REG - APQ Global Limited - Interim Results
29/11/2024 07:00
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RNS Number : 0990O APQ Global Limited 29 November 2024
APQ Global Limited
("APQ Global" or the "Company")
Interim results for the period from 1 January 2024 to 30 June 2024
HIGHLIGHTS
For the six months ended 30 June 2024
Financial highlights
Book Value at 30 June 2024 was $19.53m (24.87 cents). The term "book value"
herein includes the assets of APQ Global Limited and its subsidiaries net of
any liabilities. The results include the net assets of the Company and its
subsidiaries, presented in US dollars. The decrease in the book value was
driven by the decrease in APQ Cayman fair value net of distributions received
from APQ Cayman of $1m as well as professional expenses of $0.8m and corporate
travel and business development costs of $0.9m.
Dividends paid are considered a Key Performance Indicator (KPI) of the
business. No dividends were paid in the 6 months period ended 30 June 2024 (6
months ended 30 June 2023: none).
Trading update
APQ Global, via its subsidiaries Delphos MMJ 1, LLC and Delphos MMJ 2, LLC
made further capital contributions to Delphos MMJ LLP totalling $500,000
during the period ended 30 June 2024 (six months ended 30 June 2023:
$500,000).
At the end of September, the Company obtained CULS holder consent for a
maturity extension of the CULS until 31 March 2025 in exchange for a step up
in coupon to 6 percent per annum and a principal repayment of £3.5 million
reducing the outstanding principal to £26.1 million. At the end of October,
the Group held approximately US$4.3mln in cash. Delphos continues to progress
the pipeline of contracts previously advised, and as previously noted, it is
important to note that the exact timing of the receipt of fees and commissions
remains unpredictable and so considerable uncertainty on the month-to-month
realisation of the cashflows (set out further below) persists.
The Company, via its subsidiary Delphos is currently executing 46 capital
raising mandates (versus 40 at the end of August) in addition to various
transaction advisory mandates.
Number of mandates per region and sector:
Africa:
12
Latin America and Caribbean: 13
Asia:
13
Europe and the Middle East: 8
Agriculture:
2
Funds and Financial Services: 12
Energy and Natural Resources: 10
Infrastructure and Mining: 10
Health care, Services and Telecom: 12
The table above highlights the diversified nature of the pipeline with respect
to geography and sectors.
In terms of the expected revenue, the table below shows the realised cashflows
for the period September to November and management's revised estimates based
on the status of the deals in execution, compared with the estimates disclosed
on 6 September 2024:
Realised Inflows (Sep-Nov) and Revised Estimate (Dec-Mar) Previous Estimate (6-Sep-24)
September 2024
563,142 500,000
October 2024 4,330,000
337,230
November 2024 8,100,000
423,002
December 2024 1,450,000
3,900,000
January 2025 7,085,000
16,200,000
February 2025 8,312,500
16,500,000
March 2025 9,865,500
4,300,000
April 2025 - September 2026 73,840,000 73,840,000
Total 113,483,000
116,063,374
The recent shortfall in cash receipts was driven by three factors, all of
which the Company believes to be of a temporary nature. Firstly, personnel
changes at some key funding sources have elongated the execution process for
certain deals. Secondly, the pronouncements by President-Elect Trump with
respect to reclassifying career government officials as political appointees
has temporarily caused confusion in Washington, DC and slowed down the
execution of certain deals. Finally, the recent strength of the USD and the
volatility of interest rates has affected borrowing appetite.
The Company is executing on its strategy to generate sufficient cash to repay
the remaining outstanding CULS principal through a combination of realizing
success fees from its existing pipeline and exploring various refinancing
options. Both avenues, while inherently uncertain, appear in the Board's
opinion to hold sufficient promises to achieve the full repayment objective.
The election outcome in the US is affecting the global economic outlook and
the threat of the imposition of tariffs may have a disruptive impact. The
immediate impact has however been positive as it has reduced the USD value of
our GBP liability by nearly 5.4 percent as of 20 November 2024.
Financial position
The Company's financial position at 30 June 2024 is summarised as: 30 June 2024
$
Investments 38,395,551
Fixed assets 86,245
Cash at banks/brokers 10,263,796
Short term receivables 6,773,838
Private loans 860,000
Other assets 894,193
Total assets 57,273,623
CULS liability 37,025,835
Other liabilities 712,967
Total liabilities 37,738,802
Total equity 19,534,821
HIGHLIGHTS
For the six months ended 30 June 2024
Financial position (continued)
The group investments are made up of:
30 June 2024
$
ARGTES 15 1/2 10/17/26 Corp 371,411
FX Hedges (348,750)
Palladium Trust Services (Private Company) 23,213
New Markets Media & Intelligence (Private Company) 472,951
Parish Group (Private Company) 4,760,103
Delphos International Ltd (Private Company) 27,041,000
Delphos Canada Limited (Private Company) 1,482,928
Promethean Trustees (Private Company) 23,472
Promethean Advisory (Private Company) 387,732
Delphos MMJ (Private Company) 1,500,100
Delphos Services Limited (Private Company) 2,159,018
Delphos Milan S.r.l (Private Company) 307,071
Delphos Design Doo (Private Company) 215,302
Total equity 38,395,551
Notes:
1. The figures in the table above are estimates only and are based on
unaudited estimated valuations in accordance with the Company's valuation
policy. Such estimates may differ materially from any actual results.
2. Publicly traded securities are valued using close prices on the
relevant exchange as at 30 June 2024 (source: Bloomberg).
3. Direct investments valuation provided by an independent third party
as at 31 December 2023.
4. All non-USD balances converted to USD using the WM/Refinitiv FX
benchmark rates with 4.00 p.m. fixing on 30 June 2024 (source: Bloomberg).
