940,425) (34,233) (18,089,743) 26,389,084 - 26,389,084
The Annual General Meeting of Thalassa will be held at Le
Cabanon, Pointe des Douaniers 06320 Cap d'Ail, France on 13 May
2016 at 12:00 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR IIMPTMBBMBRF
(END) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
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