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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tmt Investments Plc | LSE:TMT | London | Ordinary Share | JE00B3RQZ289 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.06 | -1.66% | 3.56 | 3.52 | 3.60 | 3.52 | 3.52 | 3.52 | 4,599 | 16:35:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | -79.75M | -81.39M | -2.5879 | -1.36 | 110.71M |
From Apr 2019 to Apr 2024
TIDMTMT
RNS Number : 9699N
TMT Investments PLC
15 August 2017
15 August 2017
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half year report for the six months to 30 June 2017
TMT Investments PLC, the venture capital company investing in high-growth, technology companies across a number of core specialist sectors, is pleased to announce its unaudited interim results for the half-year ended 30 June 2016.
-- Bonus-adjusted NAV per share of US$2.09 (up 10.6% from US$1.89 as of 31 December 2016) -- 3 significant positive revaluations for US$7.43m in total (PandaDoc, Wrike and Taxify) -- 4 small impairments for US$1.08m in total (Adinch, Favim, Ninua and Drippler) -- Many portfolio companies continue to experience rapid growth
Alexander Selegenev, Executive Director, commented: "We are delighted with our portfolio company performance in the first half of 2017. In line with expectations announced in our 2016 Annual Report, we have had three sizeable positive revaluations to date in 2017. These have more than offset the minor write-downs that we have diligently exercised in order to maintain our portfolio valuation updated."
"We continue to see exciting exit opportunities in our chosen sectors as shown by our recent partial exit from project management software company Wrike. This was achieved at a premium of 114% compared to the value of our stake at the end of December 2016. We are currently pursuing additional partial exit transactions for a number of our portfolio holdings."
For further information contact:
TMT Investments plc +44 1534 281 843 Alexander Selegenev alexander.selegenev@tmtinvestments.com Executive Director www.tmtinvestments.com ZAI Corporate Finance Ltd. NOMAD Dugald J. Carlean/Ray Zimmerman +44 20 7060 2220 Hybridan LLP Broker Claire Louise Noyce +44 20 3764 2341 Kinlan Communications Tel. +44 20 7638 3435 David Hothersall davidh@kinlan.net
About TMT Investments Plc
TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has net assets of US$58m and has invested in over 40 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com
EXECUTIVE DIRECTOR'S STATEMENT
Portfolio Performance
The following developments took place within the Company's portfolio in the first half of 2017 (i.e. between the publication date of our 2016 Annual Report and the publication date of this interim 2017 report):
Cash and partial cash exits, and positive non-cash revaluations:
-- As announced on 25 May 2017, document management platform PandaDoc, Inc. ("PandaDoc") completed a US$15 million Series B equity financing round, led by Rembrandt Venture Partners, with participation from Microsoft Ventures, HubSpot, EBRD (via the EBRD Venture Capital Investment Programme), and Altos Ventures. The transaction represents a revaluation uplift of US$740,262 (or 150%) in the fair value of TMT's investment in PandaDoc, compared to the previous reported amount as of 31 December 2016.
-- As announced on 27 July 2017, TMT sold part of its equity stake in a portfolio company which is now disclosed as the work management and collaboration platform Wrike, Inc. ("Wrike") for US$400,000. The transaction represents a revaluation uplift of approximately US$4.89 million (or 114%) in the fair value of TMT's investment in Wrike compared to the latest reported amount as of 31 December 2016.
-- As announced on 1 August 2017, Taxify OÜ ("Taxify") completed a new equity financing round as part of a strategic partnership with Didi Chuxing, the world's leading mobile transportation platform. The transaction represents a revaluation uplift of approximately US$1.8 million (or 547%) in the fair value of TMT's investment in Taxify, compared to the previous reported amount as of 31 December 2016.
Impairments and write-offs:
-- In the first half of 2017, Favim paid back to TMT US$50,000 of the US$305,050 originally invested by TMT in 2012 and decided to develop a new product. Despite Favim's existing product being break-even, the Board of TMT considered it prudent to incur an impairment charge equal to US$127,525, or 50% of the fair value of the Company's investment in Favim previously reported as of 31 December 2016 (adjusted for the US$50,000 received).
-- Based on Ninua's performance over the last two years, the Board of TMT decided to incur an impairment charge equal to 50% of the previously reported fair value of the Company's investment, as well as the entire unpaid accumulated interest payable to TMT, of US$349,027 in total.
