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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.03 | -0.84% | 3.53 | 3.50 | 3.56 | 3.56 | 3.54 | 3.54 | 12,668 | 16:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | -79.75M | -81.39M | -2.5879 | -1.38 | 111.97M |
From Apr 2019 to Apr 2024
TIDMTMT
RNS Number : 9517X
TMT Investments PLC
16 August 2018
16 August 2018
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half year report for the six months to 30 June 2018
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 2018.
-- Bonus-adjusted NAV per share of US$2.75 (uplift of 13.2% from US$2.43 as of 31 December 2017) -- US$2.0 million profitable partial cash exit from Pipedrive -- US$16.6 million in positive revaluations from Taxify, Pipedrive, Vinebox and Remot3.it -- US$4.8 million in impairments from Scentbird, Adinch, Ninua, RollApp and TryTheWorld -- US$3.5 million (before expenses) raised from UK institutional investors
-- Diversified portfolio of over 30 companies focused around big data, e-commerce, and business SaaS (software-as-a-service) tools
-- Many portfolio companies continue to experience rapid growth
Alexander Selegenev, Executive Director of TMT, commented: "We are delighted with our portfolio company performance in the first half of 2018, especially from Taxify, which became the first "unicorn" in our portfolio in May this year when it was valued at $1bn, and for which we previously announced an upward revaluation less than a year ago. The Company is increasingly recognised as one of very few AIM-quoted vehicles providing UK investors with exposure to earlier stage, primarily US-based, tech companies, and we were pleased to welcome new UK institutional investors to the register in March 2018. The proceeds of the recent placing are being directed towards investing in additional exciting companies that meet our investment criteria of having outstanding management teams and globally scalable business models. 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."
For further information contact:
TMT Investments PLC +44 1534 281 843 Alexander Selegenev alexander.selegenev@tmtinvestments.com Executive Director www.tmtinvestments.com Smith & Williamson Corporate Finance Ltd Nominated Adviser Russell Cook David Jones Ben Jeynes +44 (0)20 7131 4000 Hybridan LLP Broker Claire Louise Noyce +44 20 3764 2341 Kinlan Communications +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 invested in over 40 companies to date and has latest announced net assets of US$82m. 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 between the publication date of our 2017 Annual Report and the publication date of this interim 2018 report:
Cash and partial cash exits, and positive non-cash revaluations:
-- As announced on 30 May 2018, Taxify, a leading international ride-hailing company (www.taxify.eu), completed a US$175 million funding round led by global automotive leader Daimler AG. European venture capital fund Korelya Capital and TransferWise's co-founder Taavet Hinrikus joined Didi Chuxing and a number of Taxify's other existing shareholders in the round that brought Taxify's valuation to US$1 billion. Daimler also joined Taxify's board. The transaction represented a revaluation uplift of US$13.30 million (or 350%) in the fair value of TMT's investment in Taxify, compared to the previous reported amount as of 31 December 2017.
-- As announced on 30 May 2018, TMT sold a small holding in Pipedrive, a leading sales CRM (Customer Relationship Management) software provider (www.pipedrive.com), for a total consideration of US$2.0 million. The transaction represented a revaluation uplift of US$3.14 million (or 34.4%) in the fair value of TMT's investment in Pipedrive, compared to the previous reported amount as of 31 December 2017.
-- In June 2018, wine subscription service Vinebox (www.getvinebox.com) completed a new equity capital round. The transaction represented a revaluation uplift of US$150,015 (or 50%) in the fair value of TMT's investment in Vinebox, compared to the previous reported amount as of 31 December 2017.
-- In April 2018, IoT solutions provider Remot3.it (www.remot3.it) completed an additional equity capital raise triggering conversion of TMT's convertible note in Remot3.it. The transaction represented a revaluation uplift of US$41,510 (or 5.5%) in the fair value of TMT's investment in Remot3.it, compared to the previous reported amount as of 31 December 2017.
