REG - Minoan Group PLC - Interim Results Announcement
31/07/2023 07:00
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RNS Number : 6409H Minoan Group PLC 31 July 2023
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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 £286,000 (2021/22: £542,000).
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
(http://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 £286,000 compared to
£542,000 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 £51,475,000 (2021: £50,907,000).
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 30.04.23 6 months ended 30.04.22 Year ended 31.10.22
£'000 £'000 £'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 - - -
(286) (542)
Loss for period attributable to equity holders of the Company
(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 capital Share premium Merger Warrant reserve Retained earnings £'000 Total
£'000 £'000 reserve £'000 £000 equity £'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 capital Share premium Merger Warrant reserve Retained earnings £'000 Total
£'000 £'000 reserve £'000 £000 equity £'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 capital Share premium Merger Warrant reserve Retained earnings £'000 Total
£'000 £'000 reserve £'000 £000 equity £'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 31.10.22
£'000
As at 30.04.23 As at 30.04.22
£'000
£'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 30.04.23 6 months ended 30.04.22 Year ended 31.10.22
£'000 £'000 £'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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