-- Online advertising platform Adinch (previously impaired in the first half of 2016) continued to struggle. Accordingly, in the first half of 2017 the Board of TMT considered it prudent to incur an additional impairment charge equal to US$300,000, or 50% of the fair value of the Company's investment in Adinch previously reported as of 31 December 2016.
-- Based on the potential acquisition offers received by Drippler to date, the Board of TMT decided to incur an impairment charge equal to US$302,400, or 100% of the fair value of the Company's investment in Drippler previously reported as of 31 December 2016.
10 largest portfolio holdings:
Hot Features
Premium
Portfolio Fair value as % of
Company Name (US$), as total
of 30 Jun portfolio
2017 and value
currently
--------------- ----------- -----------
Depositphotos 10,836,105 18.54
--------------- ----------- -----------
Backblaze 9,624,277 16.47
--------------- ----------- -----------
Wrike 9,195,509 15.74
--------------- ----------- -----------
Pipedrive 7,175,590 12.28
--------------- ----------- -----------
Wanelo 5,369,400 9.19
--------------- ----------- -----------
Taxify 2,128,872 3.64
--------------- ----------- -----------
Virool 2,013,851 3.45
--------------- ----------- -----------
Unicell 1,455,088 2.49
--------------- ----------- -----------
PandaDoc 1,233,770 2.11
--------------- ----------- -----------
LeTote 1,068,878 1.83
--------------- ----------- -----------
Total 50,101,340 85.74%
--------------- ----------- -----------
Key developments for the 10 largest portfolio holdings in the first half of 2017 (source: TMT's portfolio companies)
Depositphotos (stock photo marketplace):
-- Continuing double-digit growth in revenue and number of files in the photobank -- Launched free web-based image editor Crello
Backblaze (online data backup and cloud storage provider):
-- Continuing double-digit growth in revenues -- On track to 10x YoY revenue growth from new "B2" cloud storage service -- Launched new Business Backup service
Pipedrive (sales CRM software):
-- Continuing double-digit growth in revenue and number of paid accounts -- Exceeded 50,000 paying customers
Wanelo (online social shopping platform):
-- Continuing revenue growth
Wrike (work management and collaboration software):
-- Continuing double-digit growth in revenue and number of paid accounts -- Exceeded 14,000 paying customers and 1m users
Virool (native video advertising platform):
-- Continuing growth in new clients and revenues
-- Launched the Vertical Video Exchange to make it easier for advertisers to buy vertical video ad inventory
Taxify (ride hailing service):
-- Active in more than 25 cities over the world
-- Raised a sizable equity round from the world's leading mobile transportation platform Didi Chuxing
-- Continuing triple-digit growth in revenue and number of users
Unicell (provider of digital marketing solutions and mobile applications and services):
-- Breakeven -- Traditional business is contracting
-- 50%-owned Pango, a parking payment operator in Israel, is fast-growing and cash generative, helping Unicell gradually reduce its debt levels
PandaDoc (document automation software):
-- US$15m new equity raised from Rembrandt Venture Partners and others -- Significant growth in new clients and revenues
LeTote (Netflix-style fashion rental platform):
-- Continuing growth in revenue and number of customers
New investments
In the first half of 2017, the Company made an additional US$50,000 investment in online marketplace for authentic specialty foods Try The World, Inc. (www.trytheworld.com).
NAV per share
The Company's net asset value ("NAV") per share as of 30 June 2017 increased to US$2.11 (31 December 2016: US$1.89). Please note that the NAV figure excludes the bonus amount of US$610,107 accrued (but not yet approved) for the second year (period from 01 July 2016 to 30 June 2017) of the Company's Bonus Plan adopted in 2015. The accrued bonus amount is equivalent to approximately 2.2 cents per TMT share, with a pro forma bonus-adjusted NAV per share as of 30 June 2017 of approximately US$2.09.
Operating Expenses
In the first half of 2017, the Company's Administrative Expenses of US$518,093 were above the 2016 levels (US$476,814), primarily due to higher professional fees and the Company's resumption of office rent payments from 1 April 2017.
Financial position
As of 30 June 2017 the Company had no financial debt and US$597,804 in cash reserves. As of the date of this report, the Company has approximately US$760,000 in cash reserves.
Events after the reporting period
TMT received US$400,000 as per the Wrike transaction announced on 27 July 2017.
