TIDMTHAL
RNS Number : 5091Z
Thalassa Holdings Limited
21 September 2020
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 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" or the "Company")
Results for the 6 months ended 30 June 2020
The Company is pleased to announce its financial results for the
6 months ended 30 June 2020. A summary of the results is set out
below.
Highlights for the 6 months ended 30 June 2020
GROUP RESULTS 1H 2020 versus 1H 2019
Net financial income / (expense) $2.39m vs. ($0.18m)
Group Net Profit/(Loss) for the year $0.61m vs. ($2.28m)
Group Earnings/(Loss) Per Share (both basic
and diluted)*(1) $0.05/GBP0.04 vs. ($0.13)/(GBP0.10)
Reported Book value per share*(2) $1.85/GBP1.50 vs. $1.60/GBP1.26
Cash $12.9m vs. $28.4m
*(1) based on weighted average number of shares
in issue of 15,138,558 (1H19: 17,361,071)
*(2) based on actual number of shares in issue as at 30 June 2020
of 14,013,017
1H20 HIGHLIGHTS
Financial Income
-- As previously announced, Group was well hedged going into the
February 2020 market collapse. Substantial gains realised on both
long and short equity and currency positions.
-- Market exposure reduced to zero between July and end August as NASDAQ reached new highs.
-- Small hedge positions fortuitously re-instated end August
beginning Sept that have benefitted from TSLA US, SFTBY US led tech
rout.
-- Global recovery looks more like unusual (to say the least!)
"K" chart with stock prices going North while economies head
South
o Market Outlook: stormy with the chance for gale force winds
and severe flooding!
Gitone
-- Loan agreement originally negotiated at EUR11m re-negotiated down to EUR5.5m
ARL
-- Further progress in Node development
-- Grant funding delays due to Covid-19
-- Two new software engineers recruited to accelerate development of the node software
o Outlook: Discussions with potential strategic partners
on-going
id4
-- Won Best Compliance Solution Award at the WealthBriefing Swiss Awards 2020
-- First major contract bids submitted
o Outlook: Substantial commercial interest building in id4
modular Know-Your-Client ("KYC") compliance software. Business
developing to plan with potential contract pipeline building
Enquiries:
Thalassa Holdings Ltd
--------------------
+33 (0)6 78 63 26
Duncan Soukup (Executive Chairman) 89
--------------------
WH Ireland Limited (Financial Adviser) +44 (0)207 220 1650
--------------------
Chris Fielding, Managing Director, Corporate
Finance
--------------------
Chairman's Statement
I am happy to present the unaudited interim accounts for the six
months to 30 June 2020.
The first half of 2020 was highlighted by the February/March
collapse in global financial markets, followed by unprecedented
Central Bank intervention to avoid a repeat of 1929 when, following
a 45% decline, the US market increased by 45% before falling 89% as
a result of tight monetary and fiscal policy.
Last year in our Interims, I wrote...For most of the first half
of the year under review, Financial Markets ignored increased
Political and Economic risks and focused on decreasing interest
rates...in the misguided belief that negative interest rates are a
sign of a healthy economy! It is my belief that third and, unless
something changes very soon, fourth quarter earnings will
disappoint and that a substantial correction in the markets is on
the cards.
Based on our relatively negative view on the outlook for Global
Economic Growth and the impact it could well have on inflated Asset
Valuations, your board has taken a very cautious approach to
reinvesting the Company's cash, and whilst the Company recently
completed the previously announced acquisition of id4 and is
reviewing further potential acquisitions, we are not willing to
overpay, a position we share with none other than Berkshire
Hathaway where cash at the end of June 2020 exceeded $122
billion!
As a result of our increased concerns regarding valuations in
both the Private and Public Markets, we increased the size of our
market hedges in the second quarter, which impacted our first half
results (showing a loss of $30,000) but which have since turned
substantially positive and are now showing a profit of +/-$50,000,
a $80,000 swing.
