Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: Interim Results (30 June 2023)
29-Sep-2023 / 09:00 GMT/BST
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Thalassa Holdings Limited
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Interim Results for the period ended 30 June 2023
The Company is pleased to announce its results for the six months ended 30 June 2023. The interim results have been
submitted to the FCA and will shortly be available on the Company's website: www.thalassaholdingsltd.com
Highlights for the 6 months ended 30 June 2023
GROUP RESULTS 1H 2023 versus 1H 2022, unless otherwise stated (Unaudited)
. Profit /(loss) after tax for the H1 period under review (GBP0.53) vs. GBP0.20m
. Group Earnings Per Share (basic and diluted)*1 (GBP0.07) vs. GBP0.03
. Book value per share*2 30 June 2023 vs. 31 December 2022 GBP1.21 vs. GBP1.30
. Holdings*3 30 June 2023 vs. 31 December 2022 GBP11.8m vs GBP12.5m
. Cash 30 June 2023 vs. 31 December 2022 GBP0.6m vs. GBP0.6m
*1 based on weighted average number of shares in issue of 7,945,838 (2022: 7,945,838)
*2 based on actual number of shares in issue as at 30 June 2023 of 7,945,838 (2022: 7,945,838)
*3 includes all holdings ex cash
2023 Observations
-- Short Term US Interest rates have climbed from just above 0%
and now stand at 5.28% for one month T-Billsand 5.42% for
three-month T-Bills.
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&
field_tdr_date_value=2023
-- Through 7 September 2023, the tech-heavy NASDAQ Composite
(CCMP) has risen 32% whilst the NASDAQ 100(NDX) has risen 39% led
by AAPL, NVDA, TSLA et al., which have accounted for 60% of this
year's performance.
-- As an example of the madness of crowds, we have chosen TSLA.
TSLA, and the 51 Wall Street Analysts (onBloomberg) who cover TSLA,
would, apparently, like investors to believe that TSLA is a tech
company, not a carcompany; in the end analysis, if logic prevails,
it doesn't actually make any difference because if TSLA is a
techcompany, then so are all the other new EV car manufacturers.
Logically, therefore, as with every industry, it willcome down to
who survives and how much money they make.the answer, in our view
is that margins will shrink ascompetition intensifies, and many
will go bust before there is a clear winner. Ultimately, however,
thetransportation industry has never yielded above average long
term returns.and we don't think this time is anydifferent.even if
Mr Musk and his groupies believe we are no longer driving cars but
tech-platforms on wheels.callthem what you want, but at some point
it will invariably come down to 'Free Cash Flow', not a new
paradigm todescribe an old industry.
-- For those who don't agree, they may want to cast an eye over
the graphic and price chart below whichhighlights the insanity of
TSLA's recent USD777 billion market value.
The left-hand column shows the Market Cap of 12 international
'car' manufacturers vs. TSLA, whilst the right-hand column shows
the combined number of cars sold by the twelve vs. TSLA. Go
figure?!
TSLA 5 Year Share Price Chart
Chairman's Statement
Macro
H1 2023 was all about Big Tech, the magnificent seven as they
are now referred to, META, GOOG(L), MSFT, AMZN, NVDA, AAPL, TSLA,
which now represent more than 40% of US Large Cap Active Managers'
Assets, compared with 12% last year. (Source: Bank of America).
There is always a problem in the making when stock market
leadership narrows to the point of stupidity.just as with the
timeless children's game of musical chairs.at some point there will
be nowhere to sit, and when investors decide that NVDA may not be
worth 41x Revenues or that Apple, Amazon Meta, Alphabet and
Microsoft are in fact mature companies, valuations will compress
and the price of these shares will fall dramatically (read
plummet).
For those die-hard believers that the above 'Famous Five' are
still growth stock, the chart below courtesy of StoneX Financial
graphically shows what Momentum and Quant investors simply ignore,
namely the fact that Revenues of the above 5 companies barely keep
up with US nominal gross domestic product and their collective net
income fell to USD263 billion in the past four quarters, down 9%
from USD289 billion the year before.
As Vincent Deluard of StoneX points out "If stock prices are the
net present value of their future cash flows, higher rates should
penalize growth stocks, (or perceived growth stocks), which derive
most of their profits from distant profits."
These 'mega' companies should clearly weather an economic
slowdown or recession better than more cyclical companies.but they
are not immune!
Where next?
