REG - ZAIM Credit Systems - Half-year Report
18/01/2023 13:00
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RNS Number : 1436N ZAIM Credit Systems PLC 18 January 2023
For Immediate Release
18 January 2023
Zaim Credit Systems Plc
("Zaim" or the "Group")
Unaudited financial results for six months ended 30 June 2022
Navigation through Challenging Times
Zaim Credit Systems plc (the 'Group' or 'Zaim'), announces its unaudited
financial results for the six-month period ended 30 June 2022. A copy of the
full interim results will be available on the Company's website.
Please note that these unaudited results for the six months ended 30 June 2022
relate to the consolidated results of Zaim Credit Systems plc and Zaim Express
LLC (Zaim Express). As announced on 28 September 2022 there is a discrepancy
with regard to the ownership of the share capital of Zaim Express and the
Company is continuing to experience a lack of effective operating control over
Zaim Express, which historically (and during the reported period) has carried
out the Group's main trading activities. The Company plans to announce more
details of this discrepancy shortly and these results should be read in the
context of that announcement as this will have a significant impact on the
financial results of the Company for the next financial reporting period.
Key H1 2022 Highlights of Group Performance (including Zaim Express)
• Strong growth in the amount of overall loans issued for the H1 2022
period by 53% to £17.53m (H1 2021: £11.45m);
• Mobile application launched in the second quarter of 2021 became an
important sales channel with loans issued growing by 13 times to £2.05m (H1
2021: £0.16m)
• Operating income grew by 11% to £2.2m (H1 2021: £1,98m)
• Gross outstanding loans to customers increased by 73% to £63.18m
(H1 2021: £36.47m)
• Total outstanding loans, measured at amortised cost grew by 56% to
£4,41m (H1 2021: £2,83m)
Zaim CEO, Siro Cicconi commented:
" Zaim Express generated good results during the first half of 2022. During
the period the amount of loans issued grew by 53% vs. the first half of 2021
on the back of 48% growth of loans issued online to £14.37m and loans issued
via mobile application (launched in the Q2 2021), growing by 13 times to
£2.05m. In the first half of 2022 82% of loans were issued online vs. 85% in
the first half of 2021 and 12% were issued via mobile application vs. 1% in
the first half of 2021. The share of loans issued offline decreased from 14%
in the first half of 2021 to 6% in the first half of 2022.
Nevertheless, interest income decreased by 7% from £4.25m to £3.94m.
Operating income grew by 11% to £2.2m.
Gross outstanding loans to customers increased by 73% from £36.47m in the
first half of 2021 to £63.18m in the first half of 2022. At the same time
total outstanding loans, measured at amortised cost grew by 56% from £2.83m
to £4.41m
Given the excellent progress made by the Zaim Express business in difficult
conditions since 2020, I am very sad about the events that have taken place
since the end of this reporting period that mean that the Company will not in
the short term at least receive the cashflow benefits of this improved
performance"
Financial highlights
1H 2022 1H 2021
£'000 £'000
Loans issued during the period 17,528 11,447
Interest income 3,940 4,253
Operating income 2,202 1,984
Total comprehensive profit / (loss) 1,025 238
June 30, 2022 December 31, 2021
£'000 £'000
Gross outstanding loans to customers 63,180 36,469
Total outstanding loans, measured at amortised cost 4,413 2,825
Cash and cash equivalents 916 1,167
This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018 (as amended).