Back to 2020...Our fears were, apparently, well founded and in
February 2020 the markets duly delivered the inevitable correction,
followed by unprecedented Central Bank intervention on a Global
scale, which in turn has led to the less anticipated (by
professional investors) rally which took the tech-led NASDAQ to an
all-time high and a 2020 net increase of +34% (a staggering +82%
increase from its March 23 low to its September 2 peak and a
trailing p/e ratio of nearly 70x).
Some people might argue that today's valuations are supported by
all-time lows in Treasury yields. In 2000, the last time the NASDAQ
traded at such lofty multiples, interest rates were somewhere
between 6% and 7%, whilst today they are somewhere between -1% and
1%. The argument that a 0% interest rate justifies a high p/e
multiple only holds water if the rest of the equation (economic
stability and growth) are in place. This is definitely not the case
at the moment. Indeed, I would argue that global financial markets
should be trading on substantially lower p/e's today than they are
or were in 2000, on both an absolute and relative basis to bonds
because the risk of further economic and political failure, which I
believe currently exist, far outweigh the opportunity or likelihood
for further multiple expansion.
Let me be clear, I do not believe one should measure Risk using
the academic definition of 'the standard deviation from the mean'.
The reasoning that high volatility is synonymous with risk is, when
taken in isolation, complete (academic) madness. If volatility did
not exist nor would opportunity. Our view, as defined in the Miriam
Webster dictionary, is "the possibility (or probability) of loss or
injury", which is also the definition used by none other than Mr.
Warren Buffett.
One need look no further than to the Madoff collapse to see to
what degree of insanity the low volatility argument can be taken.
Bernie Madoff worked out that Hedge Fund marketeers were so hung up
on risk adjusted returns that he just made them up and then added a
small dose of intrigue by telling them he clearly couldn't tell
them how he achieved near perfect (risk-adjusted) returns (high
Sharpe ratios) because if he did everyone would copy him, which
would result in collapse of his trading model. We all know what
happened next...!
It is this complete lack of understanding of "risk" that has
driven Robin Hood investors to chase tech-stocks to multiples not
seen since 2000. It is also why so many of these investors
(including my external IT manager) lost so much money between 3(rd)
and 9(th) September 2020. These investors were either unaware or
chose to forget that even in investing, stock and option prices are
not a one-way bet!
Thalassa's current Holdings include:
ANEMOI
Anemoi is a BVI registered Company set up, as a cash shell, to
acquire an operating company. The process is on-going, and we will
keep the market apprised of developments.
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. Two new software engineers have been recruited to build
our own capability to fly the nodes. ARL has been awarded a grant
funded project to assist with developing a bespoke sensor system
for the node but its final approval has been delayed by
Covid-19.
The company is continuing to develop contacts and interest with
potential strategic partners with a view to shortening the path to
a fully commercialised solution.
LOCAL SHOPPING REIT (LSR)
On 24 June 2020 LSR published its Interim Results for the period
ended 31 March 2020. At that time, the Board stated that "Following
the buy-back, trading in the Company's shares on the London Stock
Exchange was suspended, as the Company did not meet the minimum
free-float requirement. The directors are actively working on plans
for remedying this situation and restoring trading in the Company's
shares."
"The board are currently working on a 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 focused on Travel and Leisure, subject to
necessary approvals. Further details will be announced in due
course."
Outlook
The first half of 2020 was, in your Board's opinion, relatively
predictable, the second half is less so. We believe that volatility
will increase as the US Presidential elections approaches, which
puts investors who are over-exposed to either equities or bonds at
extreme risk, but for those, like us, with cash in the bank, offers
unprecedented opportunity.
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.
We believe that now is a good time to put our house in order and
plan (research) potential acquisitions for the future and, where
possible, hedge our exposure to a further market correction as best
we can.
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';
(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
21 September 2020
Financial Review
Continuing Operations
Total revenue for the period to 30 June 2020 was $0.3m (1H19:
nil).
