TIDMFOX
RNS Number : 2345B
Fox Marble Holdings PLC
30 September 2022
AIM: FOX 30 September 2022
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Interim Results for the six months ended 30 June 2022
Fox Marble Holdings plc (AIM: FOX), the dimension stone company
focused on marble quarrying and finishing in Kosovo and the
Balkans, announces its unaudited interim results for the six months
ended 30 June 2022.
Operational Highlights
-- The factory output and efficiency has continued to grow in
2022 - with 23,525 square metres of slabs processed in the first
six months of 2022 (2021 - 15,222 square metres) and over 9,684
square metres of tile and cut to size material processed (2021-
7,411 square metres).
-- Quarry operations have been limited with quarrying being
carried only to meet know demand while the block market remains
sluggish. The quarries remain in good condition, with significant
reserves of dimensional stone. The block marble market continues to
falter, as high shipping and energy costs have further damaged the
market following the initial Covid 19 shocks.
-- Appointment of Sir Mark Lyall Grant as Non-Executive Director
to the Company on 4 April 2022. Sir Mark is one of the United
Kingdom's most senior public servants, with more than 30 years of
experience in leadership, policy making, negotiation and public
presentation.
-- Fox Marble agreed heads of terms for the proposed acquisition
of Eco Buildings Group Limited. Eco Buildings, will design,
manufacture, and construct buildings made from glass fibre
reinforced gypsum (GFRG) modular sections that capture cost and
design efficiencies and advantages in build quality and performance
that traditional building methods cannot deliver.
-- The proposed acquisition will constitute a reverse takeover
pursuant to AIM Rule 14 under the AIM Rules for Companies. Fox
Marble intends to undertake a significant capital expansion,
including capital reorganisation and change its name to ECO
Buildings Group Plc. The proposed acquisition is conditional on,
inter alia, certain approvals and a shareholder vote at a General
Meeting of the Company. There can be no certainty nor guarantee
that the proposed acquisition will complete.
Financial Highlights
-- Revenue from the sale of processed marble products for the
six months to 30 June 2022 increased to EUR0.3 million (H1 2021:
EUR0.2 million).
-- Losses for the half year were EUR0.8 million (H1 2021: EUR0.6
million), due to costs incurred as part of the RTO process, offset
by strict measures to control cost.
Operational Update
Sales
Sales for the half year were EUR0.3 million (2021- EUR0.2
million). The block marble market continues to be impacted by the
Covid-19 pandemic as well as a significant increase in global
shipping rates. The processed marble market has shown more positive
signs.
As previously announced, Fox signed a contract to supply BA
Engineering & Consulting Sh.p.K ("BA Engineering") with an
initial 8,000 square metres of cut and polished tiles for an
approximate value of EUR200,000. BA Engineering is a local Kosovan
construction company with multiple developments in Kosovo. Given BA
Engineering is also engaged in developing a number of large
prestigious projects in Kosovo, the Company believes this will be
the first of a series of orders that BA Engineering will place.
In addition, the Company signed a non-binding agreement to
supply Unik Construction LLC with up to 30,000 square metres of
material for ongoing projects they are planning across Europe.
The Company continues to carefully manage its working capital
position.
Factory
In 2021 Fox Marble has continued its focus on the local market
for its processed material and range of products from cut and
polished tiles to stair pieces, door and window lintels to
slabs.
Efficiencies in the factory continue to drive increases in
production. The factory processed 23,525 square metres of slabs in
the first six months of 2022 (2021 - 15,222 square metres) and over
9,684 square metres of tile and cut to size material processed
(2021- 7,411 square metres).
Quarry Operations
Quarry operations have been limited with quarrying being carried
only to meet know demand while the block market remains sluggish.
The quarries remain in good condition, with significant reserves of
dimensional stone.
