REG - Minoan Group PLC - Interim Results
31/07/2024 07:00
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RNS Number : 4700Y Minoan Group PLC 31 July 2024
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31 July 2024
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 2024.
KEY POINTS
· Discussions continue with the Public Welfare Ecclesiastical
Foundation Panagia Akrotiriani
("the Foundation") along with prospective development and other partners.
· Work on the reduction of liabilities is nearing completion and
will be advised shortly.
· Process of recruiting a new and enlarged management team has
commenced.
· The Loss for the period was £601,000 (2022/23: £286,000).
Christopher Egleton, Chairman of Minoan, said:
"I am encouraged by the progress in discussions with the Foundation and the
Greek Ministry of National Economy and Finance. Following the signing of a
collaboration agreement with a major international luxury hotel group, we
continue to advance the commercial aspects of the Project with Contractors,
Banks, Banking Advisors and other potential partner organisations. A number of
these discussions are at an advanced stage."
The Company's unaudited interim results for the six months ended 30 April 2024
can be viewed on Minoan's website, www.minoangroup.com
(http://www.minoangroup.com) , with effect from 31 July 2024.
For further information visit www.minoangroup.com or contact:
Minoan Group
Plc
mail@minoangroup.com
WH Ireland
Limited
020 7220 1666
Antonio Bossi/Andrew de
Andrade
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 2024.
On 30 April 2024, the Company confirmed that it and the Public Welfare
Ecclesiastical Foundation Panagia Akrotiriani ("the Foundation") were
progressing the detailed discussions necessary regarding the updating and
alignment of the existing Contract with changes in the Greek legal framework
generally as well as specific matters such as the revised Itanos Gaia Project
(the "Project") that have taken place since the Contract was agreed and
signed. As Shareholders are aware these discussions are taking place within an
institutional process conducted through the Ministry of National Economy and
Finance, the supervising authority for all Foundations in Greece.
Significant progress is being made and numerous meetings have and are
continuing to take place with the Foundation and/or its advisors. In this
process it is important to bear in mind that the relationship with the
Foundation, as is the case with development, financial and hospitality
partners, are for the long term. In the case of the Foundation the
relationship will stretch for the length of the lease, and whilst the process
is taking some time to conclude, it is important to ensure that all parties
understand what is expected of them now and in the future and on what terms.
Progress is being made and I expect to be able to inform Shareholders in the
near future on this and a number of other matters, notably the ongoing
discussions with prospective development and other partners.
In addition to Project itself, one of the issues being addressed by the
Company is the reduction of liabilities in order to help prepare the Company
for the change in gear that will be necessary as soon as the updated Contract
is complete. Discussions on this are progressing well and I expect them to
reach a conclusion in the very near term.
I have explained previously the fact that one of the major tasks to be
undertaken once the Updated Contract is in place is the recruitment of a new
and enlarged management team in order to move forward as fast as possible and
this process has already been commenced. It remains mine and the Board's
belief that the Itanos Gaia Project at Cavo Sidero will be a stunning addition
to the tourism offering of Greece as a whole and for Crete in particular.
Financial Review
The loss before taxation for the six months period to 30 April 2024 was
£601,000 compared to £286,000 in the same period last year, the majority of
which is accounted for by a one-off charge for the extension fee for DAGG on
its loan renewal in November 2023.
The Company continues to focus on the key activities necessary to drive the
Project forward.
Total assets at 30 April 2024 totalled £52,109,000 (2023: £51,475,000).
Chairman's Statement (continued)
Outlook
In conclusion, I am encouraged by the progress in discussions with the
Foundation and the Greek Ministry of National Economy and Finance. Following
the signing of a collaboration agreement with a major international luxury
hotel group, we continue to advance the commercial aspects of the Project with
Contractors, Banks, Banking Advisors and other potential partner
organisations. A number of these discussions are at an advanced stage. I look
forward to updating Shareholders on further progress as we conclude the
various ongoing discussions.
Christopher W Egleton
Chairman
31 July 2024
Unaudited Consolidated Statement of Comprehensive Income
Six months ended 30 April 2024
6 months ended 30.04.24 6 months ended 30.04.23 Year ended 31.10.23
£'000 £'000 £'000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Operating expenses (360) (220) (536)
Operating loss (360) (220) (536)
Finance costs (241) (66) 7
Loss before taxation (601) (286) (529)
Taxation - - -
(601) (286)
Loss for period attributable to equity holders of the Company
(529)
Loss per share attributable to equity holders of the Company: Basic and
diluted
(0.07p) (0.04p) (0.07p)
Unaudited Consolidated Statement of Changes in Equity
Six months ended 30 April 2024
Share capital Share premium Merger Warrant reserve Retained earnings £'000 Total
£'000 £'000 reserve £'000 £000 equity £'000
Balance at 1 November 2023 20,509 36,583 9,349 2,461 (26,712) 42,190
Loss for the period - - - - (601) (601)
Issue of ordinary shares 930 - - - - 930
Share based payments - - - - - -
Balance at 30 April 2024 21,439 36,583 9,349 2,461 (27,313) 42,519
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
Year ended 31 October 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 year - - - - (529) (529)
Issue of ordinary shares 188 - - - - 188
Decrease in warrant Reserve - - - (158) - (158)
Balance at 31 October 2023 20,509 36,583 9,349 2,461 (26,712) 42,190
Unaudited Consolidated Statement of Financial Position as at 30 April 2024
As at 31.10.23
£'000
As at 30.04.24 As at 30.04.23
£'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 48,215 47,561 47,995
Receivables 136 159 117
Cash and cash equivalents 18 15 17
Total current assets 48,369 47,735 48,129
Total assets 52,109 51,475 51,869
Equity
Share capital 21,439 20,348 20,509
Share premium account 36,583 36,583 36,583
Merger reserve account 9,349 9,349 9,349
Warrant reserve 2,461 2,619 2,461
Retained earnings (27,313) (26,469) (26,712)
Total equity 42,519 42,430 42,190
Liabilities
Current liabilities 9,590 9,045 9,679
Total equity and liabilities 52,109 51,475 51,869
Unaudited Consolidated Cash Flow Statement
Six months ended 30 April 2024
6 months ended 30.04.24 6 months ended 30.04.23 Year ended 31.10.23
£'000 £'000 £'000
Loss before taxation (601) (286) (529)
Finance costs 241 66 (7)
Increase in inventories (220) (173) (606)
(Increase) / decrease in receivables (19) 8 50
Increase in current liabilities 186 234 591
Net cash (outflow) from operations (413) (151) (501)
Finance costs (241) (66) (151)
Net cash used in operating activities (654) (217) (652)
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 930 27 188
Net loans received / (repaid) (275) 75 351
655 102 539
Net increase / (decrease) in cash 1 (115) (113)
Cash at beginning of period 17 130 130
Cash at end of period 18 15 17
Notes to the Unaudited Financial Statements
Six months ended 30 April 2024
1. General information
The Company is a public limited company incorporated in England and Wales and
quoted on AIM. 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.
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 Group Strategic Report, Report of the Directors and Consolidated
Financial Statements for the year ended 31 October 2023 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 2024
comprise an Unaudited Consolidated Statement of Comprehensive Income,
Unaudited Consolidated Statement of Changes in Equity, Unaudited Consolidated
Statement of Financial Position, 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 2023.
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 2024
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. As the Group is loss making, 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 2024 was
820,457,443 (Six months ended 30 April 2023: 733,176,060; Year ended 31
October 2023: 738,256,428).
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