Cost of Sales of $0.03m (1H19: $0.002m) comprising development
costs (net of capitalised costs) at ARL and LSR property costs,
resulting in a Gross Profit of $0.24m (1H19: gross loss
$0.002m).
Administration expenses were $2.01m (1H19 excluding exceptional
costs: $1.47m). Depreciation costs were $0.01m (1H19: $0.02m).
Exceptional administration costs were nil (1H19: $0.6m in
connection with the then lapsed offer to acquire The Local Shopping
REIT plc).
Operating Loss was therefore $1.7m (1H19: operating loss
$2.1m).
Net financial income was $2.4m (1H19: expense $0.18m). The net
income comprised $1.8m gains on investments and a net $0.6m
exchange rate gain as at 30 June 2020.
Profit before tax was $0.6m (1H19: loss $2.9m).
Net assets at 30 June 2020 amounted to $25.9m (1H19: $27.5m)
resulting in net assets per share of $1.85/GBP1.50 based on
14,013,017 shares in issue versus $1.60/GBP1.26 in 1H19 (based on
17,175,275 shares in issue).
The Company had no net debt (cash less borrowings) at the period
end (1H19: $nil).
Net cash outflow from operating activities amounted to $3.3m
compared to an outflow of $2.0m in 1H19.
Net cash outflow from investing activities amounted to $5.3m,
which includes the loan to Gitone Beteiligungsverwaltungs GmbH ,
compared to a net cash outflow in 1H19 of $2.5m.
Net cash outflow from financing activities amounted to $2.5m
which related to the repayment of borrowings and the purchase of a
further 2,229,266 Treasury shares (1H2019: inflow $15.5m).
Net cash (being cash balances less borrowings) was $6.7m as at
30 June 2020 (1H19: $12.2m, Y/E 2019: $16.6m)
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2020
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
20 19 19
Note Unaudited Unaudited Audited
Continuing Operations $ $ $
Revenue 269,327 - 170,357
Cost of sales (29,528) (1,989) (276,001)
Gross profit 239,799 (1,989) (105,644)
----------------------------------------------- ----- ------------ ------------ ------------
Administration expenses excluding exceptional
costs (2,009,187) (1,472,616) (3,332,632)
Exceptional administration costs - (615,527) (898,878)
Total Administrative expenses (2,009,187) (2,088,143) (4,231,510)
----------------------------------------------- ----- ------------ ------------ ------------
Operating loss before depreciation (1,769,388) (2,090,132) (4,337,154)
----------------------------------------------- ----- ------------ ------------ ------------
Depreciation (9,268) (18,205) (26,308)
----------------------------------------------- ----- ------------ ------------ ------------
Impairment - - (157,185)
----------------------------------------------- ----- ------------ ------------ ------------
Operating loss (1,778,656) (2,108,337) (4,520,647)
----------------------------------------------- ----- ------------ ------------ ------------
Net financial income/(expense) 3 2,390,564 (175,993) (640,117)
----------------------------------------------- ----- ------------ ------------ ------------
Share of losses of associated entities - (614,763) (629,523)
----------------------------------------------- ----- ------------ ------------ ------------
Profits on disposal of associated entities - - 2,000,978
----------------------------------------------- ----- ------------ ------------ ------------
Profit/(Loss) before taxation 611,908 (2,899,093) (3,789,309)
----------------------------------------------- ----- ------------ ------------ ------------
Taxation (994) 618,595 253,065
----------------------------------------------- ----- ------------ ------------ ------------
Profit/(loss) for the financial period 610,914 (2,280,498) (3,536,244)
----------------------------------------------- ----- ------------ ------------ ------------
Discontinued Operations
----------------------------------------------- ----- ------------ ------------ ------------