For further enquiries, please contact:
APQ Global Limited 020 3478 9708
Bart Turtelboom
Singer Capital Markets - Nominated Adviser and Broker 020 7496 3000
James Maxwell / Sam Greatrex
Suntera - TISE sponsor 01481 737 277
Claire Torode
Investor Relations
IR@APQGlobal.com
Notes to Editors
APQ Global Limited
APQ Global (ticker: APQ LN) is an investment company incorporated in Guernsey.
The Company focuses its investment activities globally (in Asia, Latin
America, Eastern Europe, the Middle East, Africa and the Channel Islands,
particularly). The objective of the Company is to steadily grow its earnings
to seek to deliver attractive returns and capital growth through a combination
of building growing businesses as well as earning revenue from income
generating operating activities in capital markets. APQ Global run a
well-diversified and liquid portfolio, take strategic stakes in selected
businesses and plan to take operational control of companies through the
acquisition of minority and majority stakes in companies with a focus on
emerging markets. For more information, please visit apqglobal.com
(http://www.apqglobal.com/) .
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the six months ended 30 June 2024
For the six months ended For the six months ended
30 June 2024 30 June 2023
Note
$ $
Turnover 4 4,215,860 6,375,876
Net loss on financial assets at fair value through profit and loss 13 (5,127,690) (2,822,709)
Administrative expenses 5 (2,148,930) (4,242,288)
Operating loss for the period before tax (3,060,760) (689,121)
Interest receivable 8 230,421 73,612
Finance costs 9 (1,283,840) (1,191,861)
Net gain on financial liabilities at fair value through profit and loss 16 - 254,324
Loss on ordinary activities before taxation (4,114,179) (1,553,046)
Tax on loss on ordinary activities - -
Loss on ordinary activities before taxation (4,114,179) (1,553,046)
Other comprehensive income - -
Total comprehensive loss for the period (4,114,179) (1,553,046)
Basic and diluted earnings per share 10 (0.0524) (0.01978)
The notes on pages 16 to 32 form an integral part of the Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)----
As at 30 June 2024
30 June 31 December 2023
2024
Note $ $
Assets
Non-current assets
Property, plant and equipment 12 20,327 26,421
Right of use assets 18 65,918 115,357
Investments 13 47,910,966 52,538,656
Total non-current assets 47,997,211 52,680,434
Current assets
Trade and other receivables 14 8,688,906 7,970,810
Cash and cash equivalents 587,506 705,606
Total current assets 9,276,412 8,676,416
Total assets 57,273,623 61,356,850
Current liabilities
Trade and other payables 15 (712,967) (980,222)
3.5% Convertible Unsecured Loan Stock 16 (37,025,835) (36,710,043)
Total current liabilities (37,738,802) (37,690,265)
Long term liabilities
Lease liabilities 18 - (17,585)
Total long-term liabilities - (17,585)
Net assets 19,534,821 23,649,000
Equity
Share capital 17 100,141,648 100,141,648
Equity component of 3.5% Convertible Unsecured Loan Stock 16 6,823,671 6,823,671
Retained earnings (82,502,985) (78,388,806)
Exchange reserve (4,927,513) (4,927,513)
Total equity 19,534,821 23,649,000
Net asset value per ordinary share (cents) 24.87 30.10
The Financial Statements were approved by the Board of Directors of APQ Global
Limited on 20 November 2024 and signed on 28 November 2024 on its behalf by:
___________________
___________________
Bart Turtelboom
Philip
Soulsby
Chief Executive Officer
Director
The notes on pages 16 to 32 form an integral part of the Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six months ended 30 June 2023
Share capital Other Retained earnings Exchange reserve Total
$ CULS equity component capital reserves $ $ $
$ $
At 1 January 2023 100,141,648 6,919,355 37,417 (94,935,385) (4,927,513) 7,235,522
Comprehensive income
for the period
Loss for the period - - - (1,553,046) - (1,553,046)
Total comprehensive - - (1,553,046) - (1,553,046)
income for the period -
Contributions by and distributions to owners
Share based payments settled in cash - - (3,368) - - (3,368)
Reversal of share-based payment expense recognised in prior periods - - (34,049) - - (34,049)
Settlement of CULS - (87,008) - - - (87,008)
As at 30 June 2023 100,141,648 6,832,347 - (96,488,431) (4,927,513) 5,558,051
The notes on pages 16 to 32 form an integral part of the Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)
For the six months ended 30 June 2024
Share capital Retained earnings Exchange reserve Total
$ CULS equity component Other $ $ $
$ capital reserves
$
At 1 January 2024 100,141,648 6,823,671 - (78,388,806) (4,927,513) 23,649,000
Comprehensive income
for the period
Loss for the period - - - (4,114,179) - (4,114,179)
Total comprehensive - - (4,114,179) - (4,114,179)
income for the period -
As at 30 June 2024 100,141,648 6,823,671 - (82,502,985) (4,927,513) 19,534,821
The notes on pages 16 to 32 form an integral part of the Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
For the six months ended 30 June 2024
For the six months ended For the six months ended
30 June 2024 30 June 2023
Cash flow from operating activities Note $ $
Cash generated from operations
Loss for the financial period (4,114,179) (1,553,046)
Adjustments for non-cash income and expenses
Equity settled share-based payments 19 - (34,049)
Depreciation tangible fixed assets 12 9,631 8,794
Depreciation right of use assets 49,439 41,436
Net loss on financial assets at fair value through profit and loss 13 5,127,690 2,822,709
Net gain on financial liabilities at fair value through profit and loss 16 - (254,324)
Exchange rate fluctuations (304,220) 1,904,726
Changes in operating assets and liabilities
(Increase)/decrease in trade and other receivables 14 (246,361) 19,947
Decrease in trade and other payables 15 (235,170) (77,585)
Decrease in receivables from group undertakings 14 (471,735) (2,697,742)
(Decrease)/increase in payables from group undertakings 15 (2,527) 2,595
Cash (utilised by)/generated from operations (187,432) 183,461
Interest receivable 8 (230,421) (73,612)
Finance costs 9 1,283,840 1,191,861
Net cash inflow from operating activities 865,987 1,301,710
Cash flow from investing activities
Payments to acquire investments 13 (500,000) (500,000)
Payments to acquire property, plant and equipment 12 (3,537) (5,767)
Interest received 8 230,421 73,612
Net cash outflow from investing activities (273,116) (432,155)
Cash flow from financing activities
Interest on CULS 16 (654,947) (643,080)
