TIDMFOX
RNS Number : 0278S
Fox Marble Holdings PLC
28 September 2017
AIM: FOX 28 September 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Interim Results for the six months ended 30 June 2017
Fox Marble Holdings plc (AIM: FOX), a dimension stone company
focused on marble quarrying and finishing in Kosovo and the
Balkans, announces its interim results for the six months ended 30
June 2017.
Operational Highlights
-- Progress made in building Fox Marble into a vertically
integrated production, processing and distribution company of
quality marble.
-- New Kosovo factory now fully operational - able to cut,
polish and resin marble slabs and tiles in-house to improve
economies of scale, quarry yields and profit margins.
-- The Company has cut over 8,500 square metres of material to
date producing high quality slabs cut within a 1mm tolerance.
-- New sales contract entered into with OM Enterprises ("OM") in
September 2017 to purchase a minimum of 5,000 tonnes of material
over the three years. OM has committed to a $500,000 advance
payment in respect of the first 2,500 tonnes of material to be
delivered by March 2018, of which $200,000 had been received at the
date of this report.
-- Recurring block orders to large wholesalers in Turkey and
India, including Mahadev Marble Pvt, RK Marble Pvt, and Simsekler
Dogaltas Madencilik A.S.
-- Continued to secure offtake, distribution and sales agreements across Europe, US and Asia
-- Distribution agreement entered into with Pristine Stone in
the United States to distribute Fox Marble material within this
market.
-- Development of the Maleshevë quarry in Kosovo progressing
well with 4,254 tonnes of material quarried in the period to 31
August 2017 (2016 - 990 tonnes).
Financial Highlights
-- Revenue from the sale of marble products for the six months
to 30 June 2017 increased 26 % to EUR329,607 (H1 2016:
EUR262,000).
-- Sales in the period from 1 July 2017 to 27 September 2017 of EUR304,345.
-- Order book currently at EUR5.6m of which the company now
expects EUR2.0m to be recognised within 2017 financial year (FY
2016: EUR801,040).
-- Cash balance as at 30 June 2017 of EUR929,429 (2016:
EUR2,686,341). Cash balance as at 24 September 2017 of
EUR296,613.
-- Facilities from Brandon Hill Limited available for draw down
at 24 September 2017 of EUR1,008,000.
Chris Gilbert, CEO, commented: "We have been encouraged by the
progress of marble sales in Q3 2017, which is showing a strong
forward momentum with new and returning customers, despite the
slower start to the first half of the year in terms of delivered
sales.
"Our strategy of establishing our material as premium natural
stone installed in some of the most prestigious developments around
the world is proving successful and the company is finally seeing
volume sales of its material to a broad range of customers across
multiple territories.
"Demand for stone from our Maleshevë quarry in Kosovo is
currently outpacing production, and we are aiming to maximise yield
ahead of the forecast annual winter shutdown of the quarries from
mid December to February.
"In addition, we are pleased to announce that our new processing
factory in Kosovo is now operational. The factory has the capacity
to produce up to 440,000 square metres per annum of cut and
polished slabs. The factory has been stockpiled with a large number
of blocks, which can be cut and processed during our planned quarry
winter shutdown to fulfil orders for processed marble.
"As we move into our final quarter of 2017, we look forward to
updating the market on a number of sales agreements which are
currently under discussion with customers globally, which if
secured will favourably impact our bottom line for FY 2017 and FY
2018."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Tel: +44 (0)
Officer 20 7380 0999
Fiona Hadfield, Finance Director Tel: +44 (0)
20 7380 0999
Cairn Financial Advisers LLP
(Nomad)
Liam Murray Tel: +44 (0)
20 7213 0880
Brandon Hill Capital (Joint
Broker)
Oliver Stansfield Tel: +44 (0)
20 3463 5000
Beaufort Securities Limited
(Joint Broker)
Elliott Hance Tel: +44 (0)
207 382 8300
Yellow Jersey
Felicity Winkles Tel: +44 (0)
Georgia Colkin 7748 843 871
Katie Bairsto Tel: +44 (0)
7825 916 715
Tel: +44 (0)
7946 424 651
Notes to Editors:
Fox Marble (AIM:FOX), is a marble production, processing and
distribution company in Kosovo and the Balkans region.
Its marble products, which includes Illyric White, Illirico
Selene, Grigio Argento and are gaining traction globally both to
international wholesale companies as well as being supplied
directly into luxury residential properties. In the UK these
include among others St George's Homes and Capital and Counties
Plc.'s Lillie Square development. In Sydney, Australia Rosso Cait,
Alexandrian White and Breccia Paradisea marble have been used in
what is expected to be Australia's most expensive property. These
sales serve to demonstrate the desirability of Fox's premium marble
products as the stone of choice in some of the most prestigious and
expensive residential developments around the world.