Contact:
Zaim Credit Systems Plc
Simon Retter
Siro Cicconi Tel: +44 (0) 73 9377 9849
Optiva Securities Limited
Vishal Balasingham Tel: +44 (0) 20 3137 1902
Zaim Сredit Systems plc
Unaudited Interim Condensed Consolidated Statement of profit or loss and Other
Comprehensive Income for the six months ended 30 June
Notes Six months ended Six months ended
30 June 2022
30 June 2021
Unaudited Unaudited
GBP'000 GBP'000
Interest income 6 3,550 4,253
Interest expense 6 (56) (74)
Interest expense - lease 6 (20) (9)
Net interest income 3,475 4,169
Allowance for ECL/impairment of loans to customers 4 (3,156) (2,931)
Net interest income after allowance for ECL/impairment of loans to customers 319 1,238
Gains less losses from dealing in foreign currency 173 30
Other operating income / loss 1,710 716
Operating income 2,202 1,984
Charge for share options granted (3) (17)
Staff costs (820) (724)
Operating expenses 7 (1,568) (948)
Profit / Loss before income tax (189) 296
- (66)
Income tax expense
Net profit / loss (189) 229
Net other comprehensive income that may be reclassified to profit or loss
Foreign exchange differences arising on translation into presentation currency 1,214 9
Total comprehensive Profit 1,025 238
Zaim Сredit Systems plc
Unaudited Interim Condensed Consolidated Statement of financial position as at
Notes 30 June 31 December 2021
2022 Audited
Unaudited GBP'000
GBP'000
Assets:
Cash and cash equivalents 916 1,474
Loans to customers 4 4,413 2,825
Property and equipment 39 20
Right-of-use assets 5 760 540
Intangible assets 48 29
Other assets 611 456
Total Assets 6,787 5,343
Liabilities
Loans received 936 1,305
Lease liabilities 5 753 534
Other liabilities 1,850 1,284
Total liabilities 3,539 3,123
Equity
Capital and reserves:
Charter capital 8 4,620 4,620
Shares to be issued Reserve 800 800
Additional capital 8 6,756 6,756
Translation reserve 5,626 4,412
Merger reserve 1 22.965 22,965
Share options Reserve 251 248
Accumulated deficit (37,768) (37,580)
Total equity 3,248 2,220
Total liabilities and equity 6,787 5,343
Interim Condensed Statement of changes in shareholders' equity
(Unaudited) for the six months ended 30 June 2022
Charter capital Additional Foreign currency translation reserve (FCTR) Merger Accumulated Total
Equity
GBP'000 capital reserve Deficit
GBP'000
Shares to be issued Reserve GBP'000 Share options Reserve GBP'000 GBP'000
Balance as at 1 January 2022 4,620
800 6,756 4,412 248 22,965 (37,580) 2,220
Issue of ordinary shares - - - - - - - -
Comprehensive loss for the period - - 1,214 - (188) 1,025
- -
Share-based payments - - - - 3
- - 3
Balance as at 30 June 2022
4,620 6,756 5,626 22,965 (37,768) 3,248
800 251
Interim Condensed Statement of changes in shareholders' equity (Unaudited)
for the six months ended 30 June 2021
Charter capital Additional Foreign currency translation reserve (FCTR) Merger Accumulated Total
Equity
GBP'000 capital reserve Deficit
GBP'000
Shares to be issued Reserve GBP'000 Share options Reserve GBP'000 GBP'000
Balance as at 1 January 2021 4,370
800 6,078 4,390 218 22,965 (38,263) 558
Issue of ordinary shares 250 - 678 - - - - 928
Comprehensive loss for the period - - 9 - 229 238
- -
Share-based payments - - - - 17
- - 17
Balance as at 30 June 2021
4,620 6,756 4,399 22,965 (38,033) 1,741
800 235
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June
Six months ended 30 Six months
June 2022 ended 30
Unaudited June 2021
GBP'000 Unaudited
GBP'000
Cash flows from operating activities
Interest received 4, 669 3, 239
Interest paid (including lease) (42) (30)
Gains less losses from dealing in foreign currency 20 (1)
Other operating income 1,710 763
Staff costs (742) (724)
Operating expenses (1,545) (840)
Income tax paid (85) (23)
Cash flows from/(used in) operating activities before changes in operating 3,986 2,384
assets and liabilities
Net (increase)/decrease in operating assets
Loans to customers (4,222) (3,020)
Other assets (3) (194)
Net decrease in operating liabilities
Other liabilities 80 132
Net cash flows from operating activities (159) (698)
Cash flows from investing activities
Other loan issued - (227)
Purchases of property and equipment and intangible assets (9) (21)
Net cash flows from investing activities (9) (248)
Cash flows from financing activities
Lease repayment (121) (130)
Proceeds from loans received 1,164 679
Repayment of loans received (1,741) -
Issue of ordinary shares - 1,000
Share issue costs - (73)
Net cash flows from financing activities (698) 1,476
308 (4)
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents (558) 527
1,474 641
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the period 916 1,167
Notes to the Financial information
1. Activities of the Group. General information
The principal activity of Zaim Credit Systems plc ("the Company") and its
subsidiary Zaim-Express, LLC (together "the Group") is issuance of microloans
to individuals (retail customers). The Company was incorporated as Agana
Holdings Plc and registered in England and Wales on 15 June 2018 as a public
limited company with company registration number 11418575 and LEI,
213800Z4MI9KSZA2VW72 and on 22 July 2019 the Company changed its name to Zaim
Credit Systems Plc.