Outlook
We are delighted with our portfolio company performance in the first half of 2017. In line with our expectations announced in our 2016 Annual Report, we have had three sizeable positive revaluations in 2017, which more than offsets the minor write-downs we have diligently exercised in order to maintain our portfolio valuation updated.
We continue to see exciting investment and exit opportunities in our chosen sectors and we look forward to updating our shareholders on the Company's progress in the near future.
Statement of Comprehensive Income
For the For the
six months six months
ended ended
30/06/2017 30/06/2016
Notes USD USD
(Losses) / Gains on investments 3 (958,465) 3,822,536
-------------------------------------------- ------ ------------ ------------
(958,465) 3,822,536
Expenses
Bonus scheme payment charge (610,107) (837,361)
Administrative expenses 5 (518,093) (476,814)
-------------------------------------------- ------ ------------ ------------
Operating (loss) / gain (2,086,665) 2,508,361
Net finance income 7 1,695 1,914
-------------------------------------------- ------ ------------ ------------
(Loss) / Gain before taxation (2,084,970) 2,510,275
Taxation 8 - -
-------------------------------------------- ------ ------------ ------------
(Loss) / Gain attributable
to equity shareholders (2,084,970) 2,510,275
Other comprehensive income
for the year:
Change in fair value of available-for-sale
financial assets 16 7,334,707 (3,275,200)
-------------------------------------------- ------ ------------ ------------
Total comprehensive income
for the year 5,249,737 (764,925)
-------------------------------------------- ------ ------------ ------------
(Loss) / Gain per share
Basic and diluted (loss) /
gain per share (cents per share) 9 (7.51) 9.05
-------------------------------------------- ------ ------------ ------------
Statement of Financial Position
At 30 June At 31 December
2017 2016
USD USD
Notes
Non-current assets
Investments in equity
shares 10 55,038,058 48,335,876
Convertible loan notes
receivable 10 1,998,918 2,250,596
Simple Agreement for
Future Equity (SAFE's) 10 1,400,000 1,400,000
Total non-current assets 58,436,976 51,986,472
Current assets
Trade and other receivables 11 154,334 226,917
Cash and cash equivalents 12 597,804 1,057,098
Total current assets 752,138 1,284,015
Total assets 59,189,114 53,270,487
Current liabilities
Trade and other payables 13 257,345 72,211
Total current liabilities 257,345 72,211
Non-current liabilities
Other payables 14 513,504 639,855
Total non-current liabilities 513,504 639,855
Total liabilities 770,849 712,066
Net assets 58,418,265 52,558,421
------------------------------- ------ -------------------- ---------- ------------------------
Equity
Share capital 15 31,453,510 31,453,510
Bonus scheme payment
reserve 16 610,107 -
Fair value reserve 16 36,728,481 29,393,774
Retained losses 16 (10,373,833) (8,288,863)
Total equity 58,418,265 52,558,421
------------------------------- ------ -------------------- ---------- ------------------------
Statement of Cash Flows
For the For the
six month six month
ended 30/06/2017 ended 30/06/2016
USD USD
Notes
Operating activities
Operating (loss)/profit (2,086,665) 2,508,361
----------------------------------------------- ----- ----------------- -----------------
Adjustments for non-cash items:
Profit on disposal of available-for-sale
assets 3 - (5,025,303)
Gain on conversion of loan notes - -
to equity
Impairment of available-for-sale
assets and accrued interest 3 981,552 1,223,568
Bonus scheme payment charge 610,107 837,361
Amortized costs of convertible
notes receivable 3 1,678 2,708
(493,328) (453,305)
----------------------------------------------- ----- ----------------- -----------------
Changes in working capital:
Decrease in trade and other
receivables 11 (26,443) (46,857)
Increase in trade and other
payables 13 58,782 86,206
Net cash used by operating activities (460,987) (413,956)
----------------------------------------------- ----- ----------------- -----------------
Investing activities
Interest received 7 1,695 1,914
Purchase of available-for-sale
assets 10 (50,000) (653,000)
Proceeds from sale of available-for-sale
assets 50,000 5,829,032
----------------------------------------------- ----- ----------------- -----------------
Net cash used by investing activities 1,695 5,177,946
----------------------------------------------- ----- ----------------- -----------------
Financing activities
Net cash from financing activities - -
----------------------------------------------- ----- ----------------- -----------------
(Decrease)/increase in cash and
cash equivalents (459,294) 4,763,990
----------------------------------------------- ----- ----------------- -----------------
Cash and cash equivalents at the
beginning of the year 12 1,057,098 1,159,789
----------------------------------------------- ----- ----------------- -----------------
Cash and cash equivalents at the
end of the year 12 597,804 5,923,779
----------------------------------------------- ----- ----------------- -----------------
Statement of Changes in Equity