Profit for the period from discontinued
operations - - 478,046
----------------------------------------------- ----- ------------ ------------ ------------
Profit/(loss) for the period 610,914 (2,280,498) (3,058,198)
----------------------------------------------- ----- ------------ ------------ ------------
Attributable to:
Equity shareholders of the parent 688,859 (2,280,498) (3,028,479)
Non-controlling interest (77,945) - (29,719)
610,914 (2,280,498) (3,058,198)
----------------------------------------------- ----- ------------ ------------ ------------
Earnings per share - US$ (using weighted
average
number of shares)
Basic and Diluted 4 0.05 (0.13) (0.18)
Interim Condensed Consolidated Statement of Comprehensive
Income
For the six months ended 30 June 2020
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
20 19 19
Unaudited Unaudited Audited
$ $ $
Profit/(loss) for the financial period 610,914 (2,280,498) (3,058,198)
Other comprehensive income:
Exchange differences on re-translating
foreign operations (618,630) (12,722) 578,281
Total comprehensive income (7,716) (2,293,220) (2,479,917)
---------------------------------------- ----------- ------------ ------------
Attributable to:
Equity shareholders of the parent 117,333 (12,722) (2,450,198)
Non-controlling interest (125,049) - (29,719)
Total comprehensive income (7,716) (12,722) (2,479,917)
---------------------------------------- ----------- ------------ ------------
Interim Condensed Consolidated Statement of Financial
Position
As at 30 June 2020
As at As at As at
30 Jun 20 30 Jun 31 Dec
19 19
Note Unaudited Unaudited Audited
$ $ $
Assets
Non-current assets
Goodwill 5 204,724 - 204,724
Intangible assets 5 577,497 229,808 173,466
Investment properties 3,868,782 - 4,138,318
Property, plant and equipment 6 63,448 69,265 75,455
Available for sale financial assets 7 - 2,966,209 4,801,450
Investment Loans 9 8,216,085 1,670,094 1,695,302
Investments in associated entities - 6,112,907 -
Total non-current assets 12,930,536 11,048,283 11,088,715
------------------------------------- ----- ------------- ------------ -------------
Assets Held for Sale 407,031 - 435,383
Current assets
Trade and other receivables 2,421,232 5,342,214 1,432,031
Available for sale financial assets 7 5,341,353 - -
Cash and cash equivalents 12,891,696 28,369,569 24,198,744
Total current assets 20,654,281 33,711,783 25,630,775
------------------------------------- ----- ------------- ------------ -------------
Liabilities
Current liabilities
Borrowings 10 6,183,066 16,128,792 7,557,243
Trade and other payables 1,469,036 1,082,585 1,685,491
Total current liabilities 7,652,102 17,211,377 9,242,734
------------------------------------- ----- ------------- ------------ -------------
Net current assets 13,002,179 16,500,406 16,388,041
------------------------------------- ----- ------------- ------------ -------------
Non-current liabilities
Lease liabilities 472,041 - 510,965
Total current liabilities 472,041 - 510,965
------------------------------------- ----- ------------- ------------ -------------
Net assets 25,867,705 27,548,689 27,401,174
------------------------------------- ----- ------------- ------------ -------------
Shareholders equity
Share capital 12 255,675 255,675 255,675
Share premium 45,416,298 45,416,298 45,416,298
Treasury shares (10,216,218) (7,982,183) (8,690,465)
Other reserves (179,431) (151,804) 439,199
Non-controlling interest 503,624 - 628,673
Accumulated deficit (9,912,243) (9,989,297) (10,648,206)
Total shareholders equity 25,867,705 27,548,689 27,401,174
Total equity 25,867,705 27,548,689 27,401,174
------------------------------------- ----- ------------- ------------ -------------
These financial statements were approved by the board on 21
September 2020.