On 18 September 2019 the Company acquired the entire issued share capital of
Zaim-Express LLC. The Company is now the holding company of a Russian based
financial services company Zaim-Express LLC (Subsidiary), so main function of
the Company is to provide holding company services and undertake management of
the listed activities on the stock exchange. These business combination in
2019 was stated in consolidated financial statements as reverse acquisitions
under IFRS 3.
The organizational structure of Group:
The share votes of the Company
The name of Subsidiary Country of registration 30.06.2022 31.12.2021
Zaim-Express LLC Russia 100% 100%
The Subsidiary's principle activity is issuance of microloans through the
network of it's branches in Russian cities (Moscow and St. Petersburg). The
Subsidiary was entered in the state register of microfinance organisations on
29 August 2011, registration number 2110177000440. The Subsidiary's assets
and liabilities are located in the Russian Federation. The average number of
Subsidiary's employees is as follows:
The average number of Subsidiary's employees Six months, Six months,
2022 2021
Total average number of employees 123 150
The average number of parent Company's employees (directors) is as follows:
The average number of parent Company's employees Six months, Six months,
2022 2021
Directors 5 5
As at 30 June 2022, the man participant of the Company is Zaim Holdings
SA (with share of votes 69.27%). The ultimate controlling party of the Group
is an individual - Mr. Siro Donato Cicconi.
Subsidiary has 24 stores as at 30 June 2022 (31 December, 2021: 26 stores),
from which it conducts business throughout the Russian Federation.
According to the review of the Central Bank of Russia of the MFO market in the
1st Q 2022, the volume of microloans issued in the first quarter fell by 8% to
175 billion rubles. Since the beginning of the year, the share of overdue
microloans (NPL90 +) has increased by 1.7 percentage points to 31.3%. In
the 1st Q 2022, there was a tendency to increase the indebtedness of borrowers
of microfinance companies. The share of clients paying off 80% of their income
for microloans increased from 47% to 52% in the first quarter of 2022. At the
same time, the share of clients giving 30% of their income to pay off
microloans decreased from 21% to 19%.
Experts expect some slowdown of the MFO market in 2022. Among the possible
reasons:
- Tightening of the policy of the Central Bank аnd other legal restrictions
- Growth of competition
- Unstable financial situation of the borrower
The unstable economic situation of the country may lead to an increase in the
demand for microloans, but due to the tightening of the risk policy and the
updated scoring systems of microfinance companies, a low percentage of
applications will receive a positive decision. An increase in the cost of
attracting a borrower is expected, and this reduces the margin and the growth
rate of the microcredit market.
The growth of the microfinance market may be due to an increase in the share
of e-commerce and the introduction of new products. Experts believe that the
growth of MFOs is possible, for example, due to the cooperation of microcredit
companies with marketplaces, as it will lead to more reliable borrowers. In
addition, microloans will be actively developed in the online segment.
Experts also believe that the pandemic not only did not damage microcredit,
but, on the contrary, contributed to the consolidation of the market, the
improvement of the quality of portfolios, and accelerated the transition to
the online segment. Small companies disappear from the market, and the
initiative passes to larger players who are able to attract investments,
develop their own technological platforms, diversify their activities and
interact with regulators.
During first half of year 2022 the business of the Group experienced new
challenge, resulted in decrease of proceeds from collecting activity (due to
moratorium for collecting activity introduced by the authorities after special
operation at Ukrain). As a result, the cash position decreased that leads to
decrease in amount issued, to keep cash balance. That influenced the
profitability of the Group n 2nd Q 2022. At the current moment, Group are
improving proceeds from collecting activity due to new court deals (released
after the 1st April 2022, that are excluded from moratorium). That allows to
increase amount issued and significantly improve profitability of business.
The Group's perspective is to continue development of online strategy and
focus on collecting activities.
2. Basis of preparation
The condensed consolidated interim financial statements have been prepared
using accounting policies consistent with International Financial Reporting
Standards and in accordance with International Accounting Standard 34 Interim
Financial Reporting. The condensed interim financial statements should be read
in conjunction with the annual financial statements for the year ended 31
December 2020, which have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union.
The condensed consolidated interim financial statements set out above do not
constitute statutory accounts within the meaning of the Companies Act 2006.