Litigation
On 4 September 2019, Fox Marble launched United National
Commission on International Trade Law (UNCITRAL) arbitration
proceedings, against the Republic of Kosovo for damages in excess
of EUR195 million, as a result of the failure of the State to
protect Fox Marble's rights over the Maleshevë quarry.
The Company believes the Kosovan Government to be in clear
breach of its responsibilities towards the Company as a foreign
investor in Kosovo and that this action is in the best interests of
its shareholders and employees. The Company anticipates a fair and
satisfactory resolution. All the Company's other operations,
including the quarries and processing factory in Kosovo and the
Prilep quarry in Northern Macedonia, are unaffected.
The background to the claim is the dispute arising with the
former shareholders of Green Power Sh.P.K and Scope Sh.P.K, which
has resulted in Fox Marble being prevented from operating the
Maleshevë quarry. Since the dispute arose, Fox Marble has been
working to resolve the matter with the appropriate Kosovan
Government agencies, namely the Kosovo mining regulator, the
Independent Commission of Mines and Mineral ('ICMM') and the
Agjencia e Regjistrimit të Bizneseve ('ARBK'), the Kosovo business
registration agency. However, in what is a clear breach of Kosovo
Law 04/L-220 'On Foreign Investment' (2014), Fox Marble has been
prevented from asserting its rights in these matters.
Despite the cumulative weight of evidence, Fox Marble was denied
the right to appeal any decision relating to the Maleshevë quarry
in direct contravention of the provisions of the Kosovo foreign
investment law, Law 04 /L-220. As a direct consequence of the ARBK
and ICMM decisions, the Company has brought arbitration proceedings
against the Republic of Kosovo pursuant to Article 16 of the Kosovo
foreign investment law (as above). The basis of the claim for
damages is the investment made to date in the Maleshevë quarry,
loss of future revenues associated with the site and future
investment plans in Kosovo. Significant future investment plans are
the subject of the MOU signed in October 2016 by the Government of
Kosovo and Stone Alliance LLC which is majority owned by Fox
Marble.
On 16 December 2020 the Company announced that it had engaged
the services of Dentons CS Europe LLP to act on the Company's
behalf in its circa EUR195 million claim against the Republic of
Kosovo. Dentons have agreed a fee arrangement which enables Fox
Marble to bring the Arbitration through to its conclusion.
The Company announced the appointment of the eminent British
Barrister and Queens Counsel, Samuel Wordsworth QC of Essex Court
Chambers on the May 2021. He will work with Dentons Europe CS LLP,
the world's largest law firm by number of lawyers, in support of
the Company's EUR195M claim against the Republic of Kosovo.
Proposed Acquisition and Suspension
As announced on 26 September 2022, the Company is proposing to
acquire the entire issued share capital of Eco Buildings for an
aggregate purchase price of GBP30 million, to be satisfied by the
issue of ordinary shares in the Company. It is therefore estimated
that the Company as enlarged by the acquisition will have an equity
value of GBP34.4m (based on Fox Marble's share price at the time of
suspension being 1.085p). In addition, as part of the RTO, the
Company is also proposing to raise up to GBP10m by way of a placing
(the "Placing").
There can be no guarantee that the RTO nor the Placing will be
completed as they are subject to a significant number of
pre-conditions, which inter alia, include the following:
a) readmission of the Company's shares to trading on AIM
following the acquisition and obtaining of all relevant approvals
("Admission") becoming effective;
b) Shareholder approval in a general meeting;
c) Certain regulatory approvals being received;
d) The publication of an admission document by the Company; and
e) A placing agreement becoming unconditional in all respects (save for Admission).
Information on Eco Buildings
Eco Buildings will operate in the prefabricated modular housing
sector. Eco Buildings has acquired the proven and innovative
prefabricated modular technology using glass fibre reinforced
gypsum (GFRG), an alternative construction method to achieve faster
and more economical development of residential, commercial and
industrial dwellings. Since 2006, over US $6 million has been
invested in the technology by Dominic Redfern, who will be joining
the revised board, to establish a high quality, low cost and
environmentally friendly range of modular housing products.