Signed on behalf of the board by: Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2020
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
20 19 19
Unaudited Unaudited Audited
$ $ $
Cash flows from operating activities
Profit/Loss for the period before taxation 611,908 (2,899,093) (3,789,309)
Impairment losses on goodwill - - 157,185
Decrease/(increase) in trade and other
receivables (1,528,300) 752,988 5,956,290
Increase/(decrease) in trade and other
payables 174,903 (1,074,107) (896,649)
Gain on disposal of PPE - - 2,686
(Gain)/loss on disposal of AFS investments (2,162,700) 92,641 (23,484)
Net foreign exchange gain (618,630) (30,092) (287,533)
Accrued interest income (37,231) (24,834) (50,042)
Taxation - 618,595 132,663
Share of losses of associate - 614,763 (1,371,455)
Fair value movement on AFS financial assets 226,778 (25,833) 224,307
Cash generated by/(used in) operations (3,333,272) (1,974,972) 54,659
-------------------------------------------------- ------------- ------------ -------------
Depreciation 9,268 18,205 26,308
Net cash flow (used in)/from operating
activities (3,324,004) (1,956,767) 80,967
-------------------------------------------------- ------------- ------------ -------------
Sale/(purchase) of intangible assets (420,072) - (173,466)
Sale/(purchase) of investment property 157,175 - 293,521
Investment loans (6,385,349) - -
Net Sale / (Purchase) of AFS financial
assets 1,396,019 (2,245,498) (4,214,755)
Net cash acquired on acquisition of subsidiaries - - 4,450,049
Purchase of property, plant and equipment (1,551) (300,475) (15,181)
Net cash flow used in/from investing activities
- continuing operations (5,253,778) (2,545,973) 340,168
-------------------------------------------------- ------------- ------------ -------------
Payment/proceeds from the Norwegian tax
settlement of WGP group - - (346,296)
Net cash flow used in/from investing activities
- discontinued operations - - (346,296)
-------------------------------------------------- ------------- ------------ -------------
Cash flows from financing activities
(Purchase)/disposal of treasury shares (1,525,753) (644,224) (1,352,506)
Proceeds from borrowings - 16,128,792 23,649,036
Repayment of borrowings (1,021,720) - (16,128,792)
Net cash flow from financing activities (2,547,473) 15,484,568 6,167,738
-------------------------------------------------- ------------- ------------ -------------
Net increase/(decrease) in cash and cash
equivalents (11,125,255) 10,981,827 6,242,577
Cash and cash equivalents at the start
of the period 24,198,744 17,370,372 17,370,372
Effects of exchange rate changes on cash
and cash equivalents (181,793) 17,369 585,795
Cash and cash equivalents at the end of
the period 12,891,696 28,369,569 24,198,744
-------------------------------------------------- ------------- ------------ -------------
Interim Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2020
Attributable to owners of the Company Non- Total
-----------------------------------------------------------------------------
Share Share Treasury Other Retained Total controlling Shareholders
Capital Premium Shares Reserves Earnings Equity Interest Equity
$ $ $ $ $ $ $ $
Balance
as at
30 June
2019 255,675 45,416,298 (7,982,183) (151,804) (9,989,297) 27,548,689 - 27,548,689
Issue - - - - -
of new
shares
Purchase
of treasury
shares - (708,282) - - (708,282) (708,282)
Acquisition
of subsidiary
with
NCI 89,072 89,072 658,392 747,464
Total
comprehensive
income
for the
period - - - 591,003 (747,981) (156,978) (29,719) (186,697)
Balance
as at
31 December
2019 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
2019 255,675 45,416,298 (10,216,218) (179,431) (9,912,243) 25,364,081 503,624 25,867,705
--------------- -------- ----------- ------------- ---------- ------------- ------------ ------------ -------------
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 is a BVI registered business and is a wholly
owned by Thalassa. It owns 84% of Apeiron AG which is a company
registered in Switzerland. Apeiron AG completed in 2019 on the
acquisition of iD4, a fintech company, also registered in
Switzerland.
The Local Shopping Reit was acquired as a 92.62% owned
subsidiary as a result of the tender offer which completed on 1
October 2019.
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 EU.
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 2019 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 2020 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 2019.