Settlement of CULS as a discount 16 - (249,380)
Cash settled share-based payments - (3,368)
Payments for lease rental 18 (50,128) (44,112)
Net cash outflow from financing activities (705,075) (939,940)
Net decrease in cash and cash equivalents (112,204) (70,385)
Cash and cash equivalents at beginning of period 705,606 586,040
Exchange rate fluctuations on cash and cash equivalents (5,896) 36,774
Cash and cash equivalents at end of period 587,506 552,429
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) (CONTINUED)
For the six months ended 30 June 2024
At 1 January 2024 Movements arising from cash flows Non- cash movements At 30 June 2024
$ $ $ $
Reconciliation of net debt
Cash and cash equivalents:
Cash at bank 705,606 (112,204) (5,896) 587,506
Debt:
Convertible Unsecured Loan Stock (36,710,043) 654,947 (970,739) (37,025,835)
Lease liabilities (115,357) 50,128 (2,985) (68,214)
(36,825,400) 705,075 (973,724) (37,094,049)
Net debt (36,119,794) 592,871 (979,620) (36,506,543)
Movements arising from cash flows Non- cash movements Total
$ $ $
Movements on debt balances comprise:
Cash flows used in principal payments of lease liabilities 50,128 - 50,128
Amortisation of discount on lease liabilities - (3,953) (3,953)
Exchange differences on lease liability - 968 968
Cash flows used in servicing interest payments of CULS 654,947 - 654,947
Amortisation of discount on CULS issue - (1,279,887) (1,279,887)
Exchange differences on CULS liability - 309,148 309,148
705,075 (973,724) (268,649)
The notes on pages 16 to 32 form an integral part of the Financial Statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 June 2024
1. Corporate information
The interim consolidated financial statements of APQ Global Limited (the
"Group") for the six months ended 30 June 2024 were authorised for issue in
accordance with a resolution of the Board of Directors on 20 November 2024.
The Company is incorporated as a limited company in Guernsey. The Company was
incorporated on 10 May 2016 for an unlimited duration in accordance with the
Companies (Guernsey) Law, 2008. The Company's registered office is at 2nd
Floor, Lefebvre Place, Lefebvre Street, St Peter Port, Guernsey GY1 2JP.
The objective of the Company is to steadily grow its earnings to seek to
deliver attractive returns and capital growth through a combination of
building growing businesses in emerging markets as well as earning revenue
from income generating operating activities(( 1 (#_ftn1) )).
The Company and its subsidiaries have no investment restrictions and no
maximum exposure limits will apply to any investments made by the Group,
unless otherwise determined and set by the Board from time to time. No
material change will be made to the Company's or subsidiaries objective or
investing policy without the approval of Shareholders by ordinary resolution.
The Group's investment activities are managed by the Board.
The shares are quoted on The International Stock Exchange for informational
purposes. The ordinary shares are admitted to trading on AIM.
2. Significant accounting policies
2.1 Basis of preparation
These interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all
disclosures that would otherwise be required in a complete set of financial
statements and should be read in conjunction with the 2023 Annual Report.
Taking account of the financial resources available to the Company, the
directors believe that the Company is well placed to manage its business risks
successfully despite the current uncertain economic outlook. After making
enquiries the directors have a reasonable expectation that the Company has
adequate resources for the foreseeable future, a period of not less than
twelve months from the date of this report. Accordingly, they continue to
adopt the going concern basis in preparing the condensed financial statements.
2.2 Basis of accounting
APQ Global Limited has applied the same accounting policies and methods of
computation in its interim consolidated financial statements as in its 2023
annual financial statements.
2.3 Functional and presentational currency
The Company's presentational and functional currency is US Dollars.
2.4 Fair value measurement
The Company measures its investments in APQ Cayman Limited, APQ Corporate
Services Limited, APQ Knowledge Limited, Delphos Holdings Limited and
Evergreen Impact Limited at fair value at each reporting date.
For APQ Cayman Limited this is considered to be the carrying value of the net
assets of APQ Cayman Limited. APQ Cayman Limited measures its underlying
investments at fair value.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place
either in the principal market for the asset or liability or, in the absence
of a principal market, in the most advantageous market for the asset or
liability. The principal or the most advantageous market must be accessible to
the Company. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best
interest.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 June 2024
2. Significant accounting policies (continued)
2.4 Fair value measurement (continued)
The fair value for financial instruments traded in active markets at the
reporting date is based on their quoted price (bid price for long positions
and ask price for short positions), without any deduction for transaction
costs.
For all other financial assets, not traded in an active market, including APQ
Corporate Services Limited, APQ Knowledge Limited, Delphos Holdings Limited
and Evergreen Impact Limited, the fair value is determined by using valuation
techniques deemed to be appropriate in the circumstances. These have been
determined in accordance with the International Private Equity and Venture
Capital Valuation (IPEV) Guidelines. These guidelines require the valuer to
make judgements with regards to the most appropriate valuation method to be
used and the results and inputs used to determine these valuations. Valuation
methods that may be used include:
· The income approach - valuation through discounted cash flow
forecast of future cash flows or earnings, using appropriate discount rates.
· The market approach - valuation by comparing the asset being
valued to comparable assets for which price information is readily available.
This price information can be in the form of transactions that have occurred
or market information on companies operating in a similar industry.
· The cost approach - valuation based on the cost of reproducing or
replacing the asset being valued.
