─── Holding ───
Impact Covid/Energy Crisis and War in Ukraine 2022.
Already since 2019, the global challenges of severe crises have accompanied us. Be it the new security law in Hong Kong, which forced us to close our Hong Kong headquarters to protect assets. The Covid pandemic that immediately followed is now entering its third year and the international dislocation is still being felt today. Supply chains are still disrupted today and will certainly remain so well into 2023.
Putin's unauthorized war of aggression against Ukraine, which cannot be explained in terms of international law, not only has a global impact on energy supplies, but has already led to rampant inflation, which in many countries has already clearly exceeded the 10% mark. With the start of the war, all our activities in Russia were immediately suspended. This concerned in particular our participation Numoros. Negotiations for the expansion of Numoros Database in Russia were not only terminated, but will be stopped permanently.
At present it is not possible to foresee whether there will be a gas shortage in the coming winter, which would then have a direct impact on many manufacturing companies. This would then also directly contribute to a disruption of European supply chains.
Currently, prices have not only risen dramatically in the food sector, but prices for raw materials are also continuing to rise. The cost of building materials will be significantly increased again as early as 01.10.2022, and already today it is assumed that there will be further significant increases at the beginning of 2023.
This has already led to the postponement of the planned Möhne Lake construction project, which we are supervising, until spring 2023. This had become absolutely necessary, as it is not possible to foresee how the winter of 2022 will turn out and risks that are not yet identifiable would mean that we would not be able to meet completion deadlines vis-à-vis the purchasers.
We have therefore decided not to start up the branch in Germany, especially as Germany will be the country most affected by this situation in Europe, both politically and economically.
This decision was unanimously approved by a convened shareholders' meeting.
Global Financial Holding Inc.
The Board of Directors
A partial mobilization of Russian forces just imposed by Putin confirms our prudent decisions. The armed conflicts are now threatening to escalate, which may result in the global economy, and not only that in Europe, being severely affected. Not to mention the possibility of the war spreading to NATO countries.
Contribution agreement executed on time
The contribution agreement concluded was executed on time and in full as of March 30, 2022.
The corporate bodies have accepted the contribution agreement in full.
Shares in companies, trademarks, 34 complete websites of all investments were transferred in full to Global Financial Holding Inc.
A significant reduction in the value of the Numoros Group, consisting of the database and financial divisions, was accepted.
The stock of data records at Numoros amounts to approximately 1 billion data records. Of these, 400 million data records were not recognized because they could not yet be processed on a country-specific basis. Of the remaining 600 million data records, a small number were not completely complete, but we nevertheless agreed to a further reduction of 50% in the valuation to 300 million data records that could then be valued.
For 300 million data sets, a usable life of between 10 and 30 years was assumed. Although datasets are usually valued between USD 50 and USD 350, we also agreed to a valuation of only USD 10 per dataset, as ultimately any future increase will benefit society.
The Numoros Database was therefore valued at
Other values within the contribution were additionally determined to be
The basis was mainly the recourse to an expert opinion, one of the world's largest auditing firms.
The contribution agreement of usd 250,000,000.00 is therefore less than 10% of the actual value of the contributed assets.
Global Financial Holding Inc.
Management Board - Supervisory Board