TIDMTHAL
RNS Number : 1410R
Thalassa Holdings Limited
26 June 2020
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation 596/2014 and is disclosed
in accordance with the Company's obligations under Article 17 of
those Regulations.
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Preliminary Results for the year ended 31 December 2019
HIGHLIGHTS
Group Results 2019 versus 2018 US$
---- Group (Loss) / Profit after tax for
the year $(3.0)m vs. $7.0m
Continuing Operations
---- Operating Loss before exceptional
costs & depreciation $(3.4)m vs. $(4.5)m
---- Operating Loss before depreciation
(EBITDA) $(4.3)m vs. $(4.5)m
---- Group Loss from continuing operations $(3.5)m vs. $(6.4)m
Discontinued Operations
---- Group Profit from discontinued operations $0.5m vs. $13.4m
---- Group Earnings Per Share (basic and $(0.18)/GBP(0.14) vs.
diluted) *1 $0.37/GBP0.28
---- Book value per share *2 $1.69/GBP1.28 vs. $1.71/GBP1.34
---- Cash $24.2m vs. $17.4m
---- Debt $ 8.0m vs. $ nil
*1 based on weighted average number of shares in issue of
17,143,300 (2018: 18,919,049) and GBP1 = $1.28 (2018: GBP1 =
$1.33)
*2 based on actual number of shares in issue as at 31 December
2019 of 16,242,283 (2018: 17,852,275) and GBP1 = $1.32
(2018: GBP1 = $1.27)
2019 HIGHLIGHTS
---- WGP
September 2019, received second earn-out payment of $4.8m
related to disposal of WGP.
Prospect of a further $4m earn-out payment associated with award
of second specific contract to WGP.
Expected award and payment 2021/2022 not yet included in
receivables.
---- LSR
Thalassa's investment in The Local Shopping REIT plc ("LSR")
increased to 92.62% as a result of LSR's Tender Offer which
completed on 4 October 2019.
---- ARL
Completed Proof of Concept of Flying Node
Attendance at EAGE in June 2019
Presented at the Defence & Security Equipment International
show ("DSEI") in September 2019 on the Royal Navy stand as part of
their NavyX initiative
Late-stage contract negotiations underway with potential
strategic partners for both Commercial and Defence development
programs
---- id4
Completed acquisition in Dec 2019 of id4 AG, a Swiss fintech
company specialising in Client Life Cycle Management systems.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Financial Adviser)
Chris Fielding, Managing Director, Corporate Finance +44 (0)207 220 1650
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI,
is a holding company with various interests across a number of
industries.
ECONOMIC BACKGROUND
S&P 500 1929 vs 2020
http://www.rns-pdf.londonstockexchange.com/rns/1410R_1-2020-6-25.pdf
Recommended reading for those who believe history doesn't repeat
itself...
http://www.rns-pdf.londonstockexchange.com/rns/1410R_1-2020-6-25.pdf
Throughout history, rich and poor countries alike have been
lending, borrowing, crashing-and recovering-their way through an
extraordinary range of financial crises. Each time, the experts
have chimed, "this time is different"-claiming that the old rules
of valuation no longer apply and that the new situation bears
little similarity to past disasters. With this breakthrough study,
leading economists Carmen Reinhart and Kenneth Rogoff definitively
prove them wrong. Covering sixty-six countries across five
continents, This Time Is Different presents a comprehensive look at
the varieties of financial crises, and guides us through eight
astonishing centuries of government defaults, banking panics, and
inflationary spikes-from medieval currency debasements to today's
subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading
economists whose work has been influential in the policy debate
concerning the current financial crisis, provocatively argue that
financial combustions are universal rites of passage for emerging
and established market nations. The authors draw important lessons
from history to show us how much-or how little-we have learned.
Using clear, sharp analysis and comprehensive data, Reinhart and
Rogoff document that financial fallouts occur in clusters and
strike with surprisingly consistent frequency, duration, and
ferocity. They examine the patterns of currency crashes, high and
hyperinflation, and government defaults on international and
domestic debts-as well as the cycles in housing and equity prices,
capital flows, unemployment, and government revenues around these
crises. While countries do weather their financial storms, Reinhart
and Rogoff prove that short memories make it all too easy for
crises to recur.
An important book that will affect policy discussions for a long
time to come, This Time Is Different exposes centuries of financial
missteps.
CHAIRMAN'S STATEMENT
Given the impact of Coronavirus on Global Commerce, a discussion
of 2019 results appears more than somewhat irrelevant. Nonetheless,
I am obliged to comment on past events and, somehow, peer into a
crystal ball or divine some tarot cards and advise shareholders as
to the Company's future. Given that I have neither a crystal ball
nor a pack of tarot cards, this exercise should be interesting, if
not equally irrelevant.
