
DJ Anemoi International Ltd: Interim Report (30 June 2023)
Anemoi International Ltd (AMOI) Anemoi International Ltd: Interim Report (30 June 2023) 29-Sep-2023 / 09:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- Anemoi International Ltd Anemoi International Ltd (Reuters: AMOI.L, Bloomberg: AMOI:LN) ("Anemoi" 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.anemoi-international.com Chairman's Statement Anemoi is pleased to announce its unaudited interim results for the six months to 30 June 2023. I am pleased to report a significant increase in H1 Revenues (+75%) and Gross Profit (+246%), however, Revenue is not yet sufficient to support the cost of running a public company, notwithstanding a 15% reduction in General and Administrative Costs, resulting in a 31% reduction in Operating Loss for the period under review. Initiatives taken in the first half of 2023 should further reduce costs in H2 2023 and the Board will continue to explore avenues to enhance shareholder value. Duncan Soukup Chairman Anemoi International 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 Financial Reporting'; 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 uncertainties for 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 enable them to assess the Company's strategy and the potential for that strategy to succeed. The IMR should not be relied on by any other party or for any other purpose. Duncan Soukup Chairman Anemoi International Ltd 28 September 2023 Unaudited Condensed Statement of Income For the six months ended 30 June 2023 6 Months to 6 Months to Year Ended Jun 2023 Jun 2022 Dec 2022 GBP GBP GBP Note Unaudited Unaudited Audited Continuing Operations Revenue 79,563 45,355 137,288 Cost of sales (5,869) (24,070) (60,765) Gross profit 73,694 21,285 76,523 Administrative expenses excluding exceptional costs (314,601) (371,399) (750,192) Exceptional administration costs (49,441) (58,166) (58,166) Total administrative expenses (364,042) (429,565) (808,358) Operating loss before depreciation (290,348) (408,280) (731,835) Depreciation and Amortisation 5 (63,392) (42,131) (95,994) Operating loss (353,740) (450,411) (827,829) Net financial income/(expense) 3 1,912 (384) (504) Share of profits of associated entities - - 4,541 Profit/(loss) before taxation (351,828) (450,795) (823,762) Taxation (220) (685) (685) Profit/(loss) for the period (352,048) (451,480) (824,477) Earnings per share - GBP pence (using weighted average number of shares) Basic and Diluted (0.22) (0.29) (0.53) Basic and Diluted 4 (0.22) (0.29) (0.53)
The notes on pages 11 to 15 form an integral part of this consolidated interim financial information. Unaudited Condensed Statement of Comprehensive Income
For the six months ended 30 June 2023
6 Months to 6 Months to Year Ended Jun 2023 Jun 2022 Dec 2022 GBP GBP GBP Unaudited Unaudited Audited Loss for the six months to 30 June 2023 (352,048) (451,480) (824,477) Other comprehensive income: Exchange differences on re-translating foreign operations (12,426) 197,530 171,836 Total comprehensive income (364,474) (253,950) (652,641) Attributable to: Equity shareholders of the parent (364,474) (253,950) (652,641) Total Comprehensive income (364,474) (253,950) (652,641)
The notes on pages 11 to 15 form an integral part of this consolidated interim financial information.
Unaudited Condensed Statement of Financial Position
As at 30 June 2023
As at As at As at Jun 2023 Jun 2022 Dec 2022 GBP GBP GBP Note Unaudited Unaudited Audited Assets Non-current assets Goodwill 5 1,462,774 1,462,774 1,462,774 Intangible assets 5 1,505,970 1,429,975 1,482,645 Property, plant and equipment 5 9,881 10,439 10,406 Investment in associated entities 4,541 - 4,541 Total non-current assets 2,983,166 2,903,188 2,960,366 Current assets Trade and other receivables 348,356 333,461 386,005 Cash and cash equivalents 1,869,952 2,464,317 2,189,610 Total current assets 2,218,308 2,797,778 2,575,615 Liabilities Current liabilities Trade and other payables 701,589 526,991 652,057 Total current liabilities 701,589 526,991 652,057 Net current assets 1,516,719 2,270,787 1,923,558 Net assets 4,499,885 5,173,975 4,883,924 Shareholders' Equity Share capital 6 117,750 117,750 117,750 Share premium 5,773,031 5,768,771 5,773,031 Preference shares 246,096 246,096 246,096 Other Reserves 70,070 74,330 70,070 Foreign exchange reserve 268,290 217,335 300,281 Retained earnings (1,975,352) (1,250,307) (1,623,304) Total shareholders' equity 4,499,885 5,173,975 4,883,924 Total equity 4,499,885 5,173,975 4,883,924
The notes on pages 11 to 15 form an integral part of this consolidated interim financial information..
