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THAL Thalassa Holdings Limited

26.00
0.00 (0.00%)
24 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Thalassa Holdings Limited LSE:THAL London Ordinary Share VGG878801114 ORD SHS USD0.01 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 26.00 25.00 27.00 26.00 26.00 26.00 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil & Gas Field Services,nec 296k -1.45M -0.1825 -1.42 2.07M

Thalassa Holdings Ltd: Interim Results (30 June 2023) (1737045)

29/09/2023 9:00am

UK Regulatory


Thalassa Holdings Ltd (THAL) 
Thalassa Holdings Ltd: Interim Results (30 June 2023) 
29-Sep-2023 / 09:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
 
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.

----------------------------------------------------------------------------------------------------------------------- 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 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1737045&application_name=news

 

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