Impairments and write-offs:
-- As announced on 30 May 2018, Scentbird, a subscription-based service for luxury fragrances and other beauty products (www.scentbitd.com), completed a further funding round to raise US$18.6 million from a group of investors led by Goodwater Capital, the consumer technology investment firm, and joined by Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures, ERA, and others. The transaction represented a reduction of US$3.61 million in the fair value of TMT's investment in Scentbird, compared to the previous reported amount as of 31 December 2017.
The following of the Company's portfolio investments were also impaired in the first half of 2018:
Hot Features
Premium
Portfolio Impairment Impairment Reasons for impairment
Company amount as % of fair
(US$) value reported
as of 31
Dec 2017
Final write-off of the previously
impaired investment; Board's
Adinch 300,000 100% discretion
----------- ---------------- ----------------------------------
Final write-off of the previously
impaired investment; Board's
Ninua 250,000 100% discretion
----------- ---------------- ----------------------------------
Lack of progress; Board's
RollApp* 627,240 100% discretion
----------- ---------------- ----------------------------------
Final write-off of the previously
Try The impaired investment; company
World 18,250 100% is in liquidation
----------- ---------------- ----------------------------------
* - incl. the outstanding loan and accumulated interest payable to TMT
10 largest portfolio holdings:
Portfolio Company Fair value as % of total
Name (US$), as portfolio
of 30 June value
2018 and currently
Taxify 17,094,470 22.31
-------------------- --------------
Depositphotos 10,836,105 14.14
-------------------- --------------
Backblaze 10,533,334 13.75
-------------------- --------------
Pipedrive 10,257,097 13.39
-------------------- --------------
Wrike 8,395,508 10.96
-------------------- --------------
Wanelo 5,369,400 7.01
-------------------- --------------
Scentbird 3,340,404 4.36
-------------------- --------------
LeTote 1,997,073 2.61
-------------------- --------------
Unicell 1,455,088 1.90
-------------------- --------------
PandaDoc 1,233,770 1.61
-------------------- --------------
Total 70,512,249 92.02
-------------------- --------------
Key developments for the 10 largest portfolio holdings in the first half of 2018 (source: TMT's portfolio companies)
Taxify (ride hailing service):
-- Active in 47 cities over the world (from "over 30" cities as of 31 December 2017) -- Continuing triple-digit growth in revenue and number of users -- Raised US$175 million from Daimler AG
Depositphotos (stock photo marketplace):
-- Continuing double-digit growth in revenue and number of files in the photobank
Backblaze (online data backup and cloud storage provider):
-- Continuing double-digit growth in revenues -- "B2" cloud storage revenue grows at nearly 300% year on year
Pipedrive (sales CRM software):
-- Continuing double-digit growth in revenue and number of paid accounts -- Over 75,000 paying customers (from "over 70,000" as of 31 December 2017) -- Raised US$50 million from Insight Venture Partners and Bessemer Venture Partners
Wrike (work management and collaboration software):
-- Continuing double-digit growth in revenue and number of paid accounts -- Over 17,000 paying customers and 1m users (from "over 15,000" as of 31 December 2017)
Wanelo (online social shopping platform):
-- No significant changes
Scentbird (perfume and other beauty product subscription service):
-- Continuing double-digit growth in revenue and number of customers -- Over 250,000 subscribers (from "over 200,000" as of 31 December 2017) -- Raised US$18.7 million in a new equity round
LeTote (Netflix-style fashion rental platform):
-- Continuing growth in revenue and number of customers -- Recent cost restructuring to improve profitability
Unicell (provider of digital marketing solutions and mobile applications and services):
-- Breakeven -- Traditional business keeps 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):
-- Ongoing growth in new clients and revenues
New investments
On 21 February 2018, the Company announced its first blockchain-related investment through participation in the first phase of the pre-ICO (Initial Coin Offering) conducted by Telegram Group, Inc. ("Telegram") (https://ico-telegram.org/). TMT pre-paid US$300,000 for Telegram tokens as part of the transaction.
