TIDMMIN
RNS Number : 6409H
Minoan Group PLC
31 July 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
31 July 2023
Interim Results Announcement
Minoan Group Plc
(the "Group" or the "Company" or "Minoan")
Minoan Group Plc, the AIM listed resort development company
presents its unaudited interim results for the six months ended 30
April 2023.
KEY POINTS
-- Discussions with the Public Welfare Ecclesiastical Foundation
Panagia Akrotiriani ("the Foundation") in relation to the Master
contract continue and remain in line with the published
timeline.
-- The detailed environmental study for the Masterplan which
follows the Presidential Decree is making good progress.
-- Commercial discussions and other negotiations relating to the
Project continue with further NDAs expected in the coming
period.
-- The Loss for the period was almost halved compared to the
same period last year to GBP286,000 (2021/22: GBP542,000).
Christopher Egleton, Chairman of Minoan, said:
"In April of this year, the Company laid out the key milestones
and timeline that it expects for the conclusion of the Project. The
Company continues to follow this and George Mergos and I very much
look forward to updating Shareholders with progress in the near
future."
The Company's unaudited interim results for the six months ended
30 April 2023 can be viewed on Minoan's website,
www.minoangroup.com , with effect from 31 July 2023.
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
George Mergos georgios.mergos@minoangroup.com
W H Ireland Limited 020 7220 1666
Antonio Bossi
Peterhouse Capital Limited 020 7469 0930
Duncan Vasey
Chairman's Statement
Introduction
I am pleased to present the unaudited interim results for Minoan
Group Plc for the six months to 30 April 2023.
During the period, Loyalward Limited, the Group's wholly owned
subsidiary and owner of the Project, under the leadership of George
Mergos, continued to make good progress with the Itanos Gaia
Project in Crete (the "Project").
Discussions with the Public Welfare Ecclesiastical Foundation
Panagia Akrotiriani (the "Foundation") are proceeding well with a
number of meetings having taken place in the period and
subsequently. These discussions are on a practical basis and the
Company remains confident that they can be concluded in the coming
months.
Alongside these discussions, work is being undertaken on the
detailed environmental study for the Masterplan which follows the
requirements arising from the Presidential Decree. I look forward
to be able to announce the conclusion of this in due course.
As I reported in April, the discussions with the Foundation are
not impeding progress on the Project itself, as we are moving
forward based on the existing contractual documentation. This has
enabled the management team to proceed with certainty and to
undertake the Commercial and other negotiations relating to the
Project. The Board expects further Non Disclosure Agreements to be
signed in the coming period.
Financial Review
The Board is pleased to note the reduction in the loss for the
six months period to 30 April 2023. The loss before taxation was
GBP286,000 compared to GBP542,000 in the same period last year. The
Company continues to focus on the key activities necessary to drive
the Project forward.
Total assets at 30 April 2023 totalled GBP51,475,000 (2021:
GBP50,907,000).
Outlook
In April of this year, the Company laid out the key milestones
and timeline that it expects for the conclusion of the Project. The
Company continues to follow this and George Mergos and I very much
look forward to updating Shareholders with progress in the near
future.
Christopher W Egleton
Chairman
31 July 2023
Unaudited Consolidated Statement of Comprehensive Income
Six months ended 30 April 2023
6 months ended 6 months ended Year ended
30.04.23 30.04.22 31.10.22
GBP'000 GBP'000 GBP'000
Revenue - - -
Cost of sales - - -
-------------- -------------- -----------
Gross profit - - -
Operating expenses (220) (264) (541)
Operating loss (220) (264) (541)
Finance costs (66) (278) (524)
Loss before taxation (286) (542) (1,065)
Taxation - - -
-------------- -------------- -----------
Loss for period attributable
to equity holders of the Company (286) (542) (1,065)
-------------- -------------- -----------
Loss per share attributable to
equity holders of the Company:
Basic and diluted (0.04)p (0.09)p (0.16)p
Unaudited Consolidated Statement of Changes in Equity
Six months ended 30 April 2023
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP000 GBP'000 GBP'000
Balance at 1 November
2022 20,321 36,583 9,349 2,619 (26,183) 42,689
Loss for the period - - - - (286) (286)
Issue of ordinary shares 27 - - - - 27
Share based payments - - - - - -
-------- -------- -------- -------- --------- --------
Balance at 30 April 2023 20,348 36,583 9,349 2,619 (26,469) 42,430
-------- -------- -------- -------- --------- --------
Six months ended 30 April 2022
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP000 GBP'000 GBP'000
Balance at 1 November
2021 19,021 36,583 9,349 2,571 (25,118) 42,406
Loss for the period - - - - (542) (542)
Issue of ordinary shares 150 - - - - 150
Share based payments - - - 47 - 47
Balance at 30 April 2022 19,171 36,583 9,349 2,618 (25,660) 42,061
-------- -------- -------- -------- --------- --------
Year ended 31 October 2022
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP000 GBP'000 GBP'000
Balance at 1 November
2021 19,021 36,583 9,349 2,571 (25,118) 42,406
Loss for the year - - - - (1,065) (1,065)
Issue of ordinary shares 1,300 - - - - 1,300
Share based payments - - - 48 - 48
Balance at 31 October
2022 20,321 36,583 9,349 2,619 (26,183) 42,689
-------- -------- -------- -------- --------- --------
Unaudited Consolidated Statement of Financial Position as at 30
April 2023
As at 30.04.23 As at 30.04.22 As at 31.10.22
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 3,583 3,583 3,583
Property, plant and equipment 157 157 157
Total non-current assets 3,740 3,740 3,740
---------------- ---------------- --------------
Current assets
Inventories 47,561 47,004 47,388
Receivables 159 158 167
Cash and cash equivalents 15 5 130
---------------- ---------------- --------------
Total current assets 47,735 47,167 47,685
---------------- ---------------- --------------
Total assets 51,475 50,907 51,425