The use of these guidelines requires management to make judgements in relation
to the inputs utilised in preparing these valuations. These include but are
not limited to:
· Determination of appropriate comparable assets and benchmarks;
and
· Adjustments required to existing market data to make it more
comparable to the asset being valued.
The use of these guidelines additionally requires management to make
significant estimates in relation to the inputs utilised in preparing these
valuations. These include but are not limited to:
· Future cash flow expectations deriving from these assets; and
· Appropriate discount factors to be used in determining the
discounted future cash flows.
Where an assets fair value cannot be determined the Company measures these
assets at a valuation of $nil. For assets and liabilities that are measured at
fair value on a recurring basis, the Company identifies transfers between
levels in the hierarchy by re-assessing the categorisation (based on the
lowest level input that is significant to the fair value measurement as a
whole) and deems transfers to have occurred at the beginning of each reporting
period.
3. Segment
Information
For management purposes, the Group is organised into one main operating
segment, which invests in equities and credit, government and local currency
bonds. All of the Group's activities are interrelated, and each activity is
dependent on the others. Accordingly, all significant operating decisions are
based upon analysis of the Group as one segment. The financial results from
this segment are equivalent to the financial statements of the Group as a
whole.
The following table analyses the Group's assets by geographical location. The
basis for attributing the assets are the place of listing for the securities
or for non-listed securities, country of domicile.
30 June 30 June
2024 2023
Group $ $
Cayman 9,538,076 22,753,789
United Kingdom 480,794 480,794
Guernsey 47,254,753 18,956,853
Europe - -
57,273,623 42,191,436
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 June 2024
4. Analysis of turnover
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Dividends received from APQ Cayman Limited 4,215,860 6,375,876
5. Analysis of administrative expenses
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Personnel expenses 227,048 370,503
Depreciation of tangible fixed assets expenses 9,631 8,794
Depreciation of right of use assets 49,439 41,436
Payments on short term leases - 94,141
Audit fees 109,338 99,263
Nominated advisor fees 31,584 30,591
Travel and subsistence 875,075 -
Administration fees and expenses 103,935 154,722
Director's remuneration 117,727 107,448
Other expenses 133,954 640,773
Professional fees 792,414 943,729
Share based payment expenses - (34,050)
Insurance 9,505 5,794
Recharge of expenses to APQ Cayman Limited (78,307) (185,617)
Net exchange (gains)/losses (232,415) 1,964,761
2,148,928 4,242,288
6. Director's remuneration
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Director's remuneration 117,727 107,448
117,727 107,448
The highest paid director was Bart Turtelboom (2023: Bart Turtelboom)* 15,170 14,912
Average number of directors in the period 3 4
* Full breakdown of Director remuneration is shown in note 20, including
director remuneration from other group entities.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
7. Personnel expenses
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Short term benefits - wage and salaries 76,050 142,911
Short term benefits - social security costs 5,193 11,561
Short term benefits - other benefits 142,763 210,314
Post-employment benefits 3,042 5,717
227,048 370,503
Personnel expenses are included in expenses per note 5
Key management personnel expenses, excluding director's remuneration detailed
in note 6, is as follows:
Short term benefits - other benefits 142,807 206,027
142,807 206,027
8. Interest receivable
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Loan interest receivable from Delphos Holdings Limited 170,000 28,333
Loan interest receivable from Delphos International Limited 36,645 41,919
Loan interest receivable from Promethean Advisory Limited 6,330 2,811
Bank Interest Receivable 17,446 549
230,421 73,612
9. Finance costs
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Interest on 3.5% Convertible Unsecured Loan Stock 2024 1,279,887 1,189,156
Discount on unwinding of lease liability 3,953 2,705
1,283,840 1,191,861
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
10. Earnings Per Share
The basic and diluted earnings per shares are calculated by dividing the
profit or loss by the average number of ordinary shares outstanding during the
period.
For the six months ended For the six months ended
30 June 2024 30 June 2023
$ $
Total comprehensive income for the period (4,114,178) (1,553,046)
Average number of shares in issue 78,559,983 78,514,452
Earnings per share (0.05240) (0.01978)
The Group has 5,920 (30 June 2023: 5,920) units of Convertible Loan Stock
which are potentially dilutive if converted into ordinary shares. This would
increase the weighted average number of shares by 5,920 (30 June 2023: 5,920)
exercise price on these conversion options currently exceeds the traded share
price of APQ Global. These are not currently dilutive (30 June 2023: not
dilutive).
11. Dividends
No dividends were declared in the period ended 30 June 2024 nor the period
ended 30 June 2023.
The stated dividend policy of the Company is to target an annualised dividend
yield of 6% based on the Placing Issue Price. Due to the residual impact of
Covid-19 and unrest in Ukraine, the Company has ceased all dividends until
further notice.
There is no guarantee that any dividends will be paid in respect of any
financial period. The ability to pay dividends is dependent on a number of
factors including the level of income returns from the Group's investments.
There can be no guarantee that the Group will achieve the target rates of
return referred to in this document or that it will not sustain any capital
losses through its activities.
12. Property, plant and equipment
Office Furniture and fixtures
equipment Total
$ $ $
Cost
At 1 January 2024 133,035 20,251 153,286
Additions during the period 3,537 - 3,537
At 30 June 2024 136,572 20,251 156,823
Accumulated depreciation
At 1 January 2024 106,814 20,051 126,865
Charge for the period 9,519 112 9,631
At 30 June 2024 116,333 20,163 136,496
Net book value
At 30 June 2024 20,239 88 20,327
At 31 December 2023 26,221 200 26,421
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments
APQ APQ Corporate Services Limited Delphos Holdings Limited
Cayman Limited APQ Knowledge Limited
Total
$ $ $ $ $
At 1 January 2024 14,665,766 5,194,520 472,951 32,205,419 52,538,656
Additions - - - 500,000 500,000
Fair value movement (5,127,690) - - - (5,127,690)
At 30 June 24 9,538,076 5,194,520 472,951 32,705,419 47,910,966
The Company meets the definition of an investment entity, it is therefore
required to measure its investments, including its subsidiary undertakings at
fair value. Subsidiary undertakings whose primary purpose is to support the
investment activities of the Company are consolidated on a line for line
basis. Subsidiary undertakings which act as an investment holding company are
valued based on the underlying trading investment companies they hold. These
investments are held solely for capital appreciation and investment income and
measured at fair value through profit and loss ("FVTPL").
