Thalassa Holdings Ltd: Final Results For Year Ended 31 December 2022

Thalassa Holdings Ltd

Thalassa Holdings Ltd

("Thalassa" or the "Company")

(Reuters: THAL.L, Bloomberg: THAL:LN)

Final Results For Year Ended 31 December 2022

The information set out below is extracted from the Company's Report and Accounts for the year ended 31 December 2022, which will be published today on the Company's website. A copy will also be submitted to the National Storage Mechanism where it will be available for inspection.  Cross-references in the extracted information below refer to pages and sections in the Company's Report and Accounts for the year ended 31 December 2022.

Group Results 2022 versus 2021 GBP GBP

• Profit /(Loss) after tax for the year                                                 (£1.45m) vs £0.46m
• Group Earnings Per Share (basic and diluted)*1                (£0.18) vs £0.06
• Book value per share*2                                                                   £1.30 vs £1.40
• Investment Holdings                                                                      £8.4m vs £9.2m
• Cash                                                                                             £0.6m vs £5.4m

*1 based on weighted average number of shares in issue of 7,945,838 (2021: 7,945,838)

*2 based on actual number of shares in issue as at 31 December 2022 of 7,945,838 (2021: 7,945,838)

2022 HIGHLIGHTS

• £3m investment in Tappit written off.
• Chairman has agreed to contribute up to £3m from sale of personal property.
• Board still reviewing legal avenues to recover Tappit losses from Directors. Chairman had warned them in writing that the policies they were following would lead to financial disaster.
• 2022 results benefitted from ~£471K contribution from realised hedging gains.
• 2021, Chairman waived consultancy; 2022, Chairman’s consultancy accrued, pending performance review.

CHAIRMAN’S STATEMENT

Results

2022 results were negatively impacted by the previously announced write off of the Company’s investment in Tappit. As also previously announced, I take responsibility for the decision and have offered £3m from the proceeds of the sale of property I own.

The Company was fortunately well hedged during 2022 and realised gains of ~£471,000, somewhat reducing the Tappit loss.

Outlook - Weather Forecast

“Cloudy with a chance of Meatballs”

2023 got off to a flying start; investors parked their 2022 losses and piled straight back into equities, notwithstanding the fastest increase in US interest rates on record.

I have updated the table below to reflect 2022 and YTD 2023 performance.

• NASDAQ 100 (NDX) registered

±39% gain thru 3 July 2023

± (33%) loss in 2022

± 27% gain in 2021

± 48% gain in 2020,

± 38% in 2019,

± (1%) loss in 2018,

± 32% in 2017,

± 6% in 2016,

±8% in 2015,

±18% in 2014,

±35% in 2013

± 17% in 2012

± 3% in 2011

± 19% in 2010

± 54% in 2009

± (42%) loss in 2008

The first half of 2023 saw the S&P 500, NASDAQ Composite (CCMP) and NASDAQ 100 (NDX) rally back into Bull Market territory (> 20%), this time led by Tech stocks, the six largest of which now represent ~50% of the NDX (weighted by mkt cap) and have accounted for most of the overall performance (± 80%) of this year’s NDX performance. Major performance contributions came from NVDA + 188.3% (Trailing 12M P/E 204.91x), TSLA +108.31% (Trailing 12M P/E 74.59x) and AMZN +53.96% (Trailing 12M P/E 139.42x)

I would