The US Govt. is famous (in old Westerns!) for speaking with a
forked tongue.on the one hand the FED is raising interest rates,
and reversing quantative easing, whilst on the other, the Federal
Government continues to spend, like money grows on trees, which if
you oversee the printing press, it clearly does. Exactly one year
ago, President Biden signed the Inflation Reduction Act, meant in
large part to deliver on the administration's climate goals. The
law provides for USD369 billion in new spending to help accelerate
renewable energy projects in the US, increase EV auto manufacturing
and spur electric everything adoption. This latest 'give away'
follows the USD1.9 trillion January 2021 Economic Rescue Plan,
which augmented the USD3 trillion coronavirus relief bill from
March 2020, and the USD900 billion legislation from December 2020,
which was scaled back to garner support from Senate
Republicans.
Clearly, some (read a lot) of this money has flowed into the
stock market and consequently ramped-up prices.
Stock markets are driven by sentiment, by a feeling of
well-being and, lest we forget, by greed.
For the past nine months, experienced commentators, including
Jeremy Grantham, founder of GMO, have warned of the dangers of a 3
Sigma Bubble and the devastating impact that a massive correction
in stocks, bonds and real estate will have on personal and
corporate wealth. Few, very few have listened and the 'smart money'
managers that shared Jeremy's point of view and took on large short
positions have been flattened by the magnitude of the increase in
share prices in 2023.led by the Magnificent 7.
Like it or not, the Board of THAL believe that sentiment and by
consequence, money flows, have already changed direction and the
combination of higher interest rates, spiking energy prices and
Apple's Black Swan(?) moment following the Chinese Govt. ban on the
use of Apple's I-Phones has finally forced even the most ardent
believers of 'to infinity and beyond' valuations, to the need for
earnings and free cash flow.
We believe that the S&P 500 (SPX), the NASDAQ Composite
(CCMP) and the NASDAQ 100 (NDX) have already begun a correction
which coupled with declining economic activity and reduced earnings
could evolve into a perfect storm which could in turn result in a
decline in the S&P well below fair value (estimated at about
-20% below current levels) as a correction overshoots. To this end,
a small portion of the Company's assets have again been invested in
various SPX, QQQ,VIX and TSLA hedges.
Holdings -
-- There was little or no movement in our positions in H1
2023.
Real Estate -
-- The Real Estate owned by the Chairman, but pledged to the
Company, is currently let until September 2024.Planning permission
has and is being sought for certain developments, which it is hoped
will increase the value ofthe property. It is anticipated that the
sales process will begin in Q4 2023.and that a sale can be
completed in Q42023/Q1 2024.
Janzz - https://janzz.technology/
-- Janzz recently closed a strategic investment by subsidiary of
major Japanese industry market-leader
ALNA - https://www.alina-holdings.com/
-- Please refer to Alina website
AMOI - https://anemoi-international.com/
-- Please refer to Anemoi website
NWT - https://newmarksecurity.com/
-- Share price performance of NWT continued to recover slowly
through H1 2023. We still believe that, giventhe age of its
chairman and the fact that he has three children, two of whom are
not involved in the company, thatNWT will, in due course, be sold.
We are patient investors and will continue to hold our
position.
Conclusion
We anticipate a further correction to US and European Stock
Markets, and remain cautious on the macro-economic outlook, which
we believe could deteriorate significantly this winter.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
28 September 2023
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 FinancialReporting' and gives a true and fair view
of the assets, liabilities, financial position and profit or loss
of theCompany and the undertakings included in the consolidation as
a whole as required by DTR 4.2.4 R; b. the interim management
report includes a fair review of the information required by DTR
4.2.7R(indication of important events during the first six months
and description of principal risks and uncertaintiesfor 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
28 September 2023
Financial Review
Continuing Operations
Total revenue from operations for the period to 30 June 2023 was
GBP0.1m (1H22: GBP0.1m).
Net financial loss from investment operations was GBP0.04m
(1H22: income GBP0.56m),
Cost of Sales was of GBP0.007m (1H22: nil) comprising
development costs (net of capitalised costs) at ARL, resulting in a
Gross Profit of GBP0.07m (1H22: gross profit GBP0.68m).
Administration expenses were GBP0.43m (1H22: GBP0.33m).
Depreciation costs were GBP0.16m (1H22: GBP0.15m).
Operating Loss was therefore GBP0.36m (1H22 Profit:
GBP0.35m).