Also in the first half of 2018, the Company invested an additional US$300,000 in cloud-based PC emulator Sixa (www.sixa.io).
NAV per share
The Company's net asset value ("NAV") per share in the first six months of 2018 increased 15.6% to US$2.81 (31 December 2017: US$2.43). Please note that the NAV figure excludes the bonus amount of US$1,512,251 accrued (but not yet approved) for the third year (period from 01 July 2017 to 30 June 2018) of the Company's bonus plan adopted in 2015 (the "Bonus Plan"). The accrued bonus amount is equivalent to approximately 5.2 cents per TMT share, with a pro forma bonus-adjusted NAV per share as of 30 June 2018 of approximately US$2.75.
Operating Expenses
In the first half of 2018, the Company's Administrative Expenses of US$606,143 were above the 2017 levels (US$518,093), primarily due to additional fees related to the Company's placing in March 2018, resumption of office rent payments from 1 April 2017, and currency exchange fluctuations.
Financial position
On 29 March 2018, the Company announced that it had raised US$3.5 million (before expenses) by issuing and allotting 1,276,260 new ordinary shares of no par value each in the Company to certain institutional and other investors, and a further 164,609 new ordinary shares of no par value to certain existing shareholders, at a price of US$2.43 per share.
As of 30 June 2018, the Company had no financial debt and US$5,147,665 in cash reserves. As of the date of this report, the Company has approximately US$4,790,000 in net cash reserves.
Bonus Plan
The Company extended its Bonus Plan for the next three years (until 30 June 2021) on the same terms, with slightly amended initial allocations of the Bonus Pool among the current participants. Under the Bonus Plan, subject to achieving minimum hurdle rate and high watermark conditions in respect of the Company's NAV, the team receives annual cash bonus equal to 7.5% of the net increases in the Company's NAV, adjusted for any changes in the Company's equity capital resulting from issuance of new shares, dividends, share buy-backs or similar corporate transactions in each relevant year.
Events after the reporting period
In July 2018, the Company invested US$100,000 in natural language search interface for enterprise data FriendlyData (www.friendlydata.io)
Outlook
We are delighted with our portfolio company performance in the first half of 2018, especially from Taxify, which has now become the first "unicorn" in our portfolio, and for which we previously announced an upward revaluation less than a year ago. The Company is increasingly recognised as one of very few AIM-quoted vehicles providing UK investors with exposure to earlier stage, primarily US-based, tech companies, and we were pleased to welcome new UK institutional investors to the register in March 2018. The proceeds of the recent placing are being directed towards investing in additional exciting companies that meet our investment criteria of having outstanding management teams and globally scalable business models. 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 (unaudited)
For the For the
six months six months
ended 30/06/2018 ended 30/06/2017
Notes USD USD
Gains (Losses) on investments 3 817,594 (958,465)
-------------------------------------------- ------ ------------------ ------------------
817,594 (958,465)
Expenses
Bonus scheme payment charge (1,512,251) (610,107)
Administrative expenses 5 (606,143) (518,093)
-------------------------------------------- ------ ------------------ ------------------
Operating loss (1,300,800) (2,086,665)
Net finance income 7 3,063 1,695
-------------------------------------------- ------ ------------------ ------------------
Loss before taxation (1,297,737) (2,084,970)
Taxation 8 - -
-------------------------------------------- ------ ------------------ ------------------
Loss attributable to equity shareholders (1,297,737) (2,084,970)
Other comprehensive income for the period:
Change in fair value of available-for-sale
financial assets 16 10,934,563 7,334,707
-------------------------------------------- ------ ------------------ ------------------
Total comprehensive income for the period 9,636,826 5,249,737
-------------------------------------------- ------ ------------------ ------------------
Loss per share
Basic and diluted gain (loss) per share
(cents per share) 9 (4.55) (7.51)
-------------------------------------------- ------ ------------------ ------------------
Statement of Financial Position (unaudited)
At 30 June At 31 December
2018 2017
USD USD