Fox Marble holds 40 year mining licences for six separate marble
quarries with a maiden JORC resource indicating an in-situ
valuation of approximately Euro 16.5 billion. Fox has taken three
of the six sites into production (the Drini and Maleshevë quarries,
both in Kosovo and from the Prilep Quarry in Macedonia) and
continues to increase production. Notably, Fox has access to over
300 million cubic metres (over 1bn tons) of premium quality
marble.
Marble demand continues to grow with stable pricing,
predominantly driven by the construction and real-estate
industries, on which Fox is looking to capitalise.
Operational Update
Sales and marketing update
-- Following the US $1.8m sale and purchase agreement with
Mahadev Marmo PVT ltd ("Mahadev") signed in February 2017, the
Company has made further progress in India. We are making regular
block sales to major marble wholesalers, including Mahadev and RK
Marble Pvt Ltd, one of the largest marble companies in the world.
Materials sold include Illirico Selene, Alexandria White, Breccia
Paradisea and Argento Grigio.
-- In September 2017 Fox Marble signed a sales agreement with OM
Enterprises, a leading tile manufacturer based in Kolkata, India,
to purchase a minimum of 5,000 tonnes of material over three years.
As part of the agreement, OM has committed to a US$500,000 advance
payment in respect of the first 2,500 tonnes of material to be
shipped over the next six months, of which $200,000 has been
received to date.
-- In 2017 we entered into a EUR400,000 sales contract with
Simsekler Dogaltas Madencilik A.S, a premier natural stone group in
Turkey to supply IIIirico Selene and Sivec marble. We have shipped
over 700 tonnes of material to them to date under this contract.
Simsekler owns 9 marble quarries in Turkey as well as 3 factories
and 2 showrooms, and warehouses located in Ankara and Istanbul.
-- In August 2017, Fox Marble signed a Memorandum of
Understanding with Pristine Stone NYC LLC, a natural stone importer
and distributor in the USA, to establish a new distribution outlet
for Fox Marble products in the United States. Under the three-year
agreement, Pristine Stone will act as a marketing, sales and
distribution agent for the marble material produced by the Company.
The marble supplied to Pristine Stone will be cut and polished into
slabs and tiles at our own processing factory in Lipjan, Kosovo,
before being shipped to the United States. Pristine Stone's
management team has over twenty years' experience in the stone
industry including sales, fabrication, and installation.
-- We have been notified that one of the Pisani group companies,
Pisani Holdings Ltd, a distributor for Fox Marble, has appointed
Deloitte as administrator. Pisani had acted as an agent for Fox
Marble`s material. The group had net unprovided receivables due
from Pisani PLC of EUR68k as at 31 December 2016, which have been
provided for in the current period. We are confident that Fox
Marble will continue to supply marble into the property
developments at Chelsea Creek and Lillie square, through new
arrangements, which we hope to announce in due course.
-- We are holding the balance of a deposit from Eboracum Ltd and
Banyan Stone pending further sales, which we expect in due
course.
We are continuing to make sales of processed marble slabs to
fabricators and developers, including luxury developments in
London. To make it more convenient for our customers we have
designed and built a bespoke online block viewing catalogue through
which buyers can view and select marble blocks, providing an
alternative to in person block selection at the quarry sites.
Revenue from the sale of marble for the six months to 30 June
2017 was EUR329,607 (2016: EUR262,000). Sales in the period from 1
July 2017 to 27 September 2017 were EUR304,345.
Fox Marble's order book currently stands at EUR5.6m of which the
Company now expects EUR2.0m to be recognised within 2017 financial
year (Revenues FY 2016: EUR801,040). We have reduced the estimate
of the amount of our order book we expect to realise in 2017 from
EUR3.4 following the entry of one our distributors into
administration, delays in the completion of the factory, and lower
than expected production at the Maleshevë. We expect that the
majority of outstanding orders that are not completed in 2017 will
be completed in 2018.
Factory
The Company is pleased to confirm that the factory, sited in
Lipjan Kosovo, is now fully operational. The gangsaws, resin line,
and polishing line are fully installed, commissioned and
operational, and are processing the Company's block marble. The
factory is the only one in the Balkans region that includes a resin
line - essential to producing slabs and tiles to internationally
accepted standards of finish.
The slabs produced have been assessed by experts in the field
and are cut to within a 1mm tolerance on thickness, quality
comparable to that produced by industry leading processors in
Carrara, Italy.