Share capital Share-based Bonus payment Fair value Retained Total
payment reserve reserve losses
reserve
Notes USD USD USD USD USD USD
Balance at 31
December 2015 31,453,510 165,454 - 28,614,592 (7,247,998) 52,985,558
---------------- ------ -------------- -------------- -------------- -------------- -------------- ------------
Total
comprehensive
income for
the year - - 837,361 584,032 925,966 2,347,359
Dividends paid 16 - - - - (2,774,496) (2,774,496)
Bonuses paid
and transfer
to non-current
liabilities 16 - - (837,361) - 837,361 -
Lapse of share options 16 - (165,454) - - 165,454 - Previous year adjustments - - - 195,150 (195,150) - Balance at 31 December 2016 31,453,510 - - 29,393,774 (8,288,863) 52,558,421 ---------------- ------ -------------- -------------- -------------- -------------- -------------- ------------ Total comprehensive income for the year - - - 7,334,707 (2,084,970) 5,249,737 Bonus scheme payment charge 16 - - 610,107 - - 610,107 Balance at 30 June 2017 31,453,510 - 610,107 36,728,481 (10,373,833) 58,418,265 ---------------- ------ -------------- -------------- -------------- -------------- -------------- ------------
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2017
1. Company information
TMT Investments Plc ("TMT" or the "Company") is a company incorporated in Jersey with its registered office at Queensway House, Hilgrove Street, St Helier, JE1 1ES, Channel Islands.
The Company was incorporated and registered on 30 September 2010 in Jersey under the Companies (Jersey) Law 1991 with registration number 106628 under the name TMT Investments Limited. The Company obtained consent from the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1985 on 30 September 2010. On 1 December 2010 the Company re-registered as a public company and changed its name to TMT Investments PLC.
The memorandum and articles of association of the Company do not restrict its activities and therefore it has unlimited legal capacity. The Company's ability to implement its Investment Policy and achieve its desired returns will be limited by its ability to identify and acquire suitable investments. Suitable investment opportunities may not always be readily available.
The Company will seek to make investments in any region of the world.
The financial information relating to the six months ended 30 June 2017 is unaudited and does not constitute statutory accounts. The comparative figures for the financial year ended 31 December 2016 are not the Company's statutory accounts for that financial year. Statutory accounts for the year ended 31 December 2016 were approved by the Board of Directors on 15 March 2017. The report of the auditors on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain any qualification.
These unaudited interim financial results were approved by the Board of Directors after market hours on 14 August 2017 and are available on the Company's website http://www.tmtinvestments.com/investor-relations/financial-reports/.
2. Summary of significant accounting policies 2.1 Basis of presentation
The accounting policies applied by the Company in these unaudited interim results are based on International Financial Reporting Standards as adopted by the European Union, including IAS 34 'Interim Financial Reporting', and in accordance with the accounting policies which are the same as those applied by the Company in its financial statements for the year ended 31 December 2016.
The Company's financial risk management objectives and policies are consistent with that disclosed in the financial statements for the year ended 31 December 2016.
For the purposes of IFRS 8 'Operating Segments' the Company currently has one segment, being 'Investing in the TMT sector'. No further operating segment financial information is therefore disclosed.
2.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of the Company are measured in United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into US$ using the exchange rates prevailing at the dates of the transactions. Exchange differences arising from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
Conversation rates, USD
---------------------------------------------------------
Currency Average
rate, for
six months
At 30.06.2016 ended 30/06/2016
----------------- -------------- ------------------
British pounds,
GBP 1.2288 1.3285
Euro, EUR 1.1442 1.0808
--------------------- -------------- ------------------
3 (Loss) / Gain on investments
For six months ended 30/06/2017 For six months
ended 30/06/2016
USD USD
Gross interest income from convertible notes receivable 24,765 23,509
Amortized costs of convertible notes receivable (1,678) (2,708)
Net interest income from convertible notes receivable 23,087 20,801
Profit on disposal of equity investments - 5,025,303
Impairment of available-for-sale assets (981,552) (1,223,568)
Total (losses) gain on investments (958,465) 3,822,536
--------------------------------------------------------- -------------------------------- ------------------
4 Segmental analysis
Geographic information
The Company has investments in six principal geographical areas - USA, Israel, BVI, Estonia, Cyprus, and Russia.