2019, was from Thalassa's point of view a period of immense hard
work with very little reportable news. Having said that it was also
a year of substantial progress on all fronts:
Autonomous Robotics Ltd (ARL) completed Proof of Concept of its
Flying Node and has commenced negotiations with a number of major
corporations with regard to commercial and defence
collaborations.
Apeiron completed the acquisition of id4, which, as announced in
February 2020, won a Swiss FinTech award for its software and has
commenced sales whilst it completes the final phase of software
development.
Anemoi due to a combination of market and Covid-19 related
circumstances the listing process is progressing more slowly than
anticipated. Since the year end we have set up Anemoi
International, a BVI registered company, and will update further as
the situation evolves.
WGP , as previously reported, Thalassa received the second
payment of the initial performance related earn-out in the amount
of $4.8m. The total amount of the initial earn out in the amount of
$6m has now been received. The Company stands to earn a further $4
million if a second specific contract is awarded before 1 January
2023. We anticipated that this contract could be awarded in
2021.
Local Shopping REIT Plc (LSR) , as reported, the LSR board are
currently working on a plan to transfer the Company to the Standard
List and change the Company's investment objectives from a Real
Estate Investment Trust to an operating company focused on Travel
and Leisure, subject to necessary approvals. Further details will
be announced in due course.
Miscellaneous Holdings Thalassa went into the market collapse
well positioned and benefited substantially from the 30% fall in
Global stock prices. Unfortunately, we have given some of these
gains back along with the rapid recovery in US stock prices,
notwithstanding the huge rise in global unemployment and, in our
opinion, inevitable collapse in demand which is likely to last far
longer than the current recovery appears to reflect.
Gitone After the year end we announced in January 2020 that
Thalassa had entered into a loan contract with Gitone
Beteiligungsverwaltungs GmbH (Gitone) to lend e11 million through
two tranches of e5.5m. Gitone is a company established in Croatia
for the purpose of purchasing shares in Liburnia Riviera Hoteli
d.d. and other hospitality investments. The first tranche of
EUR5.5m was paid in January 2020, and as announced 20 May 2020 the
terms of the contract were renegotiated and the loan reduced to
EUR5.5m.
Share buy-back The Company's share buy-back programme has been
suspended in order to conserve cash during the current economic
turmoil; at the time of writing the Company has repurchased a total
of ca.9.325 million shares at an average price of 69.97 pence per
share for an aggregate amount of ca. GBP6.5 million. Under the
current buy-back authority of 5 March 2019 the Company has GBP5.05
million of facility left.
Covid-19 In the Board's opinion, a smooth Global economic
recovery from the impact of Covid-19 is unlikely. The Directors
have considered a number of potential downside scenarios and taken
steps to minimise any impact on the Group. Actions have been taken
across all Group companies to reduce our outgoings where
possible.
The Group has fully assessed its financial commitments and as at
the time of writing has net cash of $10.5m plus a further $5.5m of
available for sale investments. We are confident that the Company
can mitigate any potential impact from Covid-19 and can deploy its
capital profitably.
I would like to thank the Company's staff who continue to work
tirelessly in these difficult times.
Duncan Soukup
Chairman
26 June 2020
CONSOLIDATED STATEMENT OF INCOME
for the year ended 31 December 2019
2019 2018
$ $
Continuing Operations
Revenue 170,357 3,188
Cost of sales (276,001) (109,027)
Gross profit / (loss) (105,644) (105,839)
Administrative expenses excluding exceptional
costs (3,332,632) (4,428,743)
Exceptional administration costs (898,878) -
Total administrative expenses (4,231,510) (4,428,743)
Operating loss before depreciation (4,337,154) (4,534,582)
Depreciation (26,308) (41,919)
Impairment (157,185) -
Operating loss (4,520,647) (4,576,501)
Net financial income/(expense) (640,117) 470,050
Share of losses of associated entities (629,523) (2,353,182)
Profits on disposal of associated entities 2,000,978 -
Loss before taxation (3,789,309) (6,459,633)
Taxation 253,065 68,015
Loss for the year from continuing operations (3,536,244) (6,391,618)
Discontinued Operations
Profit for the year from discontinued operations 478,046 -
Gain on disposal of WGP assets - 13,419,475
(Loss) / Profit for the year (3,058,198) 7,027,857
Attributable to:
Equity shareholders of the parent (3,028,479) 7,027,857
Non-controlling interest (29,719) -
(3,058,198) 7,027,857
Earnings per share - US$ (using weighted
average number of shares)
Basic and Diluted - Continuing Operations (0.20) (0.34)
Basic and Diluted - Discontinued Operations 0.03 0.71
