TIDMTHAL
RNS Number : 7166B
Thalassa Holdings Limited
14 June 2021
Thalassa Holdings Limited
14 June 2021
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 2020
2020 HIGHLIGHTS
Group Results 2020 versus 2019 US$
-- Group Profit /(loss) after tax for the year $0.9m vs.
$(3.0)m
Continuing Operations
-- Operating Loss before exceptional costs & depreciation $(3.1)m vs. $(3.4)m
-- Operating Loss before depreciation (EBITDA) $(3.2)m vs.
$(4.3)m
-- Group Profit/(Loss) from continuing operations $1.7m vs.
$(3.5)m
Discontinued Operations
-- Group Profit/(Loss) from discontinued operations $(0.87)m vs. $0.5m
-- Group Earnings Per Share (basic and diluted)*(1)
$0.06/GBP0.05 vs. $(0.18)/GBP(0.14)
-- Book value per share*(2) $1.97/GBP1.51 vs. $1.69/GBP1.28
-- Investment Holdings $7.6m vs. $1.7m
-- Net Cash $5.0m vs. $18.2m*(3)
-- Shares repurchased (Number & Value) 3.6m ($2.1m) vs. 1.6m
($1.1m)
*(1) based on weighted average number of shares in issue of
14,139,629 (2019: 17,143,300) and GBP1 = $1.29 (2019: GBP1 =
$1.28)
*(2) based on actual number of shares in issue as at 31 December
2020 of 7,945,838 (2019: 16,242,283)
and GBP1 = $1.36 (2019: GBP1 = $1.32)
* 3 Cash reduced as a result of Capital Distribution
2020 HIGHLIGHTS
-- LSR
Capital distribution to THAL shareholders of the Company's
position in Alina Holdings PLC (formerly The Local Shopping REIT
Plc ("LSR"))
-- Autonomous Robotics Limited
Won a grant funded award from the Oil & Gas Technology
Centre ("OGTC") to progress the development of the Company's Flying
Node. The project is sponsored by two global energy companies from
France and Norway.
Recruited three robotics software engineers to accelerate the
development of the node software
Member of a consortium which was accepted onto a new MOD multi
supplier framework agreement. Partners are two multi-billion-dollar
defence contractors, one US, the other Israeli.
-- id4 AG
id4 awarded Winner of Best Compliance Solution Award at the
prestigious "WealthBriefing Swiss Awards 2020". Commercial software
solution now being rolled out with successful contract
announcements
-- Tappit Technologies (UK) Limited
A GBP3m investment completed in Tappit Technologies (UK) Ltd, an
events-based cashless payment system.
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.
CHAIRMAN'S STATEMENT
2020 an Annus Horribilis.
2020 was a serious reminder, especially for any advocates of big
Government, why less is more. From China through India to Europe
and the USA the recurring stories of failed Politically-led medical
response to the COVID-19 virus and the resultant spend "whatever it
takes" monetary policy response is a glaringly stark reminder why
the World is better off with less not more Government
intervention.
To make matters worse, if that was possible, 2020 also reminded
us why Political leaders shouldn't actually be running soup
kitchens. How arrogant does someone have to be to convince
themselves, with disastrous consequences, that they knew more about
medicine than the medical practitioners advising them. Global
lockdowns and re-openings followed by further lockdowns brought
travel chaos; mass business failures were only avoided due to
Central Bank intervention as Interest rates were driven down to 0%
and, in some cases, into negative territory, whilst money printing
became the preferred drug of every Central Banker. And now, a year
later Europe is only slowly progressing towards mass vaccination
and economic recovery.
The consequences of unprecedented monetary intervention are
still unknown, but as is already becoming clear from indicated
changes to US and UK Fiscal policies, taxes will have to increase
to pay the Piper. Whilst the USA appears to be 'normalising',
Europe is still struggling to formulate either a unified medical or
economic response to the COVID Pandemic.