Loss before tax was GBP0.5m (1H22 profit: GBP0.2m).
Net assets at 30 June 2023 amounted to GBP9.6m (1H22:
GBP11.9m).
Net cash (being cash balances less borrowings) was GBP0.6m as at
30 June 2023 (1H22: GBP0.8m).
Net cash outflow from operating activities amounted to GBP0.1m
compared to an inflow of GBP0.18m in 1H22.
Net cash inflow from investing activities amounted to GBP0.39m,
compared to 1H22 outflow of GBP0.26m.
Net cash outflow from financing activities amounted to GBP0.14m
(1H22: outflow GBP3.89m).
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2023
Six months Six months Year
ended ended ended
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
Note GBP GBP GBP
Continuing Operations
Revenue 118,673 119,498 295,968
Net financial income/(expense) 105,371 553,522 249,535
Other gains/(losses) - 101,691 (881,118)
Share of losses of associated entities (143,962) (93,758) (235,658)
Cost of sales (7,096) - (95,925)
Gross Profit 72,986 680,953 (667,198)
Administrative expenses excluding exceptional costs (434,654) (330,190) (531,024)
Profit/(loss) before depreciation (361,668) 350,763 (1,198,222)
Depreciation and Amortisation 4&5 (164,488) (147,083) (305,848)
Profit/(loss) before taxation (526,156) 203,680 (1,504,070)
Taxation (528) (431) 54,167
Profit/(loss) for the year (526,684) 203,249 (1,449,903)
Attributable to:
Equity shareholders of the parent (526,684) 203,249 (1,449,903)
Non-controlling interest - - -
(526,684) 203,249 (1,449,903)
Earnings per share - GBP (using weighted average number of shares)
Basic and Diluted 3 (0.07) 0.03 (0.18)
The notes on pages 14 to 19 form an integral part of this
consolidated interim financial information. Interim Condensed
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Six months Six months Year
ended ended ended
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
GBP GBP GBP
Profit/(loss) for the financial year (526,684) 203,249 (1,449,903)
Other comprehensive income:
Exchange differences on re-translating foreign operations (83,113) 586,430 594,684
Total comprehensive income (609,797) 789,679 (855,219)
Attributable to:
Equity shareholders of the parent (609,797) 789,679 (855,219)
Non-Controlling interest - - -
Total Comprehensive income (609,797) 789,679 (855,219)
The notes on pages 14 to 19 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Financial
Position
As at 30 June 2023
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
Note Unaudited Unaudited Audited
Assets GBP GBP GBP
Non-current assets
Intangible assets 4 1,514,815 1,073,047 1,319,695
Property, plant and equipment 5 1,838,423 1,608,478 2,030,733
Loans 7 4,776,479 6,056,810 5,571,412
Investments in associated entities 8 2,199,253 2,494,091 2,356,526
Total non-current assets 10,328,970 11,232,426 11,278,366
Current assets
Trade and other receivables 714,821 897,740 765,302
Portfolio investments 6 726,371 1,536,883 504,877
Cash and cash equivalents 614,365 1,297,876 629,215
Total current assets 2,055,557 3,732,499 1,899,394
Liabilities
Current liabilities
Trade and other payables 1,221,922 1,156,112 1,210,810
Short term debt 9 159,783 163,262 158,473
Borrowings 9 - 459,280 -
Total current liabilities 1,381,705 1,778,654 1,369,283
Net current assets 673,852 1,953,845 530,111
Non-current liabilities
Long term debt 9 1,404,237 1,243,273 1,510,377
Total non-current liabilities 1,404,237 1,243,273 1,510,377
Net assets 9,598,585 11,942,998 10,298,100
Shareholders' Equity
Share capital 11 128,977 128,977 128,977
Share premium 21,717,786 21,717,786 21,717,786
Treasury shares (8,558,935) (8,558,935) (8,558,935)
Other reserves (1,696,320) (1,696,320) (1,696,320)
Foreign exchange reserve 4,258,024 3,836,171 4,430,855
Retained earnings (6,250,947) (3,484,681) (5,724,263)
Total shareholders' equity 9,598,585 11,942,998 10,298,100
Total equity 9,598,585 11,942,998 10,298,100
The notes on pages 14 to 19 form an integral part of this
consolidated interim financial information.
These financial statements were approved by the board on 28
September 2023.