These condensed interim financial statements for the six months
ended 30 June 2020 and 30 June 2019 are unaudited and do not
constitute full accounts. The comparative figures for the period
ended 31 December 2019 are extracted from the 2019 audited
financial statements. The independent auditor's report on the 2019
financial statements was not qualified.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern
basis as management consider that the Group has sufficient cash to
fund its current commitments for the foreseeable future.
3. Profit and loss information
The Group went into the market collapse well positioned and
benefitted substantially from the collapse in stock prices and
strong currency movements . Net financial income during the period
was:-
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
2020 2019 2019
Unaudited Unaudited Audited
Net interest expense (29,785) (113,524) (136,249)
Gains/(losses) on investments 1,837,654 (78,958) (220,129)
Foreign currency gains/(losses) 576,997 17,370 (281,593)
Other 5,698 (881) (2,146)
Net financial income/(expense) 2,390,564 (175,993) (640,117)
--------------------------------- ----------- ----------- ----------
4. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
2020 2019 2019
Unaudited Unaudited Audited
The calculation of earnings per share
is based on
the following loss and number of shares:
Profit/(loss) for the period ($) 688,859 (2,280,498) (3,028,479)
Weighted average number of shares of the
Company 15,138,558 17,361,071 17,143,300
Earnings per share:
Basic and Diluted (US$) 0.05 (0.13) (0.18)
5. Intangible assets
Development
costs Patents Sub-total Goodwill Total
$ $ $ $ $
At 31 December 2019
Cost 135,931 37,535 173,466 361,909 535,375
Accumulated amortisation
and impairment - - - (157,185) (157,185)
Net book amount 135,931 37,535 173,466 204,724 378,190
------------ -------- ---------- ---------- ----------
Half-year ended 30 June
2020
Opening net book amount 135,931 37,535 173,466 204,724 378,190
FX movement (8,852) (2,444) (11,296) - (11,296)
------------ -------- ---------- ---------- ----------
127,079 35,091 162,170 204,724 366,894
Additions 370,131 45,196 415,327 - 415,327
Amortisation charge - - - - -
Closing net book amount 497,211 80,286 577,497 204,724 782,221
------------ -------- ---------- ---------- ----------
At 30 June 2020
Cost 497,211 80,286 577,497 204,724 782,221
Accumulated amortisation - - - - -
and impairment
Net book amount 497,211 80,286 577,497 204,724 782,221
------------ -------- ---------- ---------- ----------
The intangible assets held by the Group increased as a result of
capitalising the development costs of Autonomous Robotics Ltd
("ARL") and id4 AG.
6. Property, plant and equipment
Plant
Land and and Motor
Total buildings Equipment Vehicles
2020 2020 2020 2020
Cost $ $ $ $
Cost at 1 January 2020 387,858 73,249 165,758 148,851
FX movement (7,331) (4,769) (2,563) -
----------------------------------- -------- ---------- ---------- ---------
380,526 68,480 163,195 148,851
Additions 1,355 - 1,355 -
Cost at 30 June 2020 381,881 68,480 164,550 148,851
Depreciation
Depreciation at 1 January
2020 312,403 12,208 151,344 148,851
FX movement (3,238) (925) (2,313) -
----------------------------------- -------- ---------- ---------- ---------
309,165 11,283 149,031 148,851
Charge for the year on continuing
operations 9,268 5,837 3,431 -
Depreciation at 30 June 2020 318,433 17,120 152,462 148,851
----------------------------------- -------- ---------- ---------- ---------
Closing net book value at
30 June 2020 63,448 51,360 12,088 0,000
----------------------------------- -------- ---------- ---------- ---------
7. 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 30 Jun 31 Dec
2020 2019 2019
Unaudited Unaudited Audited
$ $ $
Available for sale investments
At the beginning of the period 4,801,450 787,518 787,518
Additions 19,589,204 2,929,865 11,332,697
Unrealised losses (370,754) (69,492) (319,633)
Disposals (18,678,547) (681,682) (6,999,132)
At 30 June 5,341,353 2,966,209 4,801,450
-------------------------------- ------------- ---------- ------------
AFS investments have been valued incorporating Level 1 inputs in
accordance with IFRS7.