Notes
Non-current assets
Investments in equity shares 10 73,958,103 57,120,436
Convertible loan notes, SAFE's
receivable 10 2,670,045 9,452,503
Total non-current assets 76,628,148 66,572,939
Current assets
Trade and other receivables 11 112,840 171,954
Current asset investment 300,000 -
Cash and cash equivalents 12 5,147,665 985,692
Total current assets 5,560,505 1,157,646
Total assets 82,188,653 67,730,585
Current liabilities
Trade and other payables 13 45,383 148,056
Total current liabilities 45,383 148,056
Non-current liabilities
Other payables 14 225,000 150,000
Total non-current liabilities 225,000 150,000
Total liabilities 270,383 298,056
Net assets 81,918,270 67,432,529
-------------------------------- ------ -------------------- ----------- ------------------------
Equity
Share capital 15 34,790,174 31,453,510
Bonus scheme payment reserve 16 1,512,251 -
Fair value reserve 16 57,782,682 46,848,119
Retained losses 16 (12,166,837) (10,869,100)
Total equity 81,918,270 67,432,529
-------------------------------- ------ -------------------- ----------- ------------------------
Statement of Cash Flows (unaudited)
For the six For the six
months ended months ended
30/06/2018 30/06/2017
USD USD
Notes
Operating activities
Operating loss (1,300,800) (2,086,665)
------------------------------------------------- ----- ------------- -------------
Adjustments for non-cash items:
Profit on disposal of available-for-sale
assets 3 (1,855,584) -
Gain on conversion of loan notes to equity - -
Impairment of available-for-sale assets
and accrued interest 3 1,058,571 981,552
Bonus scheme payment charge 1,512,251 610,107
Amortized costs of convertible notes
receivable 3 651 1,678
(584,911) (493,328)
------------------------------------------------- ----- ------------- -------------
Changes in working capital:
Increase in trade and other receivables 11 (28,364) (26,443)
(Decrease)/Increase in trade and other
payables 13 (27,673) 58,782
Net cash used by operating activities (640,948) (460,989)
------------------------------------------------- ----- ------------- -------------
Investing activities
Interest received 7 3,063 1,695
Purchase of available-for-sale assets 10 (300,000) (50,000)
Purchase of current asset investment (300,000) -
Proceeds from sale of available-for-sale
assets 2,063,194 50,000
------------------------------------------------- ----- ------------- -------------
Net cash generated from investing activities 1,466,257 1,695
------------------------------------------------- ----- ------------- -------------
Financing activities
Proceeds from issue of shares 15 3,336,664 -
------------------------------------------------- ----- ------------- -------------
Net cash from financing activities 3,336,664 -
------------------------------------------------- ----- ------------- -------------
Increase/(decrease) in cash and cash equivalents 4,161,973 (459,294)
------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents at the beginning
of the period 12 985,692 1,057,098
------------------------------------------------- ----- ------------- -------------
Cash and cash equivalents at the end of
the period 12 5,147,665 597,804
------------------------------------------------- ----- ------------- -------------
Statement of Changes in Equity (unaudited)
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 2016 31,453,510 - - 29,393,774 (8,288,863) 52,558,421
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
Total
comprehensive
income/(loss)
for the year - - 17,454,345 (2,580,237) 14,874,109
Balance at 31
December 2017 31,453,510 - - 46,848,119 (10,869,100) 67,432,529
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
Total
comprehensive
income/(loss)
for the year - - - 10,934,563 (1,297,737) 9,636,826
Issue of shares 15 3,336,664 - - - - 3,336,664
Bonus scheme
payment charge 16 - - 1,512,251 - - 1,512,251
Balance at 30
June 2018 34,790,174 - 1,512,251 57,782,682 (12,166,837) 81,918,270
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2018
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 Investing 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 2018 is unaudited and does not constitute statutory accounts. The comparative figures for the financial year ended 31 December 2017 are not the Company's statutory accounts for that financial year. Statutory accounts for the year ended 31 December 2017 were approved by the Board of Directors on 14 March 2018. 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 on 15 August 2018 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 2017.