They have been prepared on a going concern basis in accordance with the
recognition and measurement criteria of International Financial Reporting
Standards (IFRS) as adopted by the European Union. Statutory financial
statements for the year ended 31 December 2021 were approved by the Board of
Directors on 17 May 2022 and delivered to the Registrar of Companies. The
report of the auditors on those financial statements was unqualified.
The condensed consolidated interim financial statements of the Company have
not been audited or reviewed by the Company's auditor, Shipley's LLP.
Going concern
This financial information reflects Group's management's current assessment of
the impact of the Russian business environment on the operations and the
financial position of Group. The future economic direction of the Russian
Federation is largely dependent upon the effectiveness of measures undertaken
by the Russian Federation Government and other factors, including regulatory
and political developments which are beyond Group's control. Group's
management cannot predict what impact these factors can have on Group's
financial position in future. This financial information was prepared on a
going concern assumption.
The above factors in conjunction with continuing economic and political
changes taking place in the Russian Federation indicate that a material
uncertainty exists that may cast significant doubt on Group's ability to
continue as a going concern. This ability depends on future events, including
achieving the level of the loans to customers portfolio sufficient to incur
costs and earn profits and the ability and willingness of Group's sole
participant to continue with financial assistance to Group.
The Financial Statements have been prepared on a going concern basis. In 2022,
the Group continues to develop an online business model (remote lending via
the Internet, which resulted in a significant decrease in fixed lease and
staff costs and a decrease in the share of lending costs within total
expenses). The Group continues to optimise the network operation, including
removal of loss-making outlets and enhancement of the Internet channel to
attract customers. The Group is actively collecting overdue debts, inter alia,
through legal action.
The Directors consider that the Group has sufficient funds to undertake its
operating activities for a period of at least the next 12 months including any
additional expenditure required in relation to any adverse impacts from the
Covid-19 Pandemic or situations with Russian-Ukrainian relations. The Group
has cash reserves which are considered sufficient by the Directors to fund the
Group's desired strategy of increasing the loan book both online and in the
store.
Risks and uncertainties
The Director continuously assesses and monitors the key risks of the business.
The key risks that could affect Group's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in Group's 2021 Financial Information. The key financial risks are
liquidity risk, interest rate risk.
The economy of the Russian Federation continues to display certain
characteristics of an emerging market. These characteristics include, in
particular, inconvertibility of the national currency in most countries
outside of Russia and relatively high inflation rates. The current Russian
tax, currency and customs legislation is subject to varying interpretations
and frequent changes. The country's economy depends on movements of oil and
gas prices.
The future economic development of the Russian Federation is largely dependent
upon the effectiveness of economic measures, financial mechanisms and monetary
policies adopted by the Government, together with tax, regulatory, and
political developments.
Critical accounting estimates
The preparation of condensed consolidated interim financial information
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 3 of Group's 2021 Financial Information.
The nature and amounts of such estimates have not changed significantly during
the interim period.
Currency
The GBP was chosen as the presentation currency of the consolidated financial
information, as the shareholders of Group use information prepared in GBP to
make decisions and evaluate the financial results of Group.
For the purpose of presenting the consolidated financial information, the
financial results and balance sheet items of Subsidiary are translated into
the presentation currency of Group in accordance with the requirements of
International Accounting Standard IAS 21 "Effect of Changes in Foreign
Exchange Rates" as follows:
(a) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions or
valuation where such items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in profit or loss.
Gains and losses on purchase and sale of foreign currency are determined as a
difference between the selling price and the carrying amount at the date of
the transaction.
(b) Group companies
The results and financial position of all the Group's entities that have a
functional currency different from the presentation currency are translated
into the presentation currency as follows:
1. assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of that statement of
financial position;
2. each component of profit or loss is translated at average exchange
rates during the accounting period (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
3. all resulting exchange differences are recognised in other
comprehensive income
3. Significant accounting policies
The condensed consolidated interim financial information have been prepared
under the historical cost convention as modified by the revaluation of certain
of the subsidiaries' assets and liabilities to fair value for consolidation
purposes.
The same accounting policies, presentation and methods of computation have
been followed in these condensed consolidated interim financial information as
were applied in the preparation of Group's Financial Information for the year
ended 31 December 2021 (see Note 3).