Based on this technology, Eco Buildings' management team has
utilised its network, particularly in the Balkans, to secure two
initial contracts that are expected to generate first sales revenue
of approximately EUR38 million per annum in the first three years
following Admission (c. EUR114 million in total).
The Directors believe Eco Buildings' range of modular housing
products provides a solution for the construction of both
affordable and high-end housing, with Eco Buildings' products being
up to 50% cheaper, two-thirds lighter and five times faster to
deploy than conventionally built homes.
The Directors believe that Fox Marble's existing building
products and operations should deliver revenue synergies when
combined with Eco Buildings. These include Fox Marble's intention
to supply and process dimensional marble from its existing quarries
for use within Eco Buildings' modular housing projects. The
Directors believe that by developing Eco Buildings' pipeline of
prospective projects globally, it intends to also further expand
the markets in which Fox Marble's dimensional stone product can be
marketed.
Walling System Manufacturing Process
Eco Buildings' panels are manufactured using a panel casting
system. It involves a single vertical panel casting machine which
automates the moulding process and uses a liquid mix of calcined
plaster, water, fiberglass rovings, together with proprietary
waterproofing agents and curing admixtures.
Eco Buildings' first production line, which consists of a
vertical panel casting machine and supporting equipment has been
moved from the United Arab Emirates (UAE) to a newly built 2,400m2
factory building in Albania for the sake of proximity to its
initial contracted customers and is anticipated to be operational
in Q4 2022. A production line is capable of producing 11,264m2 of
panelling per month or the equivalent of 31 housing units (372
units annually).
The 8,000m2 factory site is located close to Albania's capital,
Tirana, adjacent to the port of Durres, Albania's principal
seaport.
Operational Expansion
Once the facility is fully operational, Eco Buildings plans to
expand as follows:
Phase I
-- Increase the number of production lines from 1 to 4 - to meet
existing contractual obligations, the Directors intend to add a
second and third line to the factory in 2023 and a fourth in 2024.
The first three production lines are expected to produce
approximately 1,100 residential units per annum with production
capacity increasing to approximately 1,500 units per annum when the
fourth line is added.
-- Vertical integration - Once the Company is cash flow positive
Eco Buildings intends to construct a calcination plant. This will
allow the Group to produce its own GFRG, the key raw material in
the production of the Eco Buildings' turnkey solution.
Phase II
Approximately one-third of the urban population in the southern
hemisphere live in informal settlements, which lack access to basic
services such as electricity, running water, or sanitation.
After an extensive ideation and conceptual design process, the
Group intends to complete the manufacturing, design and
construction of the first of its mobile manufacturing units that
can be deployed at speed remotely in 2023. These 'pop up'
facilities will be used in areas with less developed infrastructure
than the factory site and/or areas where traditional construction
is markedly less cost effective than the Eco Buildings' system
deployed locally and/or at large-scale, multi-year new town or new
community developments where there significant social, logistical
or financial gains can be made over several project phases.
Update on Temporary Suspension
Further to the announcement of 11 April 2022, the Company was
suspended from trading on AIM on 11 April 2022 and remains so,
pending either the publication of an admission document or until
the proposed acquisition negotiations are terminated.
Pursuant to AIM Rule 41, if the Company's ordinary shares have
been suspended from trading for a period of six months, the
admission of its ordinary shares to trading on AIM will then be
cancelled.
This announcement contains inside information for the purposes
of Article 7 of EU regulation 596/2014.