The Company's financial risk management objectives and policies are consistent with that disclosed in the financial statements for the year ended 31 December 2017.
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 30.06.2018 ended 30/06/2018
----------------- -------------- ------------------
British pounds,
GBP 1.3075 1.3570
Euro, EUR 1.1563 1.1943
--------------------- -------------- ------------------
3 Gain on investments
For six months ended 30/06/2018 For six months
ended 30/06/2017
USD USD
Gross interest income from convertible notes receivable 21,232 24,765
Amortized costs of convertible notes receivable (651) (1,678)
Net interest income from convertible notes receivable 20,581 23,087
Profit on disposal of equity investments 1,855,584 - Impairment of available-for-sale assets (1,058,571) (981,552) Total gain (losses) on investments 817,594 (958,465) --------------------------------------------------------- -------------------------------- ------------------ 4 Segmental analysis
Geographic information
The Company has investments in five geographical areas - USA, Israel, BVI, Estonia, and Russia.
Non-current financial assets
As at 31/12/2017
USA Israel BVI Estonia Russia Total
USD USD USD USD USD USD
-------------------- ----------- ---------- -------- ---------- ------- -----------
Equity investments 50,734,468 2,351,598 127,525 3,847,749 59,096 57,120,436
Convertible
notes & SAFE's 9,452,503 - - - - 9,452,503
-------------------- ----------- ---------- -------- ---------- ------- -----------
Total 60,186,971 2,351,598 127,525 3,847,749 59,096 66,572,939
-------------------- ----------- ---------- -------- ---------- ------- -----------
As at 30/06/2018
USA Israel BVI Estonia Russia Total
USD USD USD USD USD USD
-------------------- ----------- ---------- -------- ----------- ------- -----------
Equity investments 54,327,981 2,349,032 127,525 17,094,470 59,096 73,958,103
Convertible
notes & SAFE's 2,670,045 - - - - 2,670,045
-------------------- ----------- ---------- -------- ----------- ------- -----------
Total 56,998,026 2,349,032 127,525 17,094,470 59,096 76,628,148
-------------------- ----------- ---------- -------- ----------- ------- -----------
5 Administrative expenses
Administrative expenses include the following amounts:
For six months ended 30/06/2018 For six months ended
30/06/2017
USD USD
------------------------------- -------------------------------- ---------------------
Staff expenses (note 6) 312,601 290,893
Professional fees 139,875 134,933
Legal fees 22,069 2,643
Bank and LSE charges 15,995 7,742
Audit and accounting fees 11,218 12,512
Rent 47,298 23,649
Other expenses 46,713 58,467
Currency exchange loss/(gain) 10,374 (12,746)
------------------------------- -------------------------------- ---------------------
606,143 518,093
------------------------------- -------------------------------- ---------------------
6 Staff expenses
For six months ended 30/06/2018 For six months ended 30/06/2017
USD USD
-------------------- -------------------------------- --------------------------------
Directors' fees 106,361 92,653
Wages and salaries 206,240 198,240
312,601 290,893
-------------------- -------------------------------- --------------------------------
Wages and salaries shown above include salaries and bonuses relating to the six months ended 30 June. These costs are included in administrative expenses.
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 2017: 5).
The Directors' fees for the six months ended 30 June 2018 and 2017 were as follows:
For six months ended 30/06/2018 For six months ended
30/06/2017
USD USD
---------------------- -------------------------------- ---------------------
Alexander Selegenev 62,685 50,000
Yuri Mostovoy 25,000 25,000
James Joseph Mullins 13,676 12,663
Petr Lanin 5,000 5,000
---------------------- -------------------------------- ---------------------
106,361 92,653
---------------------- -------------------------------- ---------------------
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, bonuses and reimbursement of business expenses.