Investments in subsidiaries
The following tables outlines the subsidiary undertakings of the Company:
Name Country of incorporation Registered Office Immediate Parent Company Holding % Acquisition/ Incorporation Date Activity Recognition
APQ Partners LLP England and Wales 22a St. James's Square, London, SW1Y 4JH APQ Global Limited 100 10 August 2016 Investment support Consolidated
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments (continued)
Investments in subsidiaries
The following tables outlines the subsidiary undertakings of the Company:
Name Country of incorporation Registered Office Immediate Parent Company Holding % Acquisition/ Incorporation Date Activity Recognition
APQ Cayman Limited Cayman Islands Mourant Ozannes Corporate Services (Cayman) Limited, 94 Solaris Avenue, Camana APQ Global Limited 100 10 August 2016 Investment entity FVTPL
Bay, PO Box 1348, Grand Cayman KY1-1108
APQ Corporate Services Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey APQ Global Limited 100 10 January 2019 Investment holding company FVTPL
APQ Knowledge Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey APQ Global Limited 100 1 March 2019 Investment holding company FVTPL
New Markets Media & Intelligence Ltd England and Wales 22a St. James's Square, London, SW1Y 4JH APQ Knowledge Limited 100 26 February 2019(1) Trading investment company FVTPL
Palladium Finance Group Limited Seychelles Global Gateway 8, Rue de la Perle, Providence, Seychelles APQ Corporate Services Limited 100 22 February 2019(2) Trading investment company FVTPL
Palladium Trust Company (NZ) Limited New Zealand Level 8, AIG Building, 41 Shortland Street, Auckland, New Zealand 1010 APQ Corporate Services Limited 100 22 February 2019(2) Trading investment company FVTPL
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments (continued)
Name Country of incorporation Registered Office Immediate Parent Company Holding % Acquisition/ Incorporation Date Activity Recognition
Palladium Trust Services Ltd England and Wales 22a St. James's Square, London, SW1Y 4JH APQ Corporate Services Limited 100 22 February 2019 Trading investment company FVTPL
Delphos International, Ltd United States 2121 K St, NW STE 620, Suite 1020, Washington, DC 20037 Delphos Holdings Limited 100 3 March 2020 Trading investment company FVTPL
Parish Corporate Services Limited Guernsey PO Box 142, Suite 2, Block C, Hirzel Court, St Peter Port, GY1 3HT APQ Corporate Services Limited 100 29 January 2020 Trading investment company FVTPL
Parish Group Limited Guernsey PO Box 142, Suite 2, Block C, Hirzel Court, St Peter Port, GY1 3HT APQ Corporate Services Limited 100 29 January 2020 Trading investment company FVTPL
Parish Nominees Limited Guernsey PO Box 142, Suite 2, Block C, Hirzel Court, St Peter Port, GY1 3HT APQ Corporate Services Limited 100 29 January 2020 Trading investment company FVTPL
Parish Trustees Limited Guernsey PO Box 142, Suite 2, Block C, Hirzel Court, St Peter Port, GY1 3HT APQ Corporate Services Limited 100 29 January 2020 Trading investment company FVTPL
Delphos Canada Limited Canada 202-230 ch. du Golf, Montreal, QC H3E 2A8, Canada Delphos Holdings Limited 70 20 January 2021 Trading investment company FVTPL
Delphos Holdings Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey APQ Global Limited 100 13 August 2021 Investment holding company FVTPL
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments (continued)
Name Country of incorporation Registered Office Immediate Parent Company Holding % Acquisition/ Incorporation Date Activity Recognition
Delphos Impact Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey Delphos Holdings Limited 100 18 August 2021 Trading investment company FVTPL
Evergreen Impact Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey APQ Global Limited 50 10 August 2021 Trading management consultancy FVTPL
Delphos Partners LLP England and Wales 22a St. James's Square, London, England, SW1Y 4JH Delphos Holdings Limited 97 6 October 2021 Trading investment company FVTPL
Delphos Services Limited Guernsey 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, GY1 2JP, Guernsey Delphos Holdings Limited 100 27 September 2021 Trading services company FVTPL
Promethean Trustees Limited Malta 35/14 Salvu Psaila Street, Birkirkara, BKR 9072, Malta APQ Corporate Services Limited 100 4 July 2022 Trading investment company FVTPL
Promethean Advisory Limited Malta 35/14 Salvu Psaila Street, Birkirkara, BKR 9072, Malta Promethean Trustees Limited 100 4 July 2022 Trading services company FVTPL
Delphos MMJ 1, LLC United States of America The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Delphos Holdings Limited 100 18 March 2022 Trading investment company FVTPL
Delphos MMJ 2, LLC United States of America The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Delphos Holdings Limited 100 18 March 2022 Trading investment company FVTPL
MMJ Partners LP United States of America The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Delphos MMJ 1, LLC(4) 99.67 20 February 2023 Trading management consultancy FVTPL
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments (continued)
Name Country of incorporation Registered Office Immediate Parent Company Holding % Acquisition/ Incorporation Date Activity Recognition
MMJ Partners LP United States of America The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Delphos MMJ 2, LLC(4) 0.33 20 February 2023 Trading management consultancy FVTPL
Delphos Capital Limited England and Wales 22a St. James's Square, London, England, SW1Y 4JH Delphos Holdings Limited 100 17 November 2023 Dormant FVTPL
Delphos Milan S.r.l Italy Via San Raffele, 1 20121 Milano (MI), Italia Delphos Holdings Limited 100 15 February 2023 Trading services company Cost
Delphos Design D.o.o Croatia Miramarska 24 Delphos Holdings Limited 100 16 February 2023 Trading services company Cost
HR - 10000 Zagreb, Croatia
Valuation techniques
APQ Cayman Limited has a portfolio of tradable assets and liabilities which it
values at fair value using the same policies as the Company. The Company is
able to redeem its holding of APQ Cayman Limited at its net asset value.