For more information on Fox Marble please visit www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Tel: +44 (0)20 7380 0999
Fiona Hadfield, Finance Director
Tel: +44 (0)20 7380 0999
Tavira Securities Limited (Broker)
Oliver Stansfield/Jonathan Evans
+44 (0)203 192 1739
Cairn Financial Advisers (Nomad)
Sandy Jamieson/Liam Murray/Ludovico Lazzaretti
Tel: +44 (0)20 7213 0880
Notes to Editors
Fox Marble (AIM: FOX) is a marble production, processing and
distribution company with operations in Kosovo and the Balkans.
Its marble products, which include Alexandrian Blue, Alexandrian
White, Breccia Paradisea, Etruscan gold and Grigio Argento, are
gaining sales globally to wholesale companies and directly to
luxury residential properties. In the UK these include St George's
Homes and Capital and Counties Plc's Lillie Square development. In
Sydney, Australia, Rosso Cait, Alexandrian White and Breccia
Paradisea have been used in what is expected to be Australia's most
expensive residential property. These sales serve to demonstrate
the desirability of Fox Marble's premium marble products as the
stone of choice in some of the most prestigious and expensive
residential developments around the world.
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated income statement and statement
of comprehensive income
Six months Six months For the
ended 30 ended 30 year ended
Note June June 2021
2022 2021 Audited
Unaudited Unaudited
EUR'000s
EUR'000s EUR'000s
------------------------------------ ------- ----------- ----------- ------------
Revenue 272 196 646
Cost of Sales (152) (103) (530)
----------- ----------- ------------
Gross Profit 120 93 116
=========== =========== ============
Administrative and other operating
expenses (931) (604) (1,766)
Operating loss (811) (511) (1,650)
=========== =========== ============
Finance costs 4 (14) (206) (386)
Finance income 5 - 29 141
----------- ----------- ------------
Loss before taxation (825) (683) (1,895)
=========== =========== ============
Taxation - - -
Loss for the period (825) (683) (1,895)
=========== =========== ============
Other comprehensive income - - -
Total comprehensive loss
for the period attributable
to owners of the parent company (825) (683) (1,895)
=========== =========== ============
Loss per share
Basic loss per share 7 (0.002) (0.002) (0.005)
Diluted loss per share 7 (0.002) (0.002) (0.005)
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated statement of financial
position
Notes As at As at 31 As at 30
30 June December June 2021
2022 2021 Unaudited
Unaudited Audited EUR'000s
EUR'000s EUR'000s
------------------------------- ------ ----------- ---------- -----------
Assets
Non-current assets
Intangible assets 2,727 2,749 2,771
Property, plant and equipment 7 4,317 4,429 4,704
----------
Total non-current assets 7,044 7,178 7,476
=========== ========== ===========
Current assets
Trade and other receivables 1,101 1,134 1,012
Inventories 2,952 2,987 3,280
Cash and cash equivalents 120 558 626
----------- ---------- -----------
Total current assets 4,173 4,679 4,918
----------- ---------- -----------
Total assets 11,217 11,587 12,394
=========== ========== ===========
Current liabilities
Trade and other payables 1,630 1,408 1,472
Borrowings 8 2,012 1,998 1,790
----------- ---------- -----------
Total current liabilities 3,642 3,406 3,262
=========== ========== ===========
Non-current liabilities
Deferred tax liability 85 85 85
Lease Commitments 149 146 174
Borrowings 8 2,641 2,705 2,901
----------- ---------- -----------
Total non-current liabilities 2,875 2,936 3,160
----------- ---------- -----------
Total liabilities 6,517 6,341 6,422
=========== ========== ===========
Net assets 4,700 5,516 5,972
==========
Equity
Share capital 9 4,958 4,958 4,567
Share premium 9 32,575 32,575 32,230
Retained loss (33,004) (32,179) (30,976)
Share based payment reserve 135 126 116
Other reserves 36 36 36
----------- ---------- -----------
Total equity attributable
to owners of the parent
company 4,700 5,516 5,972
=========== ========== ===========
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of cash flows
Six months Six months Year
ended ended ended 31