8. Financial Assets at Fair Value Through Profit or Loss
Financial assets mandatorily measured at FVPL include the
following:-
As at As at As at
30 Jun 30 Jun 31 Dec
2020 2019 2019
Unaudited Unaudited Audited
$ $ $
Non-current assets
Available for sale financial assets - 2,966,209 4,801,450
Investments in associated entities - 6,112,907 -
At 30 June - 9,079,116 4,801,450
---------------------------------------- ---------- ---------- ----------
Current assets
Available for sale financial assets 5,341,353 - -
At 30 June 5,341,353 - -
---------------------------------------- ---------- ---------- ----------
Amounts recognised in profit or loss:-
Available for sale financial assets 1,935,922 (66,807) (200,823)
Investments in associated entities - (614,763) (629,523)
1,935,922 (681,570) (830,346)
---------------------------------------- ---------- ---------- ----------
The available for sale assets are now being held on a short-term
basis and are therefore recognised under current assets.
9. Investment Loans
As at As at As at
30 Jun 30 Jun 31 Dec
20 19 19
Unaudited Unaudited Audited
$ $ $
Loans 8,216,085 1,670,094 1,695,302
------- ----------------- ----------------- -----------------
Total investment loans of $8,216,085 comprise the THAL
Discretionary Trust loan of $1,720,891, a convertible loan to
Gitone Beteiligungsverwaltungs GmbH loan of $6,184,180 and another
convertible loan of $311,014.
The THAL Discretionary Trust includes accrued interest of
$262,882 and interest is payable at 3% per annum (reviewed
periodically).The THAL Discretionary Trust is a trust, independent
of Thalassa, established for the benefit of individuals or parties
to whom the Trustees wish to make awards at their discretion.
10. Borrowings
As at As at As at
30 Jun 30 Jun 31 Dec
20 19 19
Unaudited Unaudited Audited
Non-current liabilities $ $ $
Credit facility - - -
Lease liabilities 472,041 - 510,965
---------- ----------- ----------
472,041 - 510,965
------------------------- ---------- ----------- ----------
Current liabilities
Credit facility 6,148,339 16,128,792 7,520,244
Lease liabilities 34,727 - 36,999
---------- ----------- ----------
6,183,066 16,128,792 7,557,243
------------------------- ---------- ----------- ----------
A credit facility of $18m taken out in 2019 was continued during
the period to cover currency positions. The total outstanding as at
30 June 2020 was $6.1m and this was fully repaid on 3 July 2020.
There have been no further draw downs up to the date of this
report.
11. 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 was invoiced $264,000 for
consultancy and administrative services provided to the Group. At
30 June 2020 the amount owed to this company was $63,287 (1H19:
$62,682).
12. Share capital
As at As at
30 Jun 20 31 Dec 19
Unaudited Audited
$ $
Authorised share capital:
100,000,000 ordinary shares of $0.01
each 1,000,000 1,000,000
Allotted, issued and fully paid 255,675 255,675
------------------- -------------------
Number of
Number Treasury Treasury
of shares shares Shares $
Number of shares outstanding at the
period end:
Balance as 31 December 2019 16,242,283 9,325,239 8,690,465
Shares purchased (2,229,266) 2,229,266 1,525,753
Balance as 30 June 2020 14,013,017 11,554,505 10,216,218
------------------ ------------------- -------------------
13. Subsequent events
The borrowing facility mentioned in Note 10 was fully repaid on
3 July 2020.
14. Copies of the Interim Report
The interim report is available on the Company's website: www.thalassaholdingsltd.com .
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END
IR FFFIVAEIIFII
(END) Dow Jones Newswires
September 21, 2020 02:00 ET (06:00 GMT)
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