---------------- ---------------- --------------
Equity
Share capital 20,348 19,171 20,321
Share premium account 36,583 36,583 36,583
Merger reserve account 9,349 9,349 9,349
Warrant reserve 2,619 2,618 2,619
Retained earnings (26,469) (25,660) (26,183)
---------------- ---------------- --------------
Total equity 42,430 42,061 42,689
---------------- ---------------- --------------
Liabilities
Current liabilities 9,045 8,846 8,736
Total equity and liabilities 51,475 50,907 51,425
---------------- ---------------- --------------
Unaudited Consolidated Cash Flow Statement
Six months ended 30 April 2023
6 months ended 6 months ended Year ended
30.04.23 30.04.22 31.10.22
GBP'000 GBP'000 GBP'000
Loss before taxation (286) (542) (1,065)
Finance costs 66 278 524
Increase in inventories (173) (246) (630)
Decrease in receivables 8 4 5
Increase in current liabilities 234 418 370
--------------------------- --------------------------- -----------------------
Net cash (outflow) from operations (151) (88) (806)
Finance costs (66) (231) (476)
--------------------------- --------------------------- -----------------------
Net cash used in operating
activities (217) (319) (1,282)
--------------------------- --------------------------- -----------------------
Cash flows from investing
activities
Purchase of property, plant -
and equipment - -
Purchase of intangible assets - - -
--------------------------- --------------------------- -----------------------
Net cash used in investing -
activities - -
--------------------------- --------------------------- -----------------------
Cash flows from financing
activities
Net proceeds from the issue
of ordinary shares 27 150 1,300
Net loans received / (repaid) 75 154 92
--------------------------- --------------------------- -----------------------
102 304 1,392
--------------------------- --------------------------- -----------------------
Net (decrease) / increase
in cash (115) (15) 110
Cash at beginning of period 130 20 20
--------------------------- --------------------------- -----------------------
Cash at end of period 15 5 130
--------------------------- --------------------------- -----------------------
Notes to the Unaudited Financial Statements
Six months ended 30 April 2023
1. General information
The Company is a public limited company incorporated in England
and Wales. The Company's principal activity in the period under
review was that of a holding and management company of a Group
involved in the design, creation, development and management of
environmentally friendly luxury hotels and resorts plus the
provision of general management services.
2. Basis of preparation
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in Section 434(3) of the
Companies Act 2006. A copy of the audited Report and Financial
Statements for the year ended 31 October 2021 has been delivered to
the Registrar of Companies. The auditor's report on these accounts
was unqualified and did not contain statements under s498(2) to
s498(4) of the Companies Act 2006.
These interim financial statements for the six months ended 30
April 2023 comprise an Unaudited Consolidated Statement of Profit
and Loss and Other Comprehensive Income, Unaudited Consolidated
Statement of Changes in Equity, Unaudited Consolidated Statement of
Financial Position and Unaudited Consolidated Cash Flow Statement
plus relevant notes.
The interim financial statements are prepared in accordance with
EU adopted International Financial Reporting Standards ("IFRS") and
the International Financial Reporting Interpretations Committee
("IFRIC") interpretations and the Companies Act 2006 applicable to
companies reporting under IFRS.
The principal accounting policies adopted in the preparation of
the interim financial statements are consistent with those adopted
in the Report and Financial Statements for the year ended 31
October 2022.
Going concern
The directors have considered the financial and commercial
position of the Group in relation to its Project in Crete (the
"Project"). In particular, the directors have reviewed the matters
referred to below.
Following the unanimous approval of a Plenum of the Greek
Council of State, the highest court in Greece, the Presidential
Decree granting land use approval for the Project was issued on 11
March 2016 and was published in the Government Gazette. The
planning rules for the Project are now enshrined in law. The
appeals lodged against the Presidential Decree have been rejected
by the Greek Supreme Court. Accordingly, the directors consider
that they will conclude further Project joint venture agreements in
the near term.
In addition to specific Project related matters as noted above,
and as has been the case in the past, the Group continues to need
to raise capital in order to meet its existing finance and working
capital requirements. While the directors consider that any
necessary funds will be raised as required, the ability of the
Company to raise these funds is, by its nature, uncertain.
Having taken these matters into account, the directors consider
that the going concern basis of preparation of the financial
statements is appropriate.
Notes to the Unaudited Financial Statements (continued)
Six months ended 30 April 2023
3. Loss per share attributable to equity holders of the
Company
Earnings per share are calculated by dividing the earnings
attributable to the equity holders of a company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share are
calculated by adjusting basic earnings per share to assume the
conversion of all dilutive potential ordinary shares. There are no
dilutive instruments in issue, therefore the basic loss per share
and diluted loss per share are the same. The weighted average
number of shares used in calculating basic and diluted loss per
share for the six months ended 30 April 2023 was 733,131,124. (Six
months ended 30 April 2022: 612,627,502; Year ended 31 October
2022: 647,900,567).
4. Share based payments charge
In accordance with IAS 32, the Share based payments charge in
respect of warrants finance charges has been included in Finance
costs in the Unaudited Consolidated Statement of Comprehensive
Income.
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END
IR FLFVDDFIIVIV
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