30 June 30 June December
2022 2021 2021
Notes Unaudited Unaudited Audited
EUR'000s EUR'000s EUR'000s
------------------------------------- -------- ----------- ----------- ----------
Cash flows from operating
activities
Loss before taxation (825) (683) (1,895)
Adjustment for: -
Finance costs 4 83 206 386
Finance income 5 (69) (29) (141)
Operating loss for the period (811) (411) (1,651)
=========== =========== ==========
Adjustment for:
Amortisation 23 22 44
Depreciation 7 112 149 318
Disposal of PPE - - 42
Equity settled transactions 9 9 19
Provision for impairment of
receivables 23 - 70
Provision for bad debts - -
Provision for inventory - - 118
Changes in working capital:
Increase in receivables 10 140 (52)
Decrease/(increase) in inventories 35 (239) (63)
Increase/(decrease) in accruals 154 - (129)
Increase/(decrease) in trade and
other payables 69 (175) (24)
-----------
Net cash used in operating activities (378) (623) (1307)
=========== =========== ==========
Cash flow from investing
activities
Expenditure on property,
plant and equipment 7 - (35) (37)
Expenditure on rights of use
assets (63)
Interests on bank deposits - - 0.042
----------- -----------
Net cash outflow from investing
activities - (35) (100)
=========== =========== ==========
Cash flows from financing
activities
Proceeds from issue of shares
(net of issue costs) 9 0 1,019 1756
Proceeds on issue of debt (net
of issue costs) (23) - (84)
Interest paid (37) (43) (85)
Net cash inflow from financing
activities (60) 976 1,587
=========== =========== ==========
Net increase/(decrease) in cash
and cash equivalents (438) 318 181
Cash and cash equivalents
at beginning of
Period 558 308 378
Cash and cash equivalents
at end of period 120 626 558
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of changes in equity
Share Share Share Other Profit Total
capital premium based reserve and loss
payment reserve
reserve (1)
EUR'000s EUR'000s EUR'000s EUR'000s EUR'000s
EUR'000s
-------------------------- ---------- ---------- ---------- ---------- ---------- ----------
As at 1 January
2021 3,721 32,057 106 36 (30,283) 5,637
---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the period - - - - (683) (683)
Transactions with
owners
Share based transactions 8 8
Share capital issued 846 150 - - - 1019
As at 30 June 2021 4,567 32,230 116 36 (30,976) 5,972
========== ========== ========== ========== ========== ==========
Total comprehensive
loss for the period - - - - (1,895) (1,895)
Transactions with
owners
Share based transactions 19,444 19,444
Share capital issued 1,237 518 - 1756
As at 31 December
2021 4,958 32,575 126 36 (32,179) 5,516
-------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the period - - - - (825) (825)
Transactions with
owners 0
Share based transactions - - 9 - - 9
As at 30 June 2022 4,958 32,575 135 36 (33,004) 4,700
========================== ========== ========== ========== ========== ========== ==========
Notes to the condensed consolidated financial statements for the
period ended 30 June 2022
1) General information
The principal activity of Fox Marble Holdings plc and its
subsidiary and associate companies (collectively "Fox Marble Group"
or "Group") is the exploitation of quarry reserves in the Republic
of Kosovo and the Republic of North Macedonia.
Fox Marble Holdings plc is the Group's ultimate Parent Company
("the parent company"). It is incorporated in England and Wales and
domiciled in England. The address of its registered office is 160
Camden High Street, London, NW1 0NE. Fox Marble Holdings plc shares
are admitted to trading on the London Stock Exchange's AIM
market.
2) Basis of preparation
The results presented in this report are unaudited and they have
been prepared in accordance with the principles of International
Financial Reporting Standards ("IFRS") as adopted by the European
Union that are applicable to the financial statements for the year
ending 31 December 2021.
The accounting policies applied in these results are consistent
with those applied in the Group's Annual Report and Accounts for
the year ended 31 December 2021 and those expected to be applicable
to the financial statements for the year ending 31 D ecember
2022.
