LONDON--(BUSINESS WIRE)--Regulatory News:
Hamilton Global Opportunities plc (Paris:ALHGO) provides 2023 half-year financial statements and operation report. The 2023 half-year financial report is available on the company’s website, in the Investor section (hamiltongo.eu).
PERFORMANCE
Assets as at 30 June 2023 (in €) |
|
|
|
June 30, 2023 |
June 30, 2022 |
Tangible assets |
3 018 |
3 871 |
Investments |
12 935 965 |
12 726 184 |
Fixed Assets |
12 996 083 |
12 787 155 |
Trade and other receivables |
242 858 |
240 764 |
Cash at bank and in hand |
1 252 087 |
1 974 280 |
Total Assets |
14 491 028 |
14 975 199 |
Liabilities (excluding deferred tax) |
(105 071) |
(159 543) |
Net Asset Value (excluding deferred tax) |
14 385 957 |
14 815 656 |
Deferred tax liability |
(332 749) |
(429 448) |
Net assets |
14 053 208 |
14 386 208 |
Details of evolution in the financials since 31 December 2022
As at 30 June 2023 a loss for the period of €315 634 compared to a profit before tax of €2 094 718 at the end of June 2022. This small operating loss is mainly due to fluctuations in the foreign exchange markets.
Net Assets stood at €14.05m vs €14.4m as of 31 December 2022. The change in Net Assets during the first half resulted mainly from the operating costs incurred during the period. Hamilton’s net cash position as of 30 June 2023 was €1.252m. The Net Asset figure also includes a residual tax reserve of €332 749 for unrealized gains following the revaluation of certain investments in the course of 2022.
Highlights of the first half of 2023 and post-closing events
Follow on investment in Gauzy Ltd, a world leader in smart glass and ADAS technologies
On March 29, 2023 Hamilton Global Opportunities plc completed a €333,350 follow on investment in Gauzy Ltd. Gauzy is a true pioneer of nanotechnology for light and vision control, is the only material science company in the world developing, manufacturing, and marketing two of the three active smart glass technologies: SPD and Liquid Crystal, and advanced ADAS (advanced driver assistance systems) including CMS (camera monitoring systems) for long body on road vehicles. Gauzy has significant development potential given the numerous high value-added applications in everyday life for its diverse product range, such as the possibility of instantly modulating the transparency or translucency of glass used in windows across the automotive and architectural industries for shading, privacy, and thermal regulation, and making vehicle operation safer with blind spot reduction through its high performance ADAS products.
Management of Foreign Exchange exposures
Hamilton Global Opportunities plc is exposed to movements in the EUR USD exchange rate which has remained volatile not only over the current accounting period but also since the company’s listing in April 2021. In order to mitigate the effect of this volatility on the financial results of the company management have implemented a hedging program. Under that hedging program management enters into enhanced forward hedging agreements which benefit from an option overlay whose purpose is to limit the potential downside of any such hedges. This hedging strategy has limited the negative impact of currency movements in the period to 30 June 2023 to €203 924 out of a total loss in the period of €315 634. However, over the entire period since listing in 2021 and despite significant volatility in the currency markets the hedging strategy has ensured that there has been little or no impact of those currency movements on the financial performance of the company.
Gustavo Perrotta, Founder and Chief Executive Officer of Hamilton Global Opportunities plc declares: “We remain in active contact with our portfolio companies and despite extremely challenging market conditions our portfolio companies continue to perform well. This continued performance by our portfolio companies has underpinned the Net Asset Value of the portfolio and we remain confident that we are on course to meet our strategic objectives in the coming years.”
About Hamilton Global Opportunities
Hamilton Global Opportunities PLC (“HGO”) is an investment company listed on the Euronext Growth Market focusing on investments in Tech, Fintech and MedTech principally in the United States and Israel. The HGO management team has significant relevant experience in structuring direct investments in the areas above mentioned. For more information, please visit: hamiltongo.eu
