(“KR1”, the “Company “or, together with its subsidiary the “Group”)
Interim Report for the Half Year Ended
The Group is pleased to present its interim report for the half year ended
Chief Executive Officer’s statement
During a period of significant price fluctuations in digital asset markets, we are pleased that the first half of 2019 has seen our portfolio appreciate in value. Seeing a significant change in market character since
The most significant area of blockchain attention and growth in the last few months has been and continues to be the area of 'Decentralised Finance' (
The wider blockchain space continues to innovate and evolve at a striking pace and we are seeing a resurgence in interest in the concept of DAOs (decentralised autonomous organisations), and a clear push towards more privacy-focused technologies. Our interest in privacy is reflected in our recent investment into the
Moving forward, we expect to see renewed growth in terms of new blockchain projects launching and widespread adoption as more and more people and institutions recognise the profound importance of blockchain-based financial, social and trustless ecosystems. At KR1 we believe that our unique portfolio and reputation in the market positions us strongly to drive investor returns in this new cycle of the market.
Group Statement of Comprehensive Income
6 months to 6 months to 30 June 2018 12 months to 30 June 31 December 2018 2019 Unaudited Unaudited Audited GBP GBP GBP Income Unrealised profit/(loss) 4,292,325 (8,099,865) (12,075,829) Realised profit 580,320 1,118,846 2,586,337 Staking yields 116,788 - - Advisory fees 19,036 - - Gross profit (loss) 5,008,469 (6,981,019) (9,489,492) Administrative expenses (386,313) (380,190) (1,368,420) Profit/(loss) on ordinary 4,622,156 (7,361,209) (10,857,912) activities before taxation Taxation (54,181) 1,472,242 2,519,393 Profit/(loss) on ordinary 4,567,975 (5,888,967) (8,338,519) activities after taxation Consolidated profit/
7.01 pence (5.33) pence (6.95) pence(loss) per share
Group Statement of Financial Position
At 30 June 2019 At 30 June 2018 At 31 December 2018 Unaudited Unaudited Audited GBP GBP GBP Current assets Debtors 52,290 2,040 819,247 Investments 3,598,106 7,514,839 3,958,177 Digital currencies 5,332,059 1,176,006 1,042,896 Cash held on trading 506,720 1,057,350 618,150 platforms Cash equivalents 1,116,503 - 99,320 Cash at bank 572,807 58,424 87,387 11,178,485 9,808,659 6,625,177 Creditors Amounts falling due within (464,574) (2,135,282) (508,172) one year Net current assets 10,713,911 7,673,377 6,117,005 Creditors Amounts falling due over - - - one year Total assets less current 10,713,911 7,673,377 6,117,005 liabilities Capital and reserves Called up share capital 726,076 685,993 718,843 Share premium account 3,056,444 2,163,649 3,034,746 Profit and loss account 6,931,391 4,823,735 2,363,416 Equity shareholders’ funds 10,713,911 7,673,377 6,117,005 Consolidated Net Asset
8.20 pence 6.95 pence 4.82 penceValue per share
Interim report notes
1. Interim report
The information relates to the 6-month period from 1 January to
The interim report was approved by the Directors on
The interim report has been reviewed by the group’s auditors but has not been audited.
2. Basis of accounting
a. While the financial information included in this interim financial report has been prepared in accordance with the recognition and measurement criteria of Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the
b. These interim financial statements are the financial statements of the Group.
c. The financial statements are prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below and are in accordance with applicable accounting standards.
d. These interim financial statements consolidate the financial statements of the Company and its subsidiary
i. Investments are held as current asset trade investments and are valued at the lower of cost and net realisable value. Foreign denomination loans are translated into sterling at the rate of exchange ruling at the balance sheet date. For those investments listed on a recognised market, net realisable value is taken as mid-market price. Where the directors consider the market price of a company is likely to irreversibly fall, additional write downs in valuation to below mid-market price are made.
ii. The net realisable value of certain investments is not readily determinable by reference to a quoted market price. The directors have therefore made their own assessment of the net realisable value and adjusted the carrying value of the investment where it is considered less than cost. This estimate requires estimation techniques, which are reliant upon their experience and expertise.
iii. The Group accounts for digital currencies, which it considers to be an operating asset, at their initial cost and subsequently revalues the carrying amounts of the digital currencies held at each reporting date based on their current fair value using rates obtained from various exchanges, including Oanda and Coinmarket. The rates obtained from these sources represent a generally well recognised quote price in an active market, which market and database is accessible to the Company on an ongoing basis. Digital currencies which have not undergone their ICO (initial coin offering) at the reporting date are valued at cost and the directors have verified that this is in line with the opening prices at ICO post period end. The changes in fair value are recognised in the Group’s Statement of Comprehensive Income.
f. The Group will report again for the full year to
The Directors of
Tel : 01624 676716
Email : email@example.com
NEX Corporate Adviser
+44 (0)20 7469 0930
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a