Signed on behalf of the board by:
Duncan Soukup Interim Condensed Consolidated Statement of Cash
Flows
For the six months ended 30 June 2023
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
Notes GBP GBP GBP
Profit/(Loss) before income tax from:
Continuing operations (526,156) 203,680 (636,829)
Add back Portfolio Holdings 38,591 (561,455) -
Profit/(Loss) before income tax (487,565) (357,775) (636,829)
Adjustments for:
Other income - - 25,486
(Increase)/decrease in trade and other receivables 50,481 (88,133) 44,305
(Decrease)/increase in trade and other payables 11,112 42,823 97,521
Accrued interest income 22,635 180,132 -
Gain/(loss) on disposal of portfolio investments 60,404 (294,986) 471,589
Net exchange differences 285,642 (26,161) (19,253)
Depreciation/Amortisation 4&5 164,488 147,083 306,497
Share of losses of associate (143,962) (93,758) (234,828)
Fair value movement on portfolio investments (62,226) 672,217 64,817
Cash generated by operations (98,991) 181,442 119,305
Taxation (528) (431) 54,167
Net cash flow from operating activities (99,519) 181,011 173,472
Sale/(purchase) of property, plant and equipment (2,320) - (517,376)
Sale/(purchase) of intangible assets 4 (184,244) (167,576) (418,408)
Net (purchase)/sale of portfolio investments 6 648,613 (89,465) (245,899)
Investments in associated entities (68,642) - (31,071)
Net cash flow in investing activities 393,407 (257,041) (1,212,754)
Cash flows from financing activities
Interest Expense (1,522) (25,132) -
Leasing Liabilities (145,128) (45,051) -
Proceeds from borrowings 7,731 32,116 33,133
Repayment of borrowings 9 - (3,853,018) (4,357,529)
Net cash flow from financing activities (138,919) (3,891,085) (4,324,396)
Net increase in cash and cash equivalents 154,969 (3,967,115) (5,363,677)
Cash and cash equivalents at the start of the year 629,215 5,398,208 5,398,208
Effects of exchange rate changes on cash and cash equivalents (169,819) (133,217) 594,684
Cash and cash equivalents at the end of the year 614,365 1,297,876 629,215
The notes on pages 14 to 19 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2023
Share Share Treasury Other Foreign Exchange Retained
Capital Premium Shares Reserves Reserve Earnings Total
GBP GBP GBP GBP GBP GBP GBP
Balance as at 128,977 21,717,786 (8,558,935) (1,696,320) 3,836,171 (4,274,360) 11,153,319
31 December 2021
Total comprehensive income - - - - - 789,679 789,679
Balance as at 128,977 21,717,786 (8,558,935) (1,696,320) 3,836,171 (3,484,681) 11,942,998
30 June 2022
Exchange on conversion to GBP - - - - - - -
Total comprehensive income - - - - 594,684 (2,239,582) (1,644,898)
Balance as at 128,977 21,717,786 (8,558,935) (1,696,320) 4,430,855 (5,724,263) 10,298,100
31 December 2022
Foreign exchange on translation - - - - (89,718) - (89,718)
Total comprehensive income - - - - (83,113) (526,684) (609,797)
Balance as at 128,977 21,717,786 (8,558,935) (1,696,320) 4,258,024 (6,250,947) 9,598,585
30 June 2023
The notes on pages 14 to 19 form an integral part of this
consolidated interim financial information. Notes to the Interim
Condensed Consolidated Financial Information
1. General information
Thalassa Holdings Ltd (the "Company") is a British Virgin Island
("BVI") International business company ("IBC"), incorporated and
registered in the BVI on 26 September 2007. The Company is a
holding company with various interests across a number of
industries.
Autonomous Robotics Limited ("ARL" - formerly GO Science 2013
Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous
Underwater Vehicle ("AUV") research and development company.
Apeiron Holdings (BVI) Ltd is a BVI registered company and is
wholly owned by Thalassa. It owns 100% of Alfalfa Holdings AG which
is a company registered in Switzerland.
WGP Geosolutions Limited is a wholly owned subsidiary of
Thalassa currently non-operational.
2. Significant Accounting policies
The Company prepares its accounts in accordance with applicable
UK Adopted International Accounting Standards.
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 2022 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 2023 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 2022.