The factory has already cut 8,500 square metres of block marble
from its quarries in Kosovo and Macedonia, and is polishing this to
fulfill current orders, including supplying Marble Dino SH.pk in
Kosovo with processed slabs under the terms of the offtake
agreement signed in 2015.
This long-awaited confirmation is a key milestone for the
Company and follows its strategy to be a fully integrated volume
supplier of dimension stone as processed slab material.
Production at our own factory in Kosovo provides several key
benefits to the Company:
-- Reduction in the cost of processing, increasing the margins
on the sale of processed slabs and tiles. Previously, the Company
has relied on processing facilities provided by third parties in
Italy and Albania. This involved additional costs for both
processing, transport and storage.
-- Access to the local Balkans market where we are the only
domestic supplier of slabs and tiles.
-- Entry into the international tile market helped by the lower
cost base that the factory will provide.
-- Improvement in quarry yields as we can process more marginal
blocks that would not be attractive to our international customers
due to shipping and tariff costs.
-- Greater flexibility in responding to our customers' needs as
we will no longer have to rely on third party processing.
We have engaged additional specialist sales resource to handle
the anticipated increase in the sale of processed marble from Fox
Marble. The Company will announce further orders as they are
shipped from the factory to customers both domestically and
internationally.
Production update
We have continued to focus production efforts in Kosovo on the
Maleshevë quarry, as demand for our Illirico Selene is currently
outpacing our level of production.
We have made good progress on site, and we are currently
extracting marble from the fifth bench within the quarry. The
Company has quarried 4,254 tonnes of material in the Maleshevë
quarry in the period to 31 August 2017 compared to 990 tonnes in
the same period in 2016. Marble block quality has improved as
further deeper benches have opened.
Due to space constraints on the existing quarry face, we intend
to open a second quarry face from the other side of stone mass,
which will allow us to increase the rate of block production.
Alexandrian White
Following a copyright dispute over the rights to use the name
"Sivec" for the Company's white dolomitic marble quarried in
Macedonia Fox Marble has relaunched its white marble under the
trade name Alexandrian White.
Fox Marble's Alexandrian White dolomitic marble comes from its
Prilep Alpha quarry in Macedonia. This is one of a small cluster of
quarries, in the Stara river valley at the north-western end of the
crescent, overlooked by the Sivec pass which sits upon the
Pelagonian marble mass.
Stone from the Pelagonian marble crescent is now extracted by
several independent operators, each using its own brand name.
Polaris, Sivec, Veprcani White, Sivec Snow White and our own
Alexandrian White are current examples. But what is striking,
regardless of the brand names, is how similar the Pelagonian
dolomitic marbles are wherever they are worked.
All Pelagonian dolomitic marble is distinguished by its
whiteness and homogeneous crystalline and micro-granular structure.
Other common characteristics are the high proportion of magnesium
oxide (the defining characteristic of dolomitic marble), limited
presence of other minerals, an average pressure resistance of
160MPa and porosity below 1%. Once processed, it is highly
reflective and is an ideal 'cool' marble for use in hot climates.
However, it works equally well in cold climates where its compact
and uniform internal structure makes it resistant to ice and
extreme cold.
Financing
The Company has issued a further convertible loan note with a
value of GBP440,000 ("Series 3 Loan Note"). This new Series 3 Loan
Note has an interest rate of 8%, in line with the Series 1 Loan
Note issued to Amati Global Investors Limited. The Loan Note is due
for conversion or repayment on 31 August 2019 with a conversion
price set at 10p. As at 27 September 2017 the Company had
convertible loan notes in issue amounting to EUR1,638,500.
Additionally, Fox Marble has put a draw down facility in place
of up to GBP1m to be called for at its discretion. This credit
facility attracts an interest rate of 9% per annum of sums drawn
down.
The cash balance as at 30 June 2017 was EUR929,429 (2016:
EUR2,686,341). Cash balance as at 24 September 2017 of EUR296,613.
Facilities available for draw down at 24 September 2017 were
EUR1,008,000.
Outlook
The Board is positive about the outlook for the Company for the
remainder of this year and into 2018. The requirement to convert
our order book into sales and cash is of critical importance.