Basic and Diluted (0.18) 0.37
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2019
2019 2018
$ $
Profit for the financial year (3,058,198) 7,027,857
Other comprehensive income:
Exchange differences on re-translating
foreign operations 578,281 109,344
Total comprehensive income (2,479,917) 7,137,201
Attributable to:
Equity shareholders of the parent (2,450,198) 7,137,201
Non-Controlling interest (29,719) -
Total Comprehensive income (2,479,917) 7,137,201
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2019
2019 2018
$ $
Assets
Non-current assets
Goodwill 204,724 -
Intangible assets 173,466 -
Investment properties 4,138,318 -
Property, plant and equipment 75,455 16,803
Available for sale financial
assets 4,801,450 787,518
Loans 1,695,302 1,645,260
Investments in associated entities - 6,727,670
Total non-current assets 11,088,715 9,177,251
Assets Held for Sale 435,383 -
Current assets
Trade and other receivables 1,432,031 6,095,202
Cash and cash equivalents 24,198,744 17,370,372
Total current assets 25,630,775 23,465,574
Liabilities
Current liabilities
Trade and other payables 1,685,491 2,156,692
Borrowings 7,557,243 -
Total current liabilities 9,242,734 2,156,692
Net current assets 16,388,041 21,308,882
Non-current liabilities
Lease liabilities 510,965 -
Total non-current liabilities 510,965 -
Net assets 27,401,174 30,486,133
Shareholders' Equity
Share capital 255,675 255,675
Share premium 45,416,298 45,416,298
Treasury shares (8,690,465) (7,337,959)
Other reserves 439,199 (139,082)
Non-Controlling Interest 628,673 -
Retained earnings (10,648,206) (7,708,799)
Total shareholders' equity 27,401,174 30,486,133
Total equity 27,401,174 30,486,133
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2019
2019 2018
$ $
Cash flows from operating activities
Profit/(Loss) for the year before taxation (3,789,309) 6,959,842
Impairment losses on goodwill 157,185 -
(Increase)/decrease in trade and other
receivables 5,956,290 (185,787)
(Decrease)/increase in trade and other
payables (896,649) (3,359,710)
Loss/(gain) on disposal of PPE 2,686 (13,419,475)
Gain/(loss) on disposal of AFS investments (23,484) (207,509)
Net exchange differences (287,533) (32,875)
Accrued interest income (50,042) (48,565)
Depreciation 26,308 41,919
Share of losses of associate/gain on disposal (1,371,455) 2,338,218
Fair value movement on AFS financial assets 224,307 (25,516)
Cash generated by operations (51,696) (7,939,458)
Taxation 132,663 68,015
Net cash flow from operating activities 80,967 (7,871,443)
Net cash flow from discontinued operations - -
Sale/(purchase) of property, plant and
equipment (15,181) (3,638)
Sale/(purchase) of intangible assets (173,466) -
Sale/(purchase) of investment property 293,521 -
Net (purchase)/sale of AFS financial assets (4,214,755) 186,197
Net cash acquired on acquisition of subsidiaries 4,450,049 -
Net cash flow in investing activities -
continuing operations 340,168 182,559
Proceeds from the disposal of WGP assets - 19,106,548
Payment/proceeds from the Norwegian tax
settlement of WGP group (346,296) -
Net cash flow from / (used) in investing activities
- discontinued operations (346,296) 19,106,548
Cash flows from financing activities
Purchase of treasury shares (1,352,506) (2,280,798)
Proceeds from borrowings 23,649,036 -
Repayment of borrowings (16,128,792) -
Net cash flow from financing activities
- continuing operations 6,167,738 (2,280,798)
Net increase in cash and cash equivalents 6,242,577 9,136,866
Cash and cash equivalents at the start
of the year 17,370,372 8,091,288
Effects of exchange rate changes on cash
and cash equivalents 585,795 142,218
Cash and cash equivalents at the end of
the year 24,198,744 17,370,372
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2019
Attributable to owners of the
Company
Non- Total
Share Share Treasury Other Retained controlling Shareholders
Capital Premium Shares Reserves Earnings Total Interest Equity
$ $ $ $ $ $ $ $
Balance as
at
31 December
2017 255,675 45,416,298 (5,057,161) (248,426) (14,736,656) 25,629,730 - 25,629,730
Purchase of
treasury shares - - (2,280,798) - - (2,280,798) - (2,280,798)
Total
comprehensive
income for
the period - - - 109,344 7,027,857 7,137,201 - 7,137,201
Balance as
at
31 December
2018 255,675 45,416,298 (7,337,959) (139,082) (7,708,799) 30,486,133 - 30,486,133
Purchase of
treasury shares - - (1,352,506) - - (1,352,506) - (1,352,506)
Acquisition
of
subsidiary
with NCI - - - - 89,072 89,072 658,392 747,464
Total
comprehensive
income for
the period - - - 578,281 (3,028,479) (2,450,198) (29,719) (2,479,917)
Balance as
at
31 December
2019 255,675 45,416,298 (8,690,465) 439,199 (10,648,206) 26,772,501 628,673 27,401,174
ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
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
FR ZZGZVVKKGGZM
(END) Dow Jones Newswires
June 26, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Thalassa (LSE:THAL)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Thalassa (LSE:THAL)
Storico
Da Mar 2023 a Mar 2024