These condensed interim financial statements for the six months
ended 30 June 2023 and 30 June 2022 are unaudited and do not
constitute full accounts. The comparative figures for the period
ended 31 December 2022 are extracted from the 2022 audited
financial statements. The independent auditor's report on the 2022
financial statements was not qualified.
All intra-company 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 Company has sufficient cash
to fund its current commitments for the foreseeable future.
Notes to the Interim Condensed Consolidated Financial
Information Continued
3. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
The calculation of earnings per share is based on
the following loss and number of shares:
Profit/(loss) for the period (526,684) 203,249 (1,449,903)
Weighted average number of shares of the Company 7,945,838 7,945,838 7,945,838
Earnings per share:
Basic and Diluted (GBP) (0.07) 0.03 (0.18)
Number of shares outstanding at the period end: 7,945,838 7,945,838 7,945,838
4. Intangible assets
Development
costs Patents Software Total
GBP GBP GBP GBP
At 31 December 2022
Cost 1,153,647 153,501 25,096 1,332,243
Accumulated amortisation - - (12,548) (12,548)
Net book amount 1,153,647 153,501 12,548 1,319,695
Half-year ended 30 June 2023
Opening net book amount 1,153,647 153,501 12,548 1,319,695
FX movement - - - -
1,153,647 153,501 12,548 1,319,695
Additions 184,244 15,058 - 199,302
Amortisation charge - - (4,183) (4,183)
FX movement - - - -
Closing net book amount 1,337,891 168,559 8,365 1,514,814
At 30 June 2023
Cost 1,337,891 168,559 25,096 1,531,546
Accumulated amortisation - - (16,731) (16,731)
Net book amount 1,337,891 168,559 8,365 1,514,815
The intangible assets held by the Company increased as a result
of capitalising the development costs of Autonomous Robotics Ltd
("ARL").
Notes to the Interim Condensed Consolidated Financial
Information Continued
5. Property, plant and equipment
Plant
Land and and Motor
Total buildings Equipment Vehicles
Cost GBP GBP GBP GBP
Cost at 1 January 2023 2,736,687 2,066,128 130,483 540,076
FX movement (43,204) (30,795) 0 (12,409)
2,693,483 2,035,333 130,483 527,667
Additions 2,320 0 2,320 0
Cost at 30 June 2023 2,695,803 2,035,333 132,803 527,667
Depreciation
Depreciation at 1 January 2023 705,955 235,540 127,934 342,481
FX movement (7,503) (264) 0 (7,239)
698,452 235,276 127,934 335,242
Charge for the year on continuing operations 160,305 107,741 1,284 51,280
Foreign exchange effect on year end translation (1,377) (714) 0 (663)
Depreciation at 30 June 2023 857,380 342,303 129,218 385,859
Closing net book value at 30 June 2023 1,838,423 1,693,030 3,585 141,808
6. Securities
The Company 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 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
GBP GBP GBP
Securities
At the beginning of the period 504,877 1,187,346 1,187,345
Additions 521,167 2,078,047 3,554,617
Unrealised gain/(losses) 179,051 (168,131) 87,635
Disposals (475,713) (1,693,596) (4,461,505)
Forex on opening balance (3,011) 133,217 136,785
At period close 726,371 1,536,883 504,877
Investment Holdings
Securities held 726,371 1,536,883 504,877
Portfolio Holdings - - -
726,371 1,536,883 504,877
Investments have been valued incorporating Level 1 inputs in
accordance with IFRS7.
For period ending 30 Jun 23, portfolio holdings cash balances
have been reclassified to cash and cash equivalents.
Notes to the Interim Condensed Consolidated Financial
Information Continued
7. Loans and holdings
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
GBP GBP GBP
Loans at period open 1,532,469 1,333,599 1,333,599
Accrued interest - to be waived 22,186 22,403 45,235
Forex on opening balance (62,647) 150,599 153,635
Loans at period close 1,492,008 1,506,601 1,532,469
Portfolio Holdings at 1 January 4,038,944 4,371,674 4,371,674
Issued - - 746,009
Interest - 158,225 325,237
Repaid - - (92)
Forex - 20,310 28,157
Reclassification under portfolio holdings (754,473) - -
Written off - Tappit Loan Interest & Option Value - - (1,432,041)
Portfolio holdings at period close 3,284,471 4,550,209 4,038,944
Total of loans and holdings 4,776,479 6,056,810 5,571,412
The Loan is to the THAL Discretionary Trust, the terms of the
loan are set with a 0% interest rate however interest has been
accrued at 3% as per IFRS requirements, it is the intention of the
Company to waive this interest upon repayment of the capital.
