APQ Global : 2023 APQ Global Annual Reports and Accounts

Company number: 62008

APQ Global Limited

Annual Report and Consolidated Financial Statements

For the year ended 31 December 2022

APQ Global Limited

Contents	Page
Financial highlights	2
Directory	3
Chairman's statement	4
CEO's statement	5
2022 in review	6
Business model and strategy	8
Directors' report	13
Audit committee report	21
Board members	22
Remuneration policy	23
Independent auditor's report	25
Consolidated Statement of comprehensive income	34
Consolidated Statement of financial position	35
Consolidated Statement of changes in equity	36
Consolidated Statement of cash flow	38
Notes to the financial statements	40

1

APQ Global Limited

FINANCIAL HIGHLIGHTS

For the year ended 31 December 2022

Book Value at 31 December 2022 was $7.23m, a decrease from $23.59m at the start of the year. The term "book value" herein includes the assets of APQ Global Limited and its subsidiaries1 net of any liabilities, presented in US dollars.

Book Value per share in the year decreased from 30.07 cents to 9.21 cents.

Loss per share for the year was $0.20843 (2021: $0.09684).

Dividends paid are considered a Key Performance Indicator2 (KPI) of the business. No dividends were paid or declared during the year due to dividend hold in place (2021: nil).

In the year covered by these financial statements, the share price of the Company has consistently traded at a discount to the actual Book Value of the Company.

Since 1 January 2022, the following securities have been admitted to the Official list of the International Stock Exchange:

Entity	Type of instrument	No. of instruments	Date admitted
APQ Global Limited	Ordinary shares	26,578	24 January 2022
APQ Global Limited	Ordinary shares	26,578	3 May 2022
APQ Global Limited	Ordinary shares	26,578	29 July 2022
APQ Global Limited	Ordinary shares	26,578	7 October 2022

There have been further AIM market trades since 31 December 2022, details of these can be found on the London Stock Exchange website by following the link below. Monthly book values and semi-annual reports are also made available as they fall due.

http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company- summary/GG00BZ6VP173GGGBXASQ1.html

1. In accordance with IFRS 10, the Company, as an Investment Entity, is required to follow certain accounting rules regarding its Subsidiaries. Please refer to Note 15 for further details.
2. See Page 8 for further details of the Company's KPI's.

2

APQ Global Limited

DIRECTORY	Company number: 62008
Registered Office and Business Address:	Directors:
PO Box 142	Bart Turtelboom
Suite 2 Block C	Wayne Bulpitt CBE
Hirzel Court, St Peter Port	Philip Soulsby
Guernsey	Wadhah Al-Adawi
GY1 3HT
Company Secretary and	Nominated Adviser and Broker:
Corporate Services Provider:	Singer Capital Markets Limited
Parish Group Limited	1 Bartholomew Lane
PO Box 142	London
Suite 2 Block C	United Kingdom
Hirzel Court, St Peter Port	EC2N 2AX
Guernsey
GY1 3HT
Registrar and Transfer Agent:	Principal Bankers:
Link Group	Credit Suisse
10th Floor	Paradeplatz 8
Central Square	CH-8070
29 Wellington Street	Zurich
Leeds	Switzerland
LS1 4DL
Solicitors	Advocates
As to English law:	As to Guernsey law:
Stephenson Harwood LLP	Mourant Ozannes
1 Finsbury Circus	St Julian's Avenue
London	St Peter Port
United Kingdom	Guernsey
EC2M 7SH	GY1 4HP
CISEA Sponsor:	Independent auditor:
Carey Commercial Limited	BDO LLP
1st & 2nd Floors	55 Baker Street
Elizabeth House	London
Les Ruettes Brayes	United Kingdom
St Peter Port	W1U 7EU
Guernsey
GY1 4LX

For the latest information, please visit:

www.apqglobal.com

3

APQ Global Limited

CHAIRMAN'S STATEMENT

For the year ended 31 December 2022

The aim of the Board is to steadily grow the Company's earnings seeking to deliver attractive returns and capital growth through a combination of building growing businesses globally as well as earning revenue from income generating operating activities3. Specifically, our goals are to deliver a dividend yield of 6% per annum (based on capital subscribed)4 and in addition to generate returns to grow the Company by a further 5-10% per annum5. The Company focuses its investment activities globally (in Asia, Latin America, Eastern Europe, the Middle East, Africa, as well as the Channel Islands).

Book Value per share in the year decreased from 30.07 cents to 9.21 cents. The Total Return for the year was -69.38%6.

Direct Investment Portfolio

In the third quarter of 2022, the company completed the 100% acquisition of WDM Lex Advisory Limited and WDM Trustees Limited. Lex Advisory provides legal advisory and corporate services, trustee services and incorporation services to its clients primarily based in Malta. WDM Trustees Limited provides all services pertinent to trustees in a trust context and administrators in the context of private foundations.

This investment is considered an excellent addition to the Corporate Service package which is held by APQ and complements the jurisdictional cover provided by the existing investments.

Dividends

As of 31 December 2022, the dividend remains on hold until further notice.

Total Return

Book Value per share in the year decreased from 30.07 cents to 9.21 cents. The Total Return for the year was -69.38%6. Further details on the breakdown of the Total Return are shown on page 6, Under the section 2022 in Review.

Corporate Governance

During 2022 there were no changes to the Board of APQ Global and the Board has established corporate governance arrangements which are appropriate for the operation of the Company. Further details of these may be found in the appropriate sections of this Report.

Conclusion

The Investment performance and outlook for Emerging Markets are discussed in more detail in the CEO's statement on page 5. Whilst the headwinds have significantly buffeted our liquid portfolio, the Board are pleased to have been able to take opportunities to develop the Direct Investment Portfolio which is now very well positioned to capitalise from several growing trends globally.

Wayne Bulpitt CBE

Chair, APQ Global Limited

1. Where we refer to revenue from income generating operating activities this relates to the revenue of our investee companies.
2. The Capital Subscribed on One Ordinary Share of the Company being £1.00 and thus equivalent to £0.06 in dividends per share.
3. The dividend paid to ordinary shareholders and capital growth rate of the Company are Key Performance Indicators (KPI's), discussed further on Page 8.
4. The Total Return of the Company is a KPI and an Alternative Performance Measure in accordance with International Financial Reporting Standards, The Total Return

for a given month is calculated as (Book Value Per Share (BVPS) at end of month + Dividends received during month) divided by BVPS at end of previous month. The Total Return on the YTD is then the compounded MTD Total Return for each month in the year. The Company KPI's are discussed further on Page 8.

4