Fair value of the investment in APQ Cayman Limited is therefore measured at
its Net Asset Value ("NAV"). NAV is determined based on the observable market
values of its portfolio of assets and liabilities.
Fair value of the investment in APQ Corporate Services Limited, has been
determined by determining the valuation of its underlying investments. The
underlying investments have been valued through the income approach,
incorporating comparison with external sources and the expected cash flows of
the investment. The income approach was determined to be the most appropriate
as the underlying investments are revenue generating businesses.
Fair value of the investment in Delphos Holdings Limited, has been determined
by determining the valuation of its underlying investments. The underlying
investments have been valued through 1) a combined income and market multiple
based approach, incorporating comparison with external sources and the
expected cash flows of the investment 2) net asset value where the investment
entities have not get developed a predicable source of income and 3) costs for
those newly incorporated/acquired entities where the Company is still in the
process of creating revenue generating opportunities.
The investment in APQ Knowledge Limited was completed on 1 March 2019. Fair
value has been determined by determining the valuation of its underlying
investments. The underlying investments have been valued through the income
approach, incorporating comparison with external sources and the expected cash
flows of the investment. The income approach was determined to be the most
appropriate as the underlying investments are revenue generating businesses.
Listed investments are measured at fair value using the current market bid
price for the underlying equity as quoted on the applicable stock exchange the
security is traded on.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
13. Investments (continued)
Unlisted managed funds
The Company classifies its investments into the three levels of the fair value
hierarchy based
on:
Level 1: Quoted prices in active markets for identical assets or
liabilities;
Level 2: Those involving inputs other than quoted prices included in Level 1
that are observable for the asset or liability, either directly (as prices) or
indirectly (derived from prices); and
Level 3: Those with inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
The Company has classified its investments in APQ Corporate Services Limited,
Delphos Holdings Limited, Evergreen Impact and APQ Knowledge Limited as level
3 as the inputs utilised in valuing the investments are deemed to be
unobservable, as they are private investments. The most significant
unobservable input used in the fair value of the investments in APQ Corporate
Services Limited, Delphos Holdings Limited and APQ Knowledge Limited are the
future expected cash flows of the investments these companies hold, used in
deriving a valuation using discounted cash flows.
Valuation is determined for these holding companies by the value of the
underlying investments held.
The unobservable inputs of future cash flows could not be reliably determined
due to the pre-revenue nature of the business and therefore the most reliable
fair value to be determined was $nil. The movements in the investments in the
period are shown above.
The Company has classified its investments in APQ Cayman Limited as level 3.
Valuation is determined based on the NAV with the assets and liabilities of
APQ Cayman Limited comprising cash or bonds which are held at fair value based
on observable markets.
The listed investments are designated as Level 1 instruments in the fair value
hierarchy as fair value can be determined by the quoted market price for these
assets. The movement of investments classified by level is as per the below.
Level 1 Level 2 Level 3 Total
$ $ $ $
At 1 January 2024 - - 52,538,656 52,538,656
Additions - - 500,000 500,000
Fair value movement - - (5,127,690) (5,127,690)
At 30 June 2024 - - 47,910,966 47,910,966
14. Trade and other receivables
30 June 31 December 2023
2024
$ $
Trade debtors 624,234 529,270
Amounts due from group undertakings 7,633,838 7,162,103
Prepayments and accrued income 52,024 61,959
Other debtors 378,810 217,478
8,688,906 7,970,810
An amount of $162,662 (2023: $162,662) has been deducted from the balances
above in respect of amounts that are not considered recoverable.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
15. Trade and other payables
30 June 31 December
2024 2023
$ $
Trade creditors 200,852 139,988
Amounts due to group undertakings 261,883 264,410
Other creditors 2,814 4,365
Accruals 179,204 473,687
Lease liability 68,214 97,772
712,967 980,222
16. 3.5% Convertible Unsecured Loan Stock
Nominal number Liability Equity
of CULS component component
$ $ $
As at 1 January 2024 40,893,551 36,710,042 6,823,671
Amortisation of discount on issue and issue expenses - 1,279,887 -
Interest paid during the period - (654,947) -
Exchange differences - (309,147) -
As at 30 June 2024 40,893,551 37,025,835 6,823,671
At an Extraordinary General Meeting held on 4 September 2017, Resolutions were
passed approving the issue of 4,018 3.5 per cent. convertible unsecured loan
stock 2024 ("CULS") to raise £20,090,000 before expenses. The CULS were
admitted to trading on the International Securities Market, the London Stock
Exchange's market for fixed income securities and dealings commenced at 8.00
a.m. on 5 September 2017.
Following Admission there were 4,018 CULS in issue. Holders of the CULS are
entitled to convert their CULS into Ordinary Shares on a quarterly basis
throughout the life of the CULS, commencing 31 December 2017, and all
outstanding CULS will be repayable at par (plus any accrued interest) on 30
September 2024. The initial conversion price is 105.358 pence, being a 10 per
cent. premium to the unaudited Book Value per Ordinary Share on 31 July 2017.
Following conversion of 80 per cent. or more of the nominal amount of the CULS
originally issued, the Company will be entitled to require remaining CULS
Holders to convert their outstanding CULS into Ordinary Shares after they have
been given an opportunity to have their CULS redeemed.