Non-current financial assets
As at 31/12/2016
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Equity investments 44,481,925 2,644,411 305,050 465,921 379,473 59,096 48,335,876
Convertible
notes 3,650,596 - - - - - 3,650,596
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Total 48,132,521 2,644,411 305,050 465,921 379,473 59,096 51,986,472
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
As at 30/06/2017
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- -------- ---------- ------- -----------
Equity investments 49,864,118 2,342,011 127,525 465,921 2,179,387 59,096 55,038,058
Convertible
notes 3,398,918 - - - - - 3,398,918
-------------------- ----------- ---------- -------- -------- ---------- ------- -----------
Total 53,263,036 2,342,011 127,525 465,921 2,179,387 59,096 58,436,976
-------------------- ----------- ---------- -------- -------- ---------- ------- -----------
5 Administrative expenses
Administrative expenses include the following amounts:
For six months ended 30/06/2017 For six months ended
30/06/2016
USD USD
------------------------------- -------------------------------- ---------------------
Staff expenses (note 6) 290,893 292,934
Professional fees 134,933 72,761
Legal fees 2,643 2,409
Bank and LSE charges 7,742 9,218
Audit and accounting fees 12,512 14,046
Rent 23,649 7,000
Other expenses 58,467 60,758
Currency exchange loss/(gain) (12,746) 17,688
------------------------------- -------------------------------- ---------------------
518,093 476,814
------------------------------- -------------------------------- ---------------------
6 Staff expenses
For six months ended 30/06/2017 For six months ended 30/06/2016
USD USD
-------------------- -------------------------------- --------------------------------
Directors' fees 92,653 94,694
Wages and salaries 198,240 198,240
290,893 292,934
-------------------- -------------------------------- --------------------------------
Wages and salaries shown above include salaries and bonuses relating to the six months ended 30 June. These costs are included in administrative expenses. There are no employment expenses for share-based payments.
The average number of staff employed (excluding Directors) by the Company during the six months ended 30 June was 5 (for the year ended 31 December 2016: 5).
The Directors' fees for the six months ended 30 June 2017 and 2016 were as follows:
For six months ended 30/06/2017 For six months ended
30/06/2016
USD USD
---------------------- -------------------------------- ---------------------
Alexander Selegenev 50,000 50,475
Yuri Mostovoy 25,000 25,000
James Joseph Mullins 12,663 14,219
Petr Lanin 5,000 5,000
---------------------- -------------------------------- ---------------------
92,653 94,694
---------------------- -------------------------------- ---------------------
The Directors' fees shown above are all classified as 'short term employment benefits' under International Accounting Standard 24. The Directors do not receive any pension contributions or other benefits.
Key management personnel of the Company are defined as those persons having authority and responsibility for the planning, directing and controlling the activities of the Company, directly or indirectly. Key management of the Company are therefore considered to be the Directors of the Company. There were no transactions with the key management, other than their Directors fees and bonuses.
7 Net finance income
For six months ended 30/06/2017 For six months ended 30/06/2016
USD USD
----------------- -------------------------------- --------------------------------
Interest income 1,695 1,914
1,695 1,914
----------------- -------------------------------- --------------------------------
8 Income tax expense
For six months ended For six months ended 30/06/2016
30/06/2017
USD USD
---------------------- --------------------- --------------------------------
Current taxes
Current year - -
---------------------- --------------------- --------------------------------
Deferred taxes
Deferred income taxes - -
---------------------- --------------------- --------------------------------
- -
---------------------- --------------------- --------------------------------
The Company is incorporated in Jersey. No tax reconciliation note has been presented as the income tax rate for Jersey companies is 0%.