These financial statements were approved by the board 28 September 2023
Signed on behalf of the board by:
Duncan Soukup Unaudited Condensed Statement of Cash Flows
For the six months ended 30 June 2023
6 Months to 6 Months to Year ended Jun 2023 Jun 2022 Dec 2022 GBP GBP GBP Notes Unaudited Unaudited Audited Cash flows from operating activities Profit/(Loss) for the period (353,740) (450,411) (827,829) (Increase)/decrease in trade and other receivables 25,162 295,175 242,631 (Decrease)/increase in trade and other payables 62,018 (202,733) (77,607) Net exchange differences 3,104 (35,837) (130,723) Depreciation and amortisation 5 63,392 42,131 95,994 Cash generated by operations (200,064) (351,675) (697,534) Taxation (220) (685) (685) Net cash flow from operating activities (200,284) (352,360) (698,219) Cash flows from investing activities Sale/(Purchase) of intangible assets 5 (105,802) (115,456) (149,371) Net cash flow in investing activities - continuing operations (105,802) (115,456) (149,371) Cash flows from financing activities Interest paid - (44) (42) Interest received 1,960 14 - Repayment of loans and borrowings - - (60) Net cash flow from financing activities 1,960 (30) (102) Net increase in cash and cash equivalents (304,126) (467,846) (847,692) Cash and cash equivalents at the start of the period 2,189,610 2,734,633 2,734,633 Effects of foreign exchange rate changes (15,532) 197,530 302,669 Cash and cash equivalents at the end of the period 1,869,952 2,464,317 2,189,610
The notes on pages 11 to 15 form an integral part of this consolidated interim financial information.
Unaudited Condensed Statement of Changes in Equity
For the six months ended 30 June 2023
Total Share Share Preference Other Foreign Retained Shareholders Exchange Capital Premium Shares Reserves Reserves Earnings Equity GBP GBP GBP GBP GBP GBP GBP Balance as at 31 December 2021 117,750 5,768,771 246,096 74,330 (2,389) (798,827) 5,405,731 Foreign Exchange on translation - - - - 22,194 - 22,194 Total comprehensive income for the - - - - 197,530 (451,480) (253,950) period Balance as at 30 June 2022 117,750 5,768,771 246,096 74,330 217,335 (1,250,307) 5,173,975 Other Reserves - Options - 4,260 - (4,260) - - - Foreign Exchange on translation - - - - 82,946 - 82,946 Total comprehensive income for the - - - - - (372,997) (372,997) period Balance as at 31 December 2022 117,750 5,773,031 246,096 70,070 300,281 (1,623,304) 4,883,924 Foreign Exchange on translation - - - - (19,565) - (19,565) Total comprehensive income for the - - - - (12,426) (352,048) (364,474) period Balance as at 30 June 2023 117,750 5,773,031 246,096 70,070 268,290 (1,975,352) 4,499,885
The notes on pages 11 to 15 form an integral part of this consolidated interim financial information. Notes to the Condensed Financial Information 1. General information
Anemoi International Ltd (the "Company") is a British Virgin Island ("BVI") International business company ("IBC"), incorporated and registered in the BVI on 6 May 2020. The Company is a holding company actively seeking investment opportunities.
id4 AG is a wholly owned subsidiary of Anemoi and was formed as part of the merger of the former id4 AG ("id4") with and into its parent, Apeiron Holdings AG on 14 September 2021. id4 was incorporated and registered in the Canton of Lucerne in Switzerland in April 2019 whilst Apeiron Holdings AG was incorporated and registered in December 2018. Following the merger, Apeiron Holdings AG was renamed id4 AG.
On the 17th December 2021, the entire share capital of id4 AG was purchased by Anemoi International Ltd.
Id4 CLM (UK) Ltd is a wholly owned subsidiary of Anemoi, incorporated on 26 November 2021 in England and Wales. Id4 CLM (UK) Ltd is a private limited company, limited by shares.
2 .Significant Accounting policies
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards "IFRS".
The financial statements are expressed in GBP.
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 31 December 2022.
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 are unaudited and do not constitute full accounts. The independent auditor's report on the 2022 financial statements was not qualified. 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 Condensed Financial Information Continued 3. Net Financial Expense
Six months Six months Year ended ended ended 30 Jun 23 30 Jun 22 31 Dec 22 Unaudited Unaudited Audited GBP GBP GBP Loan interest expense - 44 45 Bank interest expense 35 - (3) Bank interest income - (14) - Loan interest income (1,995) - - Foreign currency (gains)/losses 48 354 462 (1,912) 384 504 4. Earnings per share Six months Six months Year ended ended ended 30 Jun 23 30 Jun 22 31 Dec 22 Unaudited Unaudited Audited GBP GBP GBP The calculation of earnings per share is based on the following loss attributable to ordinary shareholders and number of shares: Loss for the period (352,048) (451,480) (824,477) Weighted average number of shares of the Company 157,041,665 157,041,665 157,041,665 Earnings per share: Basic and Diluted (pence) (0.22) (0.29) (0.53) Number of shares outstanding at the period end: 157,041,665 157,041,665 157,041,665 Number of shares in issue Opening Balance 157,041,665 157,041,665 157,041,665 Issuance of Share Capital - - - Basic number of shares in issue 157,041,665 157,041,665 157,041,665
Notes to the Condensed Financial Information Continued 5. Non-current assets
Plant Intangible and Total Goodwill Assets Equipment Cost GBP GBP GBP GBP Cost at 1 January 2023 3,077,345 1,462,774 1,601,492 13,079 FX movement (21,482) - (21,308) (174) 3,055,863 1,462,774 1,580,184 12,905 Additions 105,802 - 105,802 - Cost at 30 June 2023 3,161,665 1,462,774 1,685,986 12,905 Depreciation/Amortisation Depreciation/Amortisation at 1 January 2023 121,521 - 118,847 2,674 FX movement (1,617) - (1,581) (36) 119,904 - 117,266 2,638 Charge for the period on continuing operations 63,392 - 63,004 388 FX movement (256) - (254) (2) Depreciation/Amortisation at 30 June 2023 183,040 - 180,016 3,024 Closing net book value at 30 June 2023 2,978,625 1,462,774 1,505,970 9,881
For impairment testing purposes, management considers the operations of the Company to represent a single cash generating unit (CGU), providing software and digital solutions to the financial services industry. The directors have assessed the recoverable amount of goodwill which in accordance with IAS 36 is the higher of its value in use and its fair value less costs to sell (fair value), in determining whether there is evidence of impairment.