7 Net finance income
For six months ended 30/06/2018 For six months ended 30/06/2017
USD USD
----------------- -------------------------------- --------------------------------
Interest income 3,063 1,695
3,063 1,695
----------------- -------------------------------- --------------------------------
8 Income tax expense
For six months ended For six months ended 30/06/2017
30/06/2018
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 per share
The calculation of basic profit per share is based upon the net loss for the six months ended 30 June 2018 attributable to the ordinary shareholders of US$1,297,737 (for the six months ended 30 June 2017: net loss of US$2,084,970) and the weighted average number of ordinary shares outstanding calculated as follows:
Profit / (loss) per share For six months ended 30/06/2018 For six months
ended 30/06/2017
--------------------------------------------------- -------------------------------- ------------------
Basic loss per share (cents per share) (4.55) (7.51)
Loss attributable to equity holders of the entity (1,297,737) (2,084,970)
--------------------------------------------------- -------------------------------- ------------------
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 the year For six months ended 30/06/2018 For six months ended 30/06/2017
outstanding)
------------------------------------------------ -------------------------------- --------------------------------
Weighted average number of shares in issue
Ordinary shares 28,493,259 27,744,962
28,493,259 27,744,962
------------------------------------------------ -------------------------------- --------------------------------
10 Non-current financial assets
At 30 June 2018 At 31 December 2017
Available-for-sale financial assets, USD:
Investments in equity shares (i)
- unlisted shares 73,958,103 57,120,436
Convertible notes receivable (ii)
- promissory notes 1,320,030 7,052,503
- SAFEs 1,350,015 2,400,000
76,628,148 66,572,939
------------------------------------------- ---------------- --------------------
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 2017 48,335,876 3,650,596 51,986,472
------------------------------------------------ -------------- ------------------ ------------
Total gains or losses in 2017:
- in profit or loss - impairment (893,131) - (893,131)
- in other comprehensive income 11,349,800 6,104,545 17,454,345
Purchases (including consulting & legal fees) 50,000 300,000 350,000
Disposal of investment (carrying value) (1,823,120) (502,638) (2,325,758)
Conversion of notes to equity and net gain 101,011 (100,000) 1,011
------------------------------------------------ -------------- ------------------ ------------
Balance as at 31 December 2017 57,120,436 9,452,503 66,572,939
------------------------------------------------ -------------- ------------------ ------------
Total gains or losses in 2018:
- in profit or loss - impairment 1,074,254 (250,000) 824,254
- in other comprehensive income 10,784,549 150,015 10,934,564
Purchases (including consulting & legal fees) - 300,000 300,000
Disposal of investment (carrying value) (2,063,194) (651) (2,063,845)
Conversion and other movements 7,042,058 (6,981,822) 60,236
------------------------------------------------ -------------- ------------------ ------------
Balance as at 30 June 2018 73,958,103 2,670,045 76,628,148
------------------------------------------------ -------------- ------------------ ------------
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 2018:
Investee Date Value Additions Conversions Gain/loss Profit/ Disposals, Value Equity
company of initial at to equity from from impairment USD at 30 stake
investment 1 Jan investments loan changes charge Jun owned
2018, during notes, in fair USD 2018,
USD the period, USD value USD
USD of 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 - - (136,920) (463,080) - - 10.00%