9 (Loss) / Profit per share
The calculation of basic profit per share is based upon the net loss for the six months ended 30 June 2017 attributable to the ordinary shareholders of US$2,084,971 (for the six months ended 30 June 2016: net profit of US$2,510,275) and the weighted average number of ordinary shares outstanding calculated as follows:
(Loss) / Profit per share For the six months ended 30/06/2017 For the six months
ended 30/06/2016
--------------------------------------------------------- ------------------------------------ -------------------
Basic (loss)/profit per share (cents per share) (7.51) 9.05
(Loss)/profit attributable to equity holders of the
entity (2,084,970) 2,510,275
--------------------------------------------------------- ------------------------------------ -------------------
The weighted average number of ordinary shares outstanding before and after adjustment for the effects of all dilutive potential ordinary shares calculated as follows:
(in number of shares weighted during For the six months ended 30/06/2017 For the six months ended 30/06/2016
the year outstanding)
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average number of shares in
issue
Ordinary shares 27,744,962 27,744,962
27,744,962 27,744,962
---------------------------------------- ------------------------------------ ------------------------------------
Effect of dilutive potential ordinary
shares
Share options - (15,279)
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average of shares for the year
(fully diluted) 27,744,962 27,729,683
---------------------------------------- ------------------------------------ ------------------------------------
The diluted (loss) / profit per share for both 2017 and 2016 is kept the same as the basic (loss) / profit per share because the conversion of the share options decreases the basic (loss) / profit per share and is therefore anti-dilutive.
10 Non-current financial assets
At 30 June 2017 At 31 December 2016
Available-for-sale financial assets, USD:
Investments in equity shares (i)
- unlisted shares 56,038,058 48,335,876
Convertible notes receivable and SAFE's *
- promissory notes (ii) 1,998,918 1,998,918
- SAFE's (iii) 1,400,000 1,400,000
------------------------------------------- ---------------- --------------------
58,436,976 51,986,472
------------------------------------------- ---------------- --------------------
* Simple Agreement for Future Equity
Reconciliation of fair value measurements of non-current financial assets:
Available-for-sale Total
----------------------------------------------- ---------------------------------- ------------
Unlisted Convertible
shares notes & SAFE's
USD USD USD
----------------------------------------------- -------------- ------------------ ------------
Balance as at 1 January 2016 49,483,857 2,202,649 51,686,506
------------------------------------------------ -------------- ------------------ ------------
Total gains or losses in 2016:
- in profit or loss - impairment 3,838,207 (219,568) 3,618,639
- in other comprehensive income 584,032 - 584,032
Purchases (including consulting & legal fees) 599,995 1,653,000 2,252,995
Disposal of investment (carrying value) (6,170,215) (4,900) (6,175,115)
Conversion of notes to equity and net gain - 19,415 19,415
------------------------------------------------ -------------- ------------------ ------------
Balance as at 31 December 2016 48,335,876 3,650,596 51,986,472
------------------------------------------------ -------------- ------------------ ------------
Total gains or losses in 2017:
- in profit or loss - impairment (632,525) (250,000) (882,525)
- in other comprehensive income 7,334,707 - 7,334,707
Purchases (including consulting & legal fees) 50,000 - 50,000
Disposal of investment (carrying value) (50,000) (1,678) (51,678)
Conversion and other movements - - -
----------------------------------------------- -------------- ------------------ ------------
Balance as at 30 June 2017 55,038,058 3,398,918 58,436,976
------------------------------------------------ -------------- ------------------ ------------
Available-for-sale investments are carried at fair values. Where financial assets do not have a quoted market price in an active market and their fair values cannot be reliably measured they are measured at cost less any identified impairment losses at the end of reporting period, in accordance with IAS 39 para 46 (c) exemption.
Where there has been a relevant transaction during the year that gives an indication of the fair value of the unlisted shares, the shares are included at that fair value and the increase or decrease in fair value is recognised in the fair value reserve. The "price of recent investment" methodology is used mainly for investments in venture capital companies and includes cost of investment or valuation by reference to a subsequent financing round. Valuation increases above cost are only recognised if that round involved a new external investor and the company is meeting milestones set by investor.