8. Investments in associated entities
On 17 December 2021, the acquisition of id4 was complete by
Anemoi International Ltd with consideration in the form of shares
issued to Thalassa and its subsidiary Aperion BVI totaling 36.92%
of the voting rights. The investment is recognised using the equity
method as described in the financial statements for December 2022.
During the period further shares were purchased to equal a total of
40.77% of the voting rights.
Athenium Consultancy Ltd in which the Company owns 35% shares
was incorporated on 12 October 2021.
Movement on interests in associates can be summarised as
follows:
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
GBP GBP GBP
Fair value of investment at beginning of period 2,356,526 2,325,457 2,325,457
Share of losses for the period (143,803) (93,758) (235,659)
Additions 68,642 - -
Exchange Variance (82,112) 262,392 266,728
2,199,253 2,494,091 2,356,526
There are no other entities in which the Company holds 20% or
more of the equity, or otherwise exercises significant influence
over the affairs of the entity.
Notes to the Interim Condensed Consolidated Financial
Information Continued
9. Borrowings
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
Non-current liabilities GBP GBP GBP
Lease liabilities 1,404,237 1,243,273 1,510,377
1,404,237 1,243,273 1,510,377
Current liabilities
Credit facility - 459,280 -
Lease liabilities 159,783 163,262 158,473
159,783 622,542 158,473
The credit facilities outstanding as at 30 Jun 2022 consist of
fixed term advances opened on in May 2022 for GBP461k, this advance
was settled in July 2022. The settling of the facility outstanding
at Dec '21 was completed on the 9th April 2022. The credit facility
was cancelled in December 2022.
The lease liabilities comprise of amounts owed in relation to
office leases held by ARL and Aperion AG. The lease held by Aperion
Holdings AG was entered in to in Feb 2021.
10. Related party balances and transactions
Under the consultancy and administrative services agreement
initially entered into on 3 January 2011 and most recently updated
1 February 2018 with a company in which the Chairman has a
beneficial interest, the Company accrued GBP130,362 (1H22:
GBP225,145) for consultancy and administrative services provided to
the Company. As at 30 June 2023 the amount owed to this company was
GBP524,868 (1H22: GBP268,055).
Athenium Consultancy Ltd, a company in which the Company owns
shares invoiced the Company for financial and corporate
administration services totalling GBP90,750 for the period (June
2022: GBP82,500).
The Company was due GBP9,372 (June 2022: GBP25,988) from Anemoi
International Ltd, a company in which through its subsidiary
Apeiron Holdings BVI holds shares and is related by common control
through the Chairman, Duncan Soukup.
As at the period end the Company was due GBP49,887 (June 2022:
GBP24,790) from Alina Holdings Limited, a company under common
directorship.
ARL owed rent of GBP5,000 during the period for trading premises
from Eastleigh Court Limited. The beneficiaries of Eastleigh Court
Ltd include D Soukup, a director during the period.
Notes to the Interim Condensed Consolidated Financial
Information Continued
11. Share capital
As at As at As at
30 Jun 23 30 Jun 22 31 Dec 22
Unaudited Unaudited Audited
GBP GBP GBP
Authorised share capital:
100,000,000 ordinary shares of USD0.01 each 1,000,000 1,000,000 1,000,000
Exchange Rate for Conversion 1.61674 1.61674 1.61674
100,000,000 ordinary shares of USD0.01 each in GBP 618,529 618,529 618,529
Allotted, issued and fully paid:
20,852,359 ordinary shares of USD0.01 each 208,522 208,522 208,522
Average Exchange Rate for Conversion 1.61674 1.61674 1.61674
20,852,359 ordinary shares of USD0.01 each in GBP 128,977 128,977 128,977
The exchange rate used for conversion is the aggregate rate for
the transactions as they occurred.
12. Subsequent events
There were no reportable subsequent events
13. Copies of the Interim Report
The interim report is available on the Company's website:
www.thalassaholdingsltd.com.
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
ISIN: VGG878801114
Category Code: IR
TIDM: THAL
LEI Code: 2138002739WFQPLBEQ42
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 274671
EQS News ID: 1737045
End of Announcement EQS News Service
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(END) Dow Jones Newswires
September 29, 2023 04:00 ET (08:00 GMT)
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