This half yearly report does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for Fox Marble Holdings plc for the year ended
31 December 2021were approved by the Board on 29 September 2022 and
have been filed with the Registrar of Companies. The report of the
auditors on those accounts was unqualified and did not contain a
statement under Section 498 (2) or (3) of the Companies Act 2006.
These condensed interim financial statements for the six months
ended 30 June 2021 have been prepared in accordance IAS 34,
'Interim financial reporting', as adopted by the European Union.
The condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2021, which have been prepared in accordance with IFRS
as adopted by the European Union. The Annual Report and Accounts
2021 for the Group are available at www.foxmarble.net .
3) Going concern
The Directors have reviewed detailed projected cash flow
forecasts and are of the opinion that it is appropriate to prepare
this report on a going concern basis. In making this assessment
they have considered:
a) the current working capital position and operational requirements;
b) the proposed transaction to acquire Eco Buildings Group Limited, and anticipated fundraise;
c) the proposed business plan for the combined entity;
d) the timing of expected sales receipts and completion of
existing orders, as well as collection of outstanding debtors;
e) the sensitivities of forecast sales figures over the next two years;
f) the timing and magnitude of planned capital expenditure; and
g) the level of indebtedness of the company and timing of when
such liabilities may fall due, and accordingly the working capital
position over the next 18 months.
The forecasts assume that the transaction to acquire Eco
Buildings Group Limited will be completed in 2022 with a planned
fundraise. The forecasts assume that the Company will execute a new
business plan for the combined entity, as described in the
strategic report. It further assumes that production at the Fox
Marble factory will continue to operate in good order. The forecast
assumes existing contracts held by the Company will be fulfilled on
a timely basis. Furthermore, the forecasts assume that sales of
block marble will resume as the global effect of the pandemic
recedes. . Further the Company is anticipating significant growth
in revenue through the realisation of existing sale contracts and
offtake agreements as well as from newly generated sales.
Further the forecast assumes the Company will be successful in
extending the term of the existing Gulf Loan Note. The loan note
holders have indicated their willingness to do so, however final
documentation is still in progress.
There are several scenarios which management have considered
that could impact the financial performance of the Company. These
include:
a) The acquisition of Eco Buildings Group Limited and planned
fundraise could be delayed or the fundraise could be lower than
expected;
b) The business plan for the combined entity, including planned
capital and strategic expansions could be delayed or result in
further losses for the group;
c) Levels of production at the quarries or new factory can be
impacted by unforeseen delays due to inclement weather or equipment
failure; lower than expected quality of material being produced,
and the continuing effects of the pandemic;
d) Fulfilment of the Company's order book could be delayed, or
the payment of amounts due under such contracts could be
delayed.
e) The continued progression of Covid-19 may have a further
detrimental impact on sales or on operations, and
f) The resumption of block sales to the international block market may be slower than expected.
If the cash receipts from sales are lower than anticipated the
Company has identified that it has available to it several other
contingent actions, that it can take to mitigate the impact of
potential downside scenarios. These include seeking additional
financing, leveraging existing sale agreements, reviewing planned
capital expenditure, reducing overheads and further renegotiation
of the terms on its existing debt obligations.
In conclusion having regard to the existing and future working
capital position and projected sales, the Directors are of the
opinion that the application of the going concern basis is
appropriate.