(i) Equity investments as at 30 June 2017:
Investee Date Value Additions Capitalized Gain/loss Other Disposals, Value Equity
company of at to consulting from impairments, USD at stake
initial 1 Jan equity and changes USD 30 owned
investment 2017, investments legal in Jun
USD during fees, fair 2017,
the USD value USD
period, of
USD equity
investments,
USD
--------------- ------------ ----------- ------------ ------------ ------------- ------------- ----------- ----------- -------
Unicell 15.09.2011 1,455,088 - - - - - 1,455,088 10.00%
DepositPhotos 26.07.2011 10,836,105 - - - - - 10,836,105 16.67
RollApp 19.08.2011 600,000 - - - - - 600,000 10.00%
Wanelo 21.11.2011 5,369,400 - - - - - 5,369,400 4.73%
ThusFresh 26.03.2012 379,355 - - - - - 379,355 3.53%
Backblaze 24.07.2012 9,624,277 - - - - - 9,624,277 14.55%
UM Liquidating
Trust 15.07.2014 29,273 - - - - - 29,273 5.89%
Gentoo
LABS 15.05.2014 260,000 - - - - - 260,000 6.88%
Favim 24.10.2012 305,050 - - - (127,525) (50,000) 127,525 20.00%
AppsIndep 12.11.2012 465,921 - - - - - 465,921 19.24%
Virool 29.08.2012 1,813,851 - - - - - 1,813,851 1.42%
Adinch 19.02.2013 600,000 - - - (300,000) - 300,000 22.43%
Tracks 24.11.2011 73,115 - - - - - 73,115 0.00%
Wrike 12.06.2012 4,303,578 - - 4,891,931 - - 9,195,509 3.68%
Oriense 27.01.2014 59,096 - - - - - 59,096 5.45%
E2C 15.02.2014 136,781 - - - - - 136,781 5.51%
Drippler 01.05.2014 302,400 - - (97,400) (205,000) - - 1.45%
Weaved 13.06.2014 255,000 - - - - - 255,000 2.44%
Le Tote 21.07.2014 1,068,878 - - - - - 1,068,878 1.35%
Anews 25.08.2014 1,000,000 - - - - - 1,000,000 9.41%
Twtrland 01.09.2014 155,000 - - - - - 155,000 3.27%
Drupe 02.09.2014 595,142 - - - - - 595,142 7.47%
Taxify 15.09.2014 328,958 - - 1,799,914 - - 2,128,872 2.30%
Pipedrive 30.07.2012 7,175,590 - - - - - 7,175,590 3.89%
PandaDoc 11.07.2014 493,508 - - 740,262 - - 1,233,770 1.79%
VitalFields 20.12.2013 50,515 - - - - - 50,515 0.00%
APPrise 16.08.2016 300,000 - - - - 300,000 4.43%
Try the
World 11.10.2016 299,995 50,000 - - - - 349,995 0.97%
Total 48,335,876 50,000 - 7,334,707 (632,525) (50,000) 55,038,058
----------------------------- ----------- ------------ ------------ ------------- ------------- ----------- ----------- -------
(ii) Convertible loan notes as at 30 June 2017:
Investee Date of Value at Additions Capitalized Amortized Internal Profit on Disposals, Value at Term, Interest
company initial 1 Jan to consulting costs, movements, disposal/ USD 30 Jun years rate, %
investment 2017, convertible and legal USD USD Impairment 2017, USD
USD note fees, USD charge,
investments USD
during the
period, USD
----------- ------------ ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
Ninua 08.06.2011 500,000 - - - - (250,000) - 250,000 1.5 5.00%
Sharethis 26.03.2013 570,526 - - (198) - - - 570,328 5.0 1.09%
KitApps 10.07.2013 600,000 - - - - - - 600,000 1.0 2.00%
Gentoo
LABS 21.05.2014 100,000 - - - - - - 100,000 2.0 0.28%
ScentBird 13.04.2015 300,726 - - (726) - - - 300,000 2.0 4.00%
Weaved 05.10.2015 27,277 - - - - - - 27,277 1.0 7.70%
Send a Job 16.05.2016 152,067 - - (754) - - - 151,313 2.0 4.00%
Total 2,250,596 - - (1,678) - (250,000) - 1,998,918
------------------------- ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
(iii) SAFE's as at 30 June 2017:
Investee Date of Value at Additions Capitalized Amortized Internal Profit on Disposals, Value at Term, Interest
company initial 1 Jan to consulting costs, movements, disposal/ USD 30 Jun years rate, %
investment 2017, convertible and legal USD USD Impairment 2017, USD
USD note fees, USD charge,
investments USD
during the
period, USD
----------- ------------ ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
ScentBird 14.08.2015 600,000 - - - - - - 600,000 - -
Vinebox 06.05.2016 300,000 - - - - - - 300,000 - -
Sixa 28.07.2016 300,000 - - - - - 300,000 - -
Virool 16.08.2016 200,000 - - - - - 200,000 - -
------------ ------------
Total 1,400,000 - - - - - - 1,400,000
------------------------- ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
11 Trade and other receivables
At 30 June 2017 At 31 December 2016
USD USD
----------------------------------------- ---------------- --------------------
Prepayments 21,074 19,269
Interest receivable on promissory notes 118,085 192,348
Interest receivable on deposits 175 300
Loans to portfolio companies 15,000 15,000
154,334 226,917
----------------------------------------- ---------------- --------------------
12 Cash and cash equivalents
The cash and cash equivalents as at 30 June 2017 include cash on hand and in banks, deposits, net of outstanding bank overdrafts. The effective interest rate at 30 June 2017 was 0.7%.