Notwithstanding the above, somewhat critical assessment of the
World's response to the COVID Pandemic, Stock markets are at or
around all-time highs, driven by a limited number of "story
stocks", long on rhetoric but short or devoid of earnings!
And to cap it all, market commentary would have us believe that
it really is different this time and that infinite multiples, on
stocks with minimal-, or in some cases, no earnings, are justified
when interest rates are at or around 0%. I fear that US tech
investors in the "it's different this time" camp will soon be
subjected to a very rude lesson and reminder that what Mr Market
giveth, he can also take away, in the blink of an eye, as interest
rates rise in response to increasing inflation.
Operational update
Whilst 2019, was, from Thalassa's point of view, a period of
immense hard work with very little reportable news. 2020 was not
only busy but constructive in that we were able to capitalise on
the collapse in stock prices between January and April 2020 which
resulted in booking substantial gains on our hedge positions for
the year. Whilst we were actively hedging, to protect the Company
from the fallout from COVID-19, we were busy managing our current
holdings and investing in a number of new situations:
Autonomous Robotics Ltd Proof of Concept completed. Discussions
with potential commercial development partners at advanced stage
but with no guaranty of successful completion. Focus on
commercialisation of Node system and fundraising for production of
shallow water system.
Apeiron Holdings AG The Company's subsidiary id4, a Swiss
RegTech Software developer has now completed Phase 2 development of
its SAAS software and has begun securing initial contracts whilst
simultaneously expanding current relationships with initial
clients.
Anemoi International Ltd London listing (on the Standard List)
completed and now actively looking for an RTO target.
WGP The Company stands to earn a further $4 million if a second
specific contract is awarded before 1 January 2023. Unfortunately,
the project has been delayed due to welding failures during
construction of the client's new Floating Production Storage and
Offloading vessel ("FPSO") currently being built in Singapore. The
new oil field should have commenced production in 2022; this has
now been pushed out to 2023. Our contract expires in January 2023.
It is still likely that seismic work will commence before
production is due to commence in Q3 2023, however it is too early
to get a feel for the revised timetable.
Alina Holdings Plc (formerly The Local Shopping REIT Plc.) In
November 2020 Alina successfully relisted on the London Stock
Exchange as an operating company in the Leisure sector. Management
are reviewing a number of opportunities in the European market,
however, given the resurgence in COVID-19 related cases and renewed
lockdowns in France and Germany may well have a significant
negative impact on summer tourism this year, it is unlikely that
Management of Alina will be in a big hurry to complete an early
transaction given the overhang of opportunities currently available
in the market.
Miscellaneous Holdings As previously reported, Thalassa went
into the January/March 2020 market collapse well positioned and
benefited substantially from the 30% fall in Global stock prices
and were able to extend those gains through the second half of the
year.
2021 Outlook Continued Central Bank intervention, coupled with
President Biden's recently announced $2.25 Trillion infrastructure
spending plan have substantially changed our view on Stock Market
Risk, particularly in the USA. If, and in our view, it is a big if,
the infrastructure spending plan is approved by both Congress and
the Senate, it is likely to only do so after significant horse
trading and compromise. In our opinion, the euphoric response to
the President's spending plan leaves little or no room for
disappointment and leaves the US (Tech) Market wide open to
disappointment.
Share buy-back . As previously announced, the Company's share
buy-back programme has been suspended in order to conserve
cash.
I would like to thank the Company's staff who continue to work
tirelessly in these difficult times.