4. Loans to customers
30 June 2022 31 December, 2021
Unaudited
GBP'000
63,180
Loans to customers 36,469
Less: allowance for ECL /impairment of loans to customers (58,767) (33,644)
Total loans to customers at amortised cost 4,413 2,825
Below is analysis of movements in the ECL allowance during 1H 2022 (by type
of loans specified in the first table of the Note), GBP:
Stage 1 Stage 2 Stage 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
ECL allowance as at 31 December 2021 417 1,010 32,218 33,644
Assets recognized for the period 1,540 - - 1,540
Assets derecognized or collected (939) (180) (432) (1,551)
Transfers to Stage 2 (78) 78 - -
Transfers to Stage 3 (516) (158) 674 -
Net loss on ECL allowance charge/(reversal) 44 678 2,317 3,039
Translation into GBP 282 858 20,954 22,095
ECL allowance as at 30 June 2022 750 2,286 55,731 58,767
Below is analysis of movements in the ECL allowance during 1H 2021 (by type of
loans specified in the first table of the Note), GBP:
Stage 1 Stage 2 Stage 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
ECL allowance as at 31 December 2020 201 589 26,238 27,029
Assets recognized for the period 1,119 - - 1,119
Assets derecognized or collected (63) (37) (1,102) (1,202)
Transfers to Stage 2 (252) 252 - -
Transfers to Stage 3 (663) (287) 951 -
Net loss on ECL allowance charge/(reversal) - 601 2,414 3,014
Translation into GBP 4 14 25 43
ECL allowance as at 30 June 2021 345 1,132 28,525 30,003
The ECL allowance for loans and advances to customers recognised during the
period is impacted by various factors. The table below describes the main
changes:
· transfers between Stages 1 and 2 and Stage 3 due to
significant increase (or decrease) in credit exposure or impairment during the
period and subsequent increase (or decrease) in the estimated ECL level: for
12 months or over the entire period;
· accrual of additional allowances for new financial
instruments recognised during the period, as well as reduction in allowance as
a result of derecognition of financial instruments during the period;
· impact on ECL estimation due to changes in model
assumptions, including changes in probability of default, EAD and LGD during
the period resulting from regular updating of the model inputs.
Following is the credit quality analysis of loans to customers as at 30 June
2022:
Stage 1 Stage 2 Stage 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Loans to customers
Minimum credit risk 3,689 - - 3,689
Low credit risk - 199 - 199
Moderate credit risk - 1,761 - 1,761
High credit risk - 1,800 - 1,800
Default - - 55,731 55,731
Total loans to customers before allowance
3,689 3,760 55,731 63,180
ECL allowance (750) (2,286) (55,731) (58,767)
Total loans to customers after ECL allowance
2,939 1,474 - 4,413
Following is the credit quality analysis of loans to customers as at 31
December 2021:
Stage 1 Stage 2 Stage 3 Total
Loans to customers
Minimum credit risk 2 425 - - 2 425
Low credit risk - 135 - 135
Moderate credit risk - 995 - 995
High credit risk - 698 - 698
Default assets - - 32 218 32 218
Total loans to customers before ECL allowance 2 425 1 827 32 218 36 469
ECL allowance (417) (1 010) (32 218) (33 644)
Total loans to customers after ECL allowance 2 008 817 - 2 825
The ECL allowance for loans to customers recognized during the period is
impacted by different factors. Information on the assessment of expected
credit losses is disclosed in Note 3 of Group's Financial Statements for the
year 2020.
The Group uses the following approach to measurement of expected credit
losses:
· portfolio-based measurement: internal ratings are assigned
individually, but the same credit risk parameters (e.g. PD, LGD) are applied
to similar credit risk ratings and homogeneous credit portfolio segments in
the process of ELC estimation.
This approach provides for aggregation of the portfolio into homogeneous
segments on the basis of specific information on borrowers, such as delinquent
loans, historic data on prior period losses and forward-looking macroeconomic
information.
The amounts of loans recognised as "past due" represent the entire balance of
such loans rather than the overdue amounts of individual payments.
5. Lease
The Group has agreements for lease of premises.
The Group did not apply a simplified approach to recognise lease modifications
allowed due to the COVID-19 pandemic.