Cash and cash equivalents comprise the following:
At June 2017 At December 2016
USD USD
--------------- ------------- -----------------
Deposits 300,000 500,000
Bank balances 297,804 557,098
--------------- ------------- -----------------
597,804 1,057,098
--------------- ------------- -----------------
The following table represents an analysis of cash and equivalents by rating agency designation based on Fitch rating or their equivalent:
At 30 June 2017 At 31 December 2016
USD USD
--------------- ---------------- --------------------
Bank balances
BBB+ rating 297,804 557,098
--------------- ---------------- --------------------
297,804 557,098
--------------- ---------------- --------------------
Deposits
BBB rating 300,000 500,000
--------------- ---------------- --------------------
300,000 500,000
--------------- ---------------- --------------------
597,804 1,057,098
-------------------------------- --------------------
13 Trade and other payables
At 30 June 2017 At 31 December 2016
USD USD
-------------------------------------- ---------------- --------------------
Salaries and directors' fees payable 236,478 33,825
Trade payables 16,163 16,275
Other current liabilities 150 914
Accrued expenses 4,554 21,197
257,345 72,211
-------------------------------------- ---------------- --------------------
14 Other payables
At 30 June 2017 At 31 December 2016
USD USD
------------------------------- ---------------- --------------------
Other non-current liabilities 513,504 639,855
513,504 639,855
------------------------------- ---------------- --------------------
15 Share capital
On 30 June 2017 the Company had an authorised share capital of unlimited shares of no par value and had issued share capital of:
At 30 June 2017 At 31 December 2016
USD USD
----------------------------- ----------------- --------------------
Share capital 31,453,510 31,453,510
Issued capital comprises: Number Number
Fully paid ordinary shares 27,744,962 27,744,962
----------------------------- ----------------- --------------------
Number of shares Share capital,
USD
----------------------------- ----------------- --------------------
Balance at 31 December 2016 27,744,962 31,453,510
Balance at 30 June 2017 27,744,962 31,453,510
----------------------------- ----------------- --------------------
16 Reserves
Share-based payment Bonus scheme Fair value reserve Retained losses Total
reserve payment reserve USD USD USD
USD USD
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
Balance as at 1
January 2016 165,454 - 28,614,592 (7,247,998) 21,532,048
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
Profit for the year - 837,361 - 925,966 1,763,327
Gain from changes in
fair value - - 584,032 - 584,032
Dividends paid - - - (2,774,496) (2,774,496)
Bonus payments and
transfer to
non-current
liabilities - (837,361) - 837,361 -
Transfer on lapse of
share options (165,454) - - 165,454 -
Previous year
adjustments - - 195,150 (195,150) -
Balance as at 31
December 2016 - - 29,393,774 (8,288,863) 21,104,911
---------------------
Loss for the year - - - (2,084,970) (2,084,970)
Gain from changes in
fair value - - 7,334,707 - 7,334,707
Bonus scheme payment
charge - 610,107 - - 610,107
Balance as at 30
June 2017 - 610,107 36,728,481 (10,373,830) 26,964,755
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
17 Related party transactions
Since May 2012, TMT's Moscow-based staff have been located in an office that belongs to a company ("Orgtekhnika") controlled by Mr. Alexander Morgulchik and Mr. German Kaplun, the Company's senior managers and applicable employees. German Kaplun also owns 19.28% of the issued share capital of TMT. Thus Orgtekhnika is considered a related party. Together with other related expenses (support personnel, company car, security and legal services, etc.), the total office rent costs to TMT from 1 April 2017 were US$7,883 per month.
18 Subsequent events
TMT received US$400,000 as per the Wrike transaction announced on 27 July 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USONRBNAWAAR
(END) Dow Jones Newswires
August 15, 2017 02:00 ET (06:00 GMT)
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