Wanelo 21.11.2011 5,369,400 - - - - - 5,369,400 4.69%
Backblaze 24.07.2012 10,533,334 - - - - - 10,533,334 13.67%
UM Liquidating
Trust 15.07.2014 29,273 - - - - - 29,273 5.89%
Favim 24.10.2012 127,525 - - - - - 127,525 20.00%
Adinch 19.02.2013 300,000 - - - (300,000) - - 22.43%
Wrike 12.06.2012 8,395,508 - - - - - 8,395,508 3.20%
Oriense 27.01.2014 59,096 - - - - - 59,096 5.45%
E2C 15.02.2014 136,781 - - - - - 136,781 5.51%
Drippler 01.05.2014 9,587 - - (2,566) 2,566 (2,566) 7,021 -
Remot3.it 13.06.2014 750,000 - 32,675 8,835 - - 791,510 1.68%
Le Tote 21.07.2014 1,997,073 - - - - - 1,997,073 1.32%
Anews 25.08.2014 1,000,000 - - - - - 1,000,000 9.41%
Klear 01.09.2014 155,000 - - - - - 155,000 3.27%
Drupe 02.09.2014 595,142 - - - - - 595,142 7.46%
Taxify 15.09.2014 3,797,234 - - 13,297,236 - - 17,094,470 1.77%
Pipedrive 30.07.2012 9,127,249 - - 1,286,943 1,853,018 (2,010,113) 10,257,097 2.46%
PandaDoc 11.07.2014 1,233,770 - - - - - 1,233,770 1.76%
VitalFields 20.12.2013 50,515 - - - - (50,515) - -
APPrise 16.08.2016 300,000 - - - - 300,000 4.04%
Try the
World 11.10.2016 18,250 - - - (18,250) - - -
Full Contact 11.01.2018 244,506 - - - - - 244,506 0.21%
ScentBird 13.04.2015 - - 7,009,383 (3,668,979) - - 3,340,404 4.01%
Total 57,120,436 - 7,042,058 10,784,549 1,074,254 (2,063,194) 73,958,103
----------------------------- ----------- ------------ ------------ ------------- ----------- ------------ ----------- -------
(ii) Convertible loan notes as at 30 June 2018:
Investee Date of Value at Additions Amortized Internal Profit on Disposals, Value at Term, Interest
company initial 1 Jan to costs, movements, disposal/ USD 30 Jun years rate, %
investment 2018, convertible USD USD Impairment 2018, USD
USD note charge,
investments USD
during the
period, USD
----------- ------------ ---------- ------------ ---------- ------------ ----------- ----------- ---------- ------ ---------
Ninua 08/06/2011 250,000 - - - (250,000) - - 1.5 5.00%
Sharethis 26/03/2013 570,126 - (96) - - - 570,030 5.0 1.09%
KitApps 10/07/2013 600,000 - - - - - 600,000 1.0 2.00%
ScentBird 13.04.2015 5,454,545 - - (5,454,545) - - - 2.0 4.00%
Remot3.it 05.10.2015 27,277 - - (27,277) - - - 1.0 7.70%
Send a Job 16.05.2016 150,555 - (555) - - - 150,000 2.0 4.00%
Total 7,052,503 - (651) (5,481,822) (250,000) - 1,320,030
------------------------- ---------- ------------ ---------- ------------ ----------- ----------- ---------- ------ ---------
(iii) SAFEs as at 30 June 2018:
Investee Date of Value at Additions Amortized Gain/loss Internal Profit on Disposals, Value at
company initial 1 Jan to costs, from changes movements, disposal/ USD 30 Jun
investment 2018, convertible USD in fair USD Impairment 2018, USD
USD note value of charge,
investments equity USD
during the investments,
period, USD USD
----------- ------------ ---------- ------------ ---------- ------------- ------------ ----------- ----------- ----------
ScentBird 14.08.2015 1,500,000 - - - (1,500,000) - - -
Vinebox 06.05.2016 300,000 - - 150,015 - - - 450,015
Sixa 28.07.2016 600,000 300,000 - - - - - 900,000
Total 2,400,000 300,000 - 150,015 (1,500,000) - - 1,350,015
------------------------- ---------- ------------ ---------- ------------- ------------ ----------- ----------- ----------
11 Trade and other receivables
At 30 June 2018 At 31 December 2017
USD USD
----------------------------------------- ---------------- --------------------
Prepayments 320,620 14,647
Interest receivable on promissory notes 90,970 142,217
Interest receivable on deposits 1,250 90
Loans to portfolio companies - 15,000
412,840 171,954
----------------------------------------- ---------------- --------------------
12 Cash and cash equivalents
The cash and cash equivalents as at 30 June 2018 include cash on hand and in banks, deposits, net of outstanding bank overdrafts. The effective interest rate at 30 June 2018 was 1.25%.
