APQ Global Limited Interim Results

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	337,230	4,330,000
November 2024	423,002	8,100,000
December 2024	3,900,000	1,450,000
January 2025	16,200,000	7,085,000
February 2025	16,500,000	8,312,500
March 2025	4,300,000	9,865,500
April 2025 - September 2026	73,840,000	73,840,000
Total	116,063,374	113,483,000

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 Bart Turtelboom	020 3478 9708

Singer Capital Markets - Nominated Adviser and Broker James Maxwell / Sam Greatrex	020 7496 3000

Suntera - TISE sponsor Claire Torode	01481 737 277

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.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

For the six months ended 30 June 2024

	Note	For the six months ended 30 June 2024	For the six months ended 30 June 2023
		$	$

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 2024	31 December 2023
	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 $	CULS equity component $	Other capital reserves $	Retained earnings $	Exchange reserve $	Total $
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 income for the period	-	-	-	(1,553,046)	-	(1,553,046)

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 $	CULS equity component $	Other capital reserves $	Retained earnings $	Exchange reserve $	Total $
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 income for the period	-	-	-	(4,114,179)	-	(4,114,179)

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 30 June 2024	For the six months ended 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]}.

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 2024	30 June 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 30 June 2024	For the six months ended 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 equipment	Furniture and fixtures	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 Cayman Limited	APQ Corporate Services Limited	APQ Knowledge Limited	Delphos Holdings 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 Bay, PO Box 1348, Grand Cayman KY1-1108

APQ Global Limited

100

10 August 2016

Investment entity

FVTPL

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 2019¹

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 2019²

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 2019²

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

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

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

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, LLC⁴

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, LLC⁴

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

HR - 10000 Zagreb, Croatia

Delphos Holdings Limited

100

16 February 2023

Trading services company

Cost

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 2024	31 December 2023
	$	$

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 2024	31 December 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 of CULS	Liability component	Equity 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 2024	31 December 2023
	$	$
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 2024	31 December 2023
	$	$

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 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	For the six months ended 30 June 2024	For the six months ended 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] Where we refer to revenue from income generating operating activities this relates to the revenue of our investee companies.

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