Duncan Soukup
Chairman
8 June 2021
CONSOLIDATED STATEMENT OF INCOME
for the year ended 31 December 2020
2020 2019
Note $ $
Continuing Operations
Revenue 3 55,855 170,357
Cost of sales 900 (276,001)
Gross profit / (loss) 56,755 (105,644)
----------------------------------------------- ----- ------------ ------------
Administrative expenses excluding exceptional
costs (3,131,073) (3,332,632)
Exceptional administration costs 5 (77,603) (898,878)
----------------------------------------------- ----- ------------ ------------
Total administrative expenses (3,208,676) (4,231,510)
----------------------------------------------- ----- ------------ ------------
Operating loss before depreciation (3,151,921) (4,337,154)
----------------------------------------------- ----- ------------ ------------
Depreciation 14 (47,771) (26,308)
----------------------------------------------- ----- ------------ ------------
Impairment - (157,185)
----------------------------------------------- ----- ------------ ------------
Operating loss 4 (3,199,692) (4,520,647)
----------------------------------------------- ----- ------------ ------------
Net financial income/(expense) 7 3,591,382 (640,117)
----------------------------------------------- ----- ------------ ------------
Other gains 1,160,300 -
----------------------------------------------- ----- ------------ ------------
Share of profits less (losses) of associated
entities 24 - (629,523)
----------------------------------------------- ----- ------------ ------------
Profits on disposal of associated entities - 2,000,978
----------------------------------------------- ----- ------------ ------------
Profit/(loss) before taxation 1,551,990 (3,789,309)
----------------------------------------------- ----- ------------ ------------
Taxation 8 109,303 253,065
----------------------------------------------- ----- ------------ ------------
Profit/(loss) for the year from continuing
operations 1,661,293 (3,536,244)
----------------------------------------------- ----- ------------ ------------
Discontinued Operations
Profit/(loss) for the year from discontinued
operations 25 (868,303) 478,046
----------------------------------------------- ----- ------------ ------------
Gain on disposal of subsidiary 25 121,891 -
----------------------------------------------- ----- ------------ ------------
Profit/(loss) for the year 914,881 (3,058,198)
----------------------------------------------- ----- ------------ ------------
Attributable to:
Equity shareholders of the parent 765,725 (3,028,479)
Non-controlling interest 149,156 (29,719)
914,881 (3,058,198)
----------------------------------------------- ----- ------------ ------------
Earnings per share - US$ (using weighted
average number of shares)
Basic and Diluted - Continuing Operations 0.13 (0.20)
Basic and Diluted - Discontinued Operations (0.06) 0.03
Basic and Diluted 9 0.06 (0.18)
----------------------------------------------- ----- ------------ ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2020
2020 2019
$ $
Profit for the financial year 914,881 (3,058,198)
Other comprehensive income:
Exchange differences on re-translating
foreign operations (332,954) 578,281
Total comprehensive income 581,927 (2,479,917)
---------------------------------------- ---------- ------------
Attributable to:
Equity shareholders of the parent 432,771 (2,450,198)
Non-Controlling interest 149,156 (29,719)
Total Comprehensive income 581,927 (2,479,917)
---------------------------------------- ---------- ------------
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
as at 31 December 2020
2020 2019
Note $ $
Assets
Non-current assets
Goodwill 11 204,724 204,724
Intangible assets 11 948,739 173,466
Investment properties 13 - 4,138,318
Property, plant and equipment 12 418,656 75,455
Available for sale financial assets 14 1,934,068 4,801,450
Loans 15 7,606,077 1,695,302
Total non-current assets 11,112,264 11,088,715
------------------------------------- ----- ------------- -------------
Assets Held for Sale - 435,383
Current assets
Trade and other receivables 16 680,443 1,432,031
Cash and cash equivalents 9,712,779 24,198,744
Total current assets 10,393,222 25,630,775
------------------------------------- ----- ------------- -------------
Liabilities
Current liabilities
Trade and other payables 17 1,044,721 1,685,491
Borrowings 18 4,706,981 7,557,243
Total current liabilities 5,751,702 9,242,734
------------------------------------- ----- ------------- -------------
Net current assets 4,641,520 16,388,041
------------------------------------- ----- ------------- -------------
Non-current liabilities