Notes to the Condensed Financial Information Continued 6. 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: Unlimited ordinary shares of USD0.001 each - - - Fully subscribed shares 29,950,000 ordinary shares of USD0.04 each 1,200,000 1,200,000 1,200,000 Exchange rate adjustment 1.3649 1.3649 1.3649 29,950,000 ordinary shares in GBP 879,185 879,185 879,185 Placing 5,999,999 ordinary shares of GBP0.04 240,000 240,000 240,000 Conversion of shares to par value of USD.0001 at rate of (1,092,810) (1,092,810) (1,092,810) 1.3649 Issuance of 66,666,666 shares for acquisition of id4 AG 50,387 50,387 50,387 Placing of 54,375,000 shares of USD0.001 40,988 40,988 40,988 Less fair value of options and warrants - - - Total 117,750 117,750 117,750 Number Number Number of shares of shares of shares Fully subscribed shares 157,041,665 157,041,665 157,041,665 Balance at close of period 157,041,665 157,041,665 157,041,665
Under the Company's articles of association, the Board is authorised to offer, allot, grant options over or otherwise dispose of any unissued shares. Furthermore, the Directors are authorised to purchase, redeem or otherwise acquire any of the Company's own shares for such consideration as they consider fit, and either cancel or hold such shares as treasury shares. The directors may dispose of any shares held as treasury shares on such terms and conditions as they may from time to time determine. Further, the Company may redeem its own shares for such amount, at such times and on such notice as the directors may determine, provided that any such redemption is pro rata to each shareholders' then percentage holding in the Company.
On the 14th April 2021, a total of 5,999,999 new DIs (the "Placing DIs") were placed by at a price of GBP0.04 per Placing DIs (the "Placing") with existing and new investors ("Placees") raising gross proceeds of approximately GBP240,000. The Placing DIs represent Ordinary Shares representing 20 per cent. of the Ordinary Share capital of the Company prior to the Placing.
On the 16th August 2021 the Board announced that the par value of its issued and outstanding ordinary shares of no par value had changed to USUSD0.001 per Ordinary Share. The total number of issued shares with voting rights remained unchanged at 35,999,999 Ordinary Shares. Aside from the change in nominal value, the rights attaching to the Ordinary Shares (including all voting and dividend rights and rights on a return of capital) remained unchanged.
On the 17th December 2021, following the acquisition of id4 AG, 66,666,666 New Ordinary Shares of USD0.001 were issued to the shareholders of id4 in settlement of consideration for the acquisition and the Company was readmitted to trading on the London Stock Exchange.
On the 17th December 2021, alongside the acquisition of id4 AG, 54,375,000 New Ordinary Shares of USD0.001 were issued in a further placing with existing and new investors, raising a total of GBP2,175,000.
Notes to the Condensed Financial Information Continued 7. Related Party Transactions
Thalassa Holdings Ltd, which holds shares in the Company is related by common control through the Chairman, Duncan Soukup. Thalassa Holdings Ltd invoiced the Company for administration costs totalling GBP4,236 (June 2022: GBP8,709, Dec 2022: GBP6,378)). At the period end the balance owed to Thalassa totalled GBP4,236 (June 2022: GBP340,768, Dec 2022: GBP2,894).
Consultancy and administrative services were accrued on behalf of a company, Fleur De Lys, in which the Chairman has a beneficial interest, the Company accrued GBP61,399 of fees in the period (Jun 2022: GBP77,556. Dec 2022:GBP134,953).
Athenium Consultancy Ltd, a company in which the Company owns shares invoiced the Company for financial and corporate administration services totalling GBP82,500 for the period (Jun 2022: GBP75,000, Dec 2022: GBP150,000). 8. Subsequent events
There were no subsequent events to report 9. Copies of the Interim Report
The interim report is available on the Company's website: www.anemoi-international.com.
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ISIN: VGG0419A1057 Category Code: IR TIDM: AMOI LEI Code: 213800MIKNEVN81JIR76 OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews Sequence No.: 274695 EQS News ID: 1737261 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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September 29, 2023 04:00 ET (08:00 GMT)