On 22 January 2018, the Company raised a further £10,207,300 ($14,492,418)
before expenses through the issue of 1,982 units of 3.5 per cent. convertible
unsecured loan stock 2024 in denominations of £5,000 ($7,099) nominal each,
at an issue price of £5,150 ($7,312) per unit.
During April 2023, the Company announced a tender offer for up to 100% of the
Company's CULS at a discount of 50%. 80 of the 6,000 units of CULS with a
nominal value of $474,248 were validly tendered and were settled for an amount
of $249,380 resulting in a gain on settlement of $224,868. An amount of
$95,864 was transferred from the CULS equity to retained earnings on
settlement of the CULS representing the value assigned to the conversion
option of the CULS settled during the year.
17. Share Capital
The authorised and issued share capital of the Company is 78,559,983 ordinary
shares of no par value listed on The International Stock Exchange and AIM. All
shares are fully paid
up.
Quantitative information about the Company's capital is provided in the
statement of changes in equity and in the tables below.
Holders of ordinary shares are entitled to dividends when declared and to
payment of a proportionate share of the Companies net asset value on any
approved redemption date or upon winding up of the Company. They also hold
rights to receive notice, attend, speak and vote at general meetings of the
Company.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
17. Share Capital (continued)
The Company's objectives for managing capital
are:
· To invest the capital in investments meeting the description,
risk exposure and expected return indicated in its listing documents.
· To maintain sufficient liquidity to meet the expenses of the
Company, pay dividends and to meet redemption requests as they arise.
· To maintain sufficient size to make the operation of the Company
cost-efficient.
· The Board has authority to purchase up to 14.99 percent. of the
issued Ordinary Share capital of the Company. The Board intends to seek a
renewal of this authority at each annual general meeting of the Company. No
buy backs occurred during the period under review.
Ordinary
shares
No £ $
At 1 January 2024 and At 30 June 2024 78,559,983 77,099,861 100,141,648
18. Leases
Finance lease commitments
The Company's subsidiary, APQ Partners LLP, leases rental space and
information with regards to this lease is outlined below:
Right of use asset Land and buildings
$
Cost
At 1 January 2024 493,621
At 30 June 2024 493,621
Accumulated depreciation
At 1 January 2024 378,264
Charge for the period 49,439
At 30 June 2024 427,703
Net book value
At 30 June 2024 65,918
At 31 December 2023 115,357
Lease liability 30 June 31 December 2023
2024
$ $
Balance at start of the period 115,357 82,872
Interest on lease liability 3,953 3,537
Payments for lease (50,128) (89,128)
Exchange differences 968 2,719
New lease liability - 115,357
Balance at end of the period 68,214 115,357
The lease falls due:
Within 1 year 68,214 97,772
After 1 year but within 5 years 17,585
68,214 115,357
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
19. Capital
Management
The Group can raise new capital which may be implemented through the issue of
a convertible debt instrument, or such other form of equity or debt as may be
appropriate. It also has a buy-back authority subject to a maximum buy-back
of 14.99 per cent of the issued Ordinary
Shares.
The Group's objectives for managing capital are:
• To invest the capital into investments through
its subsidiaries.
• To maintain sufficient liquidity to meet the
expenses of the Group and pay
dividends.
• To maintain sufficient size to make the
operation of the Group
cost-effective.
The Group may utilise borrowings in connection with its business activities.
Although there is no prescribed limit in the Articles or elsewhere on the
amount of borrowings that the Group may incur, the Directors will adopt a
prudent borrowing policy and oversee the level and term of any borrowings of
the Group and will review the position on a regular basis.
The Group's capital comprises:
30 June 31 December 2023
2024
$ $
Share capital 100,141,648 100,141,648
Equity component of 3.5% Convertible Unsecured Loan Stock 2024 6,823,671 6,823,671
Retained earnings (82,502,985) (78,388,806)
Exchange reserve (4,927,513) (4,927,513)
Total shareholders' funds 19,534,821 23,649,000
20. Related party transactions
Wayne Bulpitt founded the Active Group, now renamed the Aspida Group, who
acted as administrator until 10 June 2020; he is also a shareholder of the
Company and Chair and a significant shareholder in Beauvoir Limited, the
Company Secretary that was appointed on 3 June 2024 to replace Parish Group
Limited.
Bart Turtelboom founded APQ Partners LLP and is also a director of APQ Cayman
Limited as well as the largest shareholder of the
Company.
The Directors are remunerated from the Company in the form of fees, payable
monthly in arrears. Bart Turtelboom was entitled to an annual salary of
£120,000 as Chief Executive Officer of the Company. From 1 April 2018 this
was split between the Company and APQ Cayman Limited.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
20. Related party transactions (continued)
APQ Global Limited - remuneration APQ Cayman Limited - remuneration APQ Capital Services Limited - remuneration APQ Knowledge Limited - remuneration APQ Corporate Services Limited - remuneration Total
$ $ $ $ $ $
For the six months ended 30 June 2024 For the six months ended 30 June 2023 For the six months ended For the six months ended For the six months ended 30 June 2024 For the six months ended 30 June 2023 For the six months ended 30 June 2024 For the six months ended 30 June 2023 For the six months ended 30 June 2024 For the six months ended 30 June 2023 For the six months ended 30 June 2024 For the six months ended 30 June 2023
30 June 2024 30 June 2023
Bart Turtelboom Chief Executive Officer 15,170 14,912 60,674 59,718 - - - 75,844 74,630
- -
Wayne Bulpitt Non-Executive Chairman 40,558 20,840 - - - - - 40,558 20,840
- -
Philip Soulsby Finance Director 18,978 18,615 - - - - - - 18,978 18,615
- -
Al Wadhah Al Adawi Non-Executive Director - 12,547 - - - - - - - 12,547
- -
74,706 66,914 60,674 59,718 - - - - - - 135,380 126,632
The directors represent key management personnel. Additional key management
personnel are the partners of the LLP, details of their remuneration is
disclosed in Note 6.