Long term debt 18 39,331 510,965
Total non-current liabilities 39,331 510,965
------------------------------------- ----- ------------- -------------
Net assets 15,714,453 27,401,174
------------------------------------- ----- ------------- -------------
Shareholders' Equity
Share capital 21 208,522 255,675
Share premium 36,714,225 45,416,298
Treasury shares 21 (11,414,289) (8,690,465)
Other reserves 106,245 439,199
Non-Controlling Interest (166,925) 628,673
Retained earnings (9,733,325) (10,648,206)
Total shareholders' equity 15,714,453 27,401,174
Total equity 15,714,453 27,401,174
------------------------------------- ----- ------------- -------------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2020
Notes 2020 2019
$ $
Cash flows from operating activities
Profit/(Loss) for the year before taxation (3,199,699) (3,789,309)
Impairment losses on goodwill - 157,185
(Increase)/decrease in trade and other receivables 123,388 5,956,290
(Decrease)/increase in trade and other payables 78,171 (896,649)
Loss/(gain) on disposal of PPE - 2,686
Gain/(loss) on disposal of AFS investments 1,907,391 (23,484)
Net exchange differences 1,379,321 (287,533)
Accrued interest income - (50,042)
Depreciation 12 47,771 26,308
Share of losses of associate/gain on disposal (701,165) (1,371,455)
Fair value movement on AFS financial assets 1,290,219 224,307
Cash generated by operations 925,397 (51,696)
Taxation 109,303 132,663
Net cash flow from operating activities 1,034,700 80,967
---------------------------------------------------- ------ -------------
Net cash flow from discontinued operations (563,302) -
---------------------------------------------------- ------ ------------- -------------
Sale/(purchase) of property, plant and equipment (390,971) (15,181)
Sale/(purchase) of intangible assets (775,273) (173,466)
Sale/(purchase) of investment property 3,725,261 293,521
Net (purchase)/sale of AFS financial assets (2,608,009) (4,214,755)
Investments in subsidiaries (8,150,392) 4,450,049
Net cash flow in investing activities - continuing
operations (8,199,384) 340,168
---------------------------------------------------- ------ ------------- -------------
Payment/proceeds from the Norwegian tax settlement
of WGP group - (346,296)
Proceeds from disposal of Alina Holdings
PLC 121,891
Net cash flow from / (used) in investing
activities - discontinued operations 121,891 (346,296)
---------------------------------------------------- ------ ------------- -------------
Cash flows from financing activities
Purchase of treasury shares (2,723,824) (1,352,506)
Leasing Liabilities 39,331 -
Proceeds from borrowings 212,344 23,649,036
Repayment of borrowings (3,007,076) (16,128,792)
Net cash flow from financing activities -
continuing operations (5,479,225) 6,167,738
---------------------------------------------------- ------ ------------- -------------
Net cash flow from financing activities - (468,856) -
discontinued operations
---------------------------------------------------- ------ ------------- -------------
Net increase in cash and cash equivalents (13,554,176) 6,242,577
Cash and cash equivalents at the start of
the year 24,198,744 17,370,372
Effects of exchange rate changes on cash
and cash equivalents (931,790) 585,795
Cash and cash equivalents at the end of the
year 9,712,778 24,198,744
---------------------------------------------------- ------ ------------- -------------
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
for the year ended 31 December 2020
Attributable to of the Company
owners
------------- ------------ ------------------------- ------------- ------------
Non- Total
Share Share Treasury Other Retained controlling Shareholders
Capital Premium Shares Reserves Earnings Total Interest Equity
$ $ $ $ $ $ $ $
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
Redemption of
Capital (47,153) (8,702,073) - - - (8,749,226) - (8,749,226)
Purchase of
treasury
shares - - (2,723,824) - - (2,723,824) - (2,723,824)
Disposal of
subsidiary
with NCI 149,156 149,156 (944,754) (795,598)
Total
comprehensive
income for
the
period - - - (332,954) 765,725 432,771 149,156 581,927
Balance as at
31 December
2020 208,522 36,714,225 (11,414,289) 106,245 (9,733,325) 15,881,378 (166,925) 15,714,453
--------------- ------------- ------------ ------------- ---------- ------------- ------------ ------------ -------------
ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
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FR KXLFFFQLZBBE
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June 14, 2021 02:00 ET (06:00 GMT)
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