There was a significant decrease in the number of concluded lease agreements
in the year 2020 due to reduced business activity because of Covid-19 pandemic
(as a measure to prevent unprofitable business) and also because of
intentions of management to develop the new business-model - which supposes
substantial share of online-loans. In 1 half year 2022 there was no
significant reduction of stores, only two of them were closed as the result of
monitoring for unprofitableness
The carrying amount of right-of- use assets and its movements during the
period are presented below:
Group Real Estate Total
As at 1 January 2022 540 540
Additions - -
Disposals (44) (44)
Modification of lease terms 104 104
Depreciation charge (126) (126)
Effect of translation into presentation currency 286 286
As at 30 June 2022 760 760
As at 1 January 2021 298 298
Additions - -
Disposals (15) (15)
Modification of lease terms 474 474
Depreciation charge (220) (220)
Effect of translation into presentation currency 3 3
As at 31 December 2021 540 540
The carrying amounts of lease liabilities and their movements during the
period are set out below:
Group
Lease liabilities Real Estate Total
As at 1 January 2022 534 534
Additions - -
Disposals (43) (43)
Interest expense on lease liabilities 20 20
Modification of lease terms 100 100
Lease payments (141) (141)
Effect of translation into presentation currency 283 283
As at 30 June 2022 753 753
Lease liabilities Real Estate Total
As at 1 January 2021 347 347
Interest expense on lease liabilities 15 15
Lease payments (277) (277)
Modifications and remeasurement 462 462
Derecognition (17) (17)
Effect of translation into presentation currency 2 2
As at 31 December 2021 534 534
6. Interest income and interest expense
Six months ended Six months
30 June 2022 ended
30 June 2021
Unaudited
Unaudited
GBP'000
GBP'000
Interest income
Loans to customers 3,490 4,253
Other loans issued 60 -
Total interest income 3,550 4,253
Interest expense
Loans received (56) (74)
Lease (20) (9)
Total interest expense (76) (84)
Net interest income 3,475 4,169
7. Operating expenses
Periodic Operating expenses
Six months ended Six months ended
30 June 2021
30 June 2021
Unaudited
Unaudited
GBP'000
GBP'000
Advertising and Marketing 547 387
Consulting services 234 75
State Duty 137 58
Deprication of Right-of-use assets 126 113
SMS 124 55
Postal Servives 106 48
Banking services 98 70
Investors relations 39 12
Communication 37 31
Material expenses 15 13
Rental expenses 11 13
Security 5 5
Other expenses 90 68
Total periodic operating expenses 1,568 948
8. Charter and Additional Capital
Below is a reconciliation of the movement in the legal parent Company Share
capital
In 1 half year 2022, there was no changes in Share capital structure and
amount
During 1 half year 2021, Group has completed an equity fundraise of
£1,000,000 (gross) through the issue of 25,000,000 ordinary shares at a price
of 4.0 pence per ordinary share.
The Fundraise has been undertaken by way of a placing of new ordinary shares
of £0.01 par value in the share capital of the Group. The Fundraise is to
provide additional capital for expansion of the loan portfolio and the
development of new products.
Charter capital Amount, £
Group Number
Issued and fully paid
As at 1 January 2022 461,975,000 4,619,750
Ordinary shares of £0.01 each
Issue of ordinary shares - -
As at 30 June 2022 461,975,000 4,619,750
Additional capital
Group
Amount,
£
6,755,628
As at 1 January 2022
Premium arising on issue of ordinary shares -
Issue costs -
As at 30 June 2022 6,755,628
9. Related party transactions
Transactions with parent company
30 June, 2022, 31 Dec.,2021
Unaudited GBP'000
GBP'000
Loan issued (balance, Including %%) 291 276
Six months ended 30 Six months
June 2022 ended 30
Unaudited June 2021
GBP'000 Unaudited
GBP'000
Interest income
7
7-
30 June, 2022, 31 Dec.,2021
Unaudited GBP'000
GBP'000
Loan received (balance, Including %%) 545 501
Six months ended 30 June 2022 Six months ended
Unaudited 30 June 2021
GBP'000 Unaudited
GBP'000
Interest expense
28
45
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. END IR FVLFFXFLXBBQRecent news on Adalan Ventures
See all newsREG - Adalan Ventures PLC - Statement re Reverse Takeover
AnnouncementREG - Adalan Ventures PLC - Issue of Equity
AnnouncementREG - Adalan Ventures PLC - Result of AGM
AnnouncementREG - Adalan Ventures PLC - Notice of AGM
AnnouncementREG - Adalan Ventures PLC - Half-year Report
Announcement