At 30 June 2024, $nil (31 December 2023: $nil) was payable to the directors
with and $244,482 (31 December 2023: $85,782) receivable from a director for
an expense advance. A total amount of $1,287,742 (six months ended 30 June
2023: $587,173) of general corporate expenses such as travel and business
development were incurred by a director which the Company reimbursed and ,
which does not constitute a director emolument
The Company's administrator is Parish Group Limited, a wholly owned subsidiary
of APQ Global Limited. APQ Global Limited has incurred $103,935 (six months
ended 30 June 2023: $102,510) of fees and expenses to Parish Group Limited as
administrator of the Company, till being replaced by Beauvoir Limited on 3
June 2024. As at 30 June 2024 the balance owed to Parish Group Limited was
$nil (31 December 2023: $nil).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
20. Related party transactions (continued)
As described in the Listing Document, and under the terms of the Services
Agreement, APQ Partners LLP assist the Board and the Group's management based
in Guernsey with the implementation of its business strategy, provide research
on business opportunities in emerging markets and provide support for cash
management and risk management purposes. APQ Partners LLP are entitled to the
reimbursement of expenses properly incurred on behalf of APQ Global Limited in
connection with the provision of its services pursuant to the agreement.
APQ Partners LLP has recharged expenses of $339,904 (six months ended 30 June
2023: $937,252) to APQ Global Limited during the period. As at 30 June 2024,
APQ Global Limited was owed $139,069 from APQ Partners LLP (31 December 2023:
$144,085). In both the current and prior period amounts have been eliminated
on consolidation.
During the period, the Group recharged expenses to APQ Cayman Limited of $nil
(six months ended 30 June 2023: $185,617. During the six months period to 30
June 2024, APQ Global Limited received dividends from APQ Cayman Limited of
$4,215,860 (six months ended 30 June 2023: $6,375,876).
As at 30 June 2024, APQ Global Limited owed $264,410 (31 December 2023:
$264,410) to APQ Corporate Services Limited. The balance is interest free and
repayable on demand.
As at 30 June 2024 APQ Global Limited was owed $2,527 (31 December 2023:
$2,527) to New Markets Media & Intelligence Ltd. The balance is interest
free and repayable on demand.
Delphos Holdings Limited:
During the period, APQ Global Limited provided funding of $427,569 (six months
ended 30 June 2023: $161,231) to Delphos Holdings Limited which has been
capitalised to the cost of the investment in the Delphos Holdings group. As at
30 June 2024, an amount of $427,569 (31 December 2023: $nil) was due from
Delphos Holdings Limited.
Delphos Partners LLP:
During the period, APQ Global Limited paid expenses totalling $198,918 (six
months ended 30 June 2023: $363,779) on behalf of Delphos Partners LLP. At 30
June 2024, an amount of $198,918 (31 December 2023: $nil) was due to APQ
Global Limited. The balance is interest free and repayable on demand.
Delphos International Limited:
During the period, APQ Global Limited provided funding of $nil (six months
ended 30 June 2023: $472,351) to Delphos International Limited which has been
capitalised to the cost of the investment in the Delphos Holdings group. It
also provided loan funding of $600,000 (six months ended 30 June 2023:
$650,000) on which the Company charged $36,645 (six months ended 30 June 2023:
$12,371) in interest at a rate of 4.5%. The loan has no fixed repayment date.
At, 30 June 2024 an amount of $2,113,320 (31 December 2023: $1,476,675) was
due to APQ Global Limited. The balance is repayable on demand.
Delphos Impact Limited:
During the period, APQ Global Limited paid expenses totalling $166,533 (six
months ended 30 June 2023: $561,640) on behalf of Delphos Impact Limited. At
30 June 2024, an amount of $2,582,616 (31 December 2023: $2,758,307) was due
to APQ Global Limited. The balance is interest free and repayable on demand.
Delphos Services Limited:
During the period, APQ Global Limited paid expenses totalling $1,660,442 (six
months ended 30 June 2023: $730,665) on behalf of Delphos Services Limited and
received a repayment of $3,000,000 (six months ended 30 June 2023: $nil). At
30 June 2024, an amount of $3,070,392 (31 December 2023: $3,070,392) was due
to APQ Global Limited. The balance is interest free and repayable on demand.
Promethean Advisory Limited:
During the period, APQ Global Limited made a subordinated loan to Promethean
Advisory Limited amounting to $150,814 (six months ended 30 June 2023:
$52,471) which bears interest at 5%. Interest of $6,330 (six months ended 30
June 2023: $2,811) accrued on the loan during the period. APQ Global Limited
also paid expenses on behalf of Promethean Advisory Limited amounting to $nil
(six months ended 30 June 2023: $nil). At 30 June 2024, a total amount of
$528,768 (31 December 2023: $380,038) was due to APQ Global Limited. The
balance is interest free and repayable on demand.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2024
20. Related party transactions (continued)
Delphos Milan S.r.l:
During the period, APQ Global Limited provided funding of $323,370 (six months
ended 30 June 2023: $144,755) to Delphos Milan S.r.l which has been
capitalised to the cost of the investment in the Delphos Holdings group at 31
December 2023. As at 30 June 2024, an amount of $323,370 (31 December 2023:
$nil) was due from Delphos Milan S.r.l.
Delphos Design Doo:
During the period, APQ Global Limited provided funding of $229,032 (six months
ended 30 June 2023: $4,494) to Delphos Design Doo which has been capitalised
to the cost of the investment in the Delphos Holdings group at 31 December
2023. As at 30 June 2024, an amount of $229,032 (31 December 2023: $nil) was
due from Delphos Design Doo.
1 (#_ftnref1) Where we refer to revenue from income generating operating
activities this relates to the revenue of our investee companies.
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