4) Net finance costs
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2020
EUR'000s EUR'000s EUR'000
--------------------------------------- ----------- ----------- -------------
Finance Costs
Interest expense on borrowings (75) (88) (168)
Net foreign exchange loss on
loan note instrument - (118) (204)
Interest payable on lease liabilities (8) - (14)
----------- ----------- -------------
(83) (206) (386)
=========== =========== =============
5) Net finance Income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2020
EUR'000s EUR'000s EUR'000
-------------------------------------- ----------- ----------- -------------
Finance Income
Movement in fair value of derivative 2 29 141
Net foreign exchange gain on 67 - -
loan note instrument
69 29 141
=========== =========== =============
6) Loss per share
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2020
EUR'000s EUR'000s EUR'000
---------------------------------- ------------ ------------ -------------
Loss for the period used
for the calculation of basic
LPS 825 683 1,895
Number of shares
Weighted average number of
ordinary shares for the purpose
of basic LPS 417,333,753 372,416,568 377,727,054
Effect of potentially dilutive
ordinary shares
Weighted average number of
ordinary shares for the purpose
of diluted LPS 417,333,753 372,416,568 377,727,054
Loss per share:
Basic (0.002) (0.002) (0.005)
Diluted (0.002) (0.002) (0.005)
7) Property, plant and equipment
Land Factory Rights Quarry Office equipment Total
Plant of use Plant and leasehold
and machinery assets and machinery improvements
EUR'000s
EUR'000s EUR'000s EUR'000s EUR'000s
EUR.000
-------------------- ---------- --------------- --------- --------------- ----------------- ----------
Cost
As at 31 December
2020 160 3,400 333 3,911 31 7,835
Additions - 35 - 1 36
Disposals 170 (170) - -
As at 30 June
2021 160 3,605 333 3,741 32 7,871
Additions - - - - 2 2
Disposal - - (90) (87) - (177)
As at 31 December
2021 160 3,605 243 3,654 34 7,696
Additions - - - -
Reclass - - - - - -
---------- --------------- --------- --------------- ----------------- ----------
As at 30 June
2022 160 3,605 243 3,654 34 7,696
---------- --------------- --------- --------------- ----------------- ----------
Depreciation
As at 31 December
2020 - 241 68 2,676 31 3,016
Charge for the
period - 98 51 - 148
Reclass - 141 - (141) -
As at 30 June
2021 - 480 68 2,586 31 3,196
Charge for the
period - 75 47 47 1 268
Disposals - (15) (53) - (141)
As at 31 December
2021 - 555 100 2,580 32 3,267
Charge for the
period - 87 24 - - 112
Reclass - - - - - -
---------- --------------- --------- --------------- ----------------- ----------
As at 30 June
2022 - 642 124 2,580 32 3,378
---------- --------------- --------- --------------- ----------------- ----------
Net book value
---------- --------------- --------- --------------- ----------------- ----------
As at 30 June
2022 160 2,963 119 1,074 1 4,317
========== =============== ========= =============== ================= ==========
As at 31 December
2021 160 3,050 143 1,075 2 4,429
As at 30 June 2021 160 3,124 265 1,154 1 4,704
8) Borrowings
30 June 31 December 30 June
2022 2021 2021
EUR'000s EUR'000s EUR'000s
---------------------------- ---------- --------------- ----------
Current liabilities
Convertible loan note 2,012 1,997 1,790
Derivative over own equity
at fair value 1 1 -
---------- --------------- ----------
2,013 1,998 1,790
========== =============== ==========
Non-Current liabilities
Convertible loan note 2,625 2,687 2,771
Derivative over own equity
at fair value 16 17 159
2,641 2,705 2930
========== =============== ==========
9) Share capital
30 June 31 December Share Share Share premium Share
2022 2021 capital capital 30 June premium
Number Number 30 June 31 December 2022 31 December
2022 2021 2021
EUR'000 EUR'000 EUR'000
EUR'000
--------------- ------------- ------------ --------- ------------- -------------- -------------
Issued, called up and fully paid
Ordinary shares of GBP0.01 each
At start of
the period 417,333,753 308,372,174 4,958 3,721 32,575 32,057
Issued in the
year - 108,961,579 - 1,237 - 518
At end of the
period 417,333,753 417,333,753 4,958 4,958 32,575 32,575
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
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IR QKLFLLKLBBBV
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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