Cash and cash equivalents comprise the following:
At June 2018 At December 2017
USD USD
--------------- ------------- -----------------
Deposits 1,500,000 150,000
Bank balances 3,647,665 835,692
--------------- ------------- -----------------
5,147,665 985,692
--------------- ------------- -----------------
The following table represents an analysis of cash and equivalents by rating agency designation based on Fitch rating or their equivalent:
At 30 June 2018 At 31 December 2017
USD USD
--------------- ---------------- --------------------
Bank balances
BBB+ rating 3,647,665 835,692
--------------- ---------------- --------------------
3,647,665 835,692
--------------- ---------------- --------------------
Deposits
BBB+ rating 1,500,000 150,000
--------------- ---------------- --------------------
1,500,000 150,000
--------------- ---------------- --------------------
5,147,665 985,692
-------------------------------- --------------------
13 Trade and other payables
At 30 June 2018 At 31 December 2017
USD USD
-------------------------------------- ---------------- --------------------
Salaries and directors' fees payable 21,913 10,600
Trade payables 10,998 43,995
Other current liabilities 13 -
Accrued expenses 12,459 93,461
45,383 148,056
-------------------------------------- ---------------- --------------------
14 Other payables
At 30 June 2018 At 31 December 2017
USD USD
------------------------------- ---------------- --------------------
Other non-current liabilities 225,000 150,000
225,000 150,000
------------------------------- ---------------- --------------------
15 Share capital
On 30 June 2018 the Company had an authorised share capital of unlimited shares of no par value and had issued share capital of:
At 30 June 2018 At 31 December 2016
USD USD
----------------------------- ----------------- --------------------
Share capital 34,790,174 31,453,510
Issued capital comprises: Number Number
Fully paid ordinary shares 29,185,831 27,744,962
----------------------------- ----------------- --------------------
Number of shares Share capital,
USD
----------------------------- ----------------- ----------------------
Balance at 31 December 2017 27,744,962 31,453,510
Issue of shares 1,440,869 3,501,312
----------------------------- ----------------- ----------------------
Share issue cost - (164,648)
----------------------------- ----------------- ----------------------
Balance at 30 June 2018 29,185,831 34,790,174
----------------------------- ----------------- ----------------------
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 2017 - - 29,393,774 (8,288,863) 21,104,911
-------------------- --------------------- -------------------- ------------------- ---------------- ------------
Loss for the year - - - (2,580,237) (2,580,237)
Gain from changes
in fair value - - 17,454,345 - 17,454,345
Balance as at 31
December 2017 - - 46,848,119 (10,869,100) 35,979,019
--------------------
Loss for the year - - - (1,297,737) (1,297,737)
Gain from changes
in fair value - - 10,934,563 - 10,934,563
Bonus scheme
payment charge - 1,512,251 - - 1,512,251
Balance as at 30
June 2018 - 1,512,251 57,782,682 (12,166,837) 47,128,096
-------------------- --------------------- -------------------- ------------------- ---------------- ------------
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 18.33% of the issued share capital of TMT. Thus Orgtekhnika is considered a related party. Together with other related expenses (support personnel, company car, security services, legal advice, etc.), the total office rent costs to TMT from 1 April 2017 were US$7,883 per month.
18 Subsequent events
In July 2018, the Company invested US$100,000 in natural language search interface for enterprise data FriendlyData (www.friendlydata.io)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UVSKRWSAWAAR
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August 16, 2018 02:00 ET (06:00 GMT)
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