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated income statement and statement
of comprehensive income
Six months Six months For
ended ended the
Note 30 June 30 June year
2017 2016 ended
Unaudited Unaudited 2016
Audited
EUR'000s EUR'000s
EUR'000s
---------------------------- ------- ----------- ----------- ----------
Revenue 329 262 801
Cost of Sales (191) (176) (503)
----------- ----------- ----------
Gross Profit 138 86 298
=========== =========== ==========
Administrative and other
operational losses (1,447) (1,580) (3,343)
Operating loss (1,309) (1,494) (3,045)
=========== =========== ==========
Fair value adjustment - 187 246
Net finance income/(costs) 4 (118) 117 42
----------- ----------- ----------
Loss before taxation (1,427) (1,190) (2,756)
=========== =========== ==========
Taxation - - -
Loss for the period (1,427) (1,190) (2,756)
=========== =========== ==========
Other comprehensive - - -
income
Total comprehensive
loss for the period
attributable to owners
of the parent company (1,427) (1,190) (2,756)
=========== =========== ==========
Loss per share
Basic loss per share 5 (0.01) (0.01) (0.02)
Diluted loss per share 5 (0.01) (0.01) (0.02)
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated statement of financial
position
Notes As at As at As at
30 June 31 December 30 June
2017 2016 2016
Unaudited Audited Unaudited
EUR'000s EUR'000s EUR'000s
------------------------------- ------ ----------- ------------- -----------
Assets
Non-current assets
Intangible assets -
capitalised mining
costs 1,339 1,194 1,230
Property, plant and
equipment 6 4,814 4,663 4,117
Receivables - - 570
----------- ------------- -----------
Total non-current assets 6,153 5,856 5,917
=========== ============= ===========
Current assets
Trade and other receivables 7 759 1,568 1,360
Inventories 3,337 3,232 3,343
Cash and cash equivalents 930 938 2,687
----------- ------------- -----------
Total current assets 5,026 5,737 7,390
----------- ------------- -----------
Total assets 11,179 11,594 13,307
=========== ============= ===========
Current liabilities
Trade and other payables 823 890 1,101
Borrowings 8 1,233 1,290
----------- ------------- -----------
Total current liabilities 2,056 2,180 1,101
=========== ============= ===========
Non-current liabilities
Borrowings 8 1,137 - 1,328
Total non-current liabilities 1,137 - 1,328
----------- ------------- -----------
Total liabilities 3,193 2,180 2,429
=========== ============= ===========
Net assets 7,986 9,413 10,878
Equity
Share capital 9 2,281 2,281 2,271
Share premium 26,399 26,399 26,307
Retained loss (20,813) (19,386) (17,819)
Share based payment
reserve 83 83 83
Other reserves 36 36 36
----------- ------------- -----------
Total equity attributable
to owners of the parent
company 7,986 9,413 10,878
=========== ============= ===========
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of cash flows
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
Notes Unaudited Unaudited Audited
EUR'000s EUR'000s EUR'000s
-------------------------------- -------- ----------- ----------- -------------
Cash flows from operating
activities
Loss before taxation (1,427) (1,190) (2,756)
Adjustment for:
Net finance (income)/costs 4 118 (117) (42)
Fair value adjustment - (187) (246)
Operating loss for
the period (1,309) (1,495) (3,045)
=========== =========== =============
Adjustment for:
Amortisation (146) 33 65
Depreciation 6 174 46 242
Foreign exchange losses
/ (gains) on operating
Activities (21) 138 352
Decrease/(increase)
in receivables 7 809 (316) 53
Barter transaction - - (251)
Increase in inventories (105) (351) (240)
Increase in accruals 52 57 56
Increase in trade and
other payables (119) 369 160
-----------
Net cash used in operating
activities (665) (1,519) (2,609)
=========== =========== =============
Cash flow from investing
activities
Expenditure on property,
plant and equipment 6 (326) (566) (1,056)
Deposits paid on property,
plant & equipment - (113) (119)
Interests on bank
deposits 1 1 3
-----------
Net cash outflow from
investing activities (325) (678) (1,173)
=========== =========== =============
Cash flows from financing
activities
Proceeds from issue
of shares (net of costs) - 2,434 2,525
Proceeds on issue of debt 1,068 - -
Interest paid (107) (207) (274)
Net cash inflow from
financing activities 961 2,227 2,251
=========== =========== =============
Net increase/(decrease)
in cash and cash equivalents (29) 30 (1,531)
Cash and cash equivalents
at beginning of
Period 938 2,820 2,820
Exchange gains/(losses)
on cash and cash equivalents 21 (163) (352)
Cash and cash equivalents
at end of period 930 2,687 938
=========== =========== =============
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of changes in equity
Share Share Share Other Profit Total
capital premium based reserve and
payment loss
reserve reserve
EUR'000s EUR'000s EUR'000s EUR'000s (1) EUR'000s
EUR'000s
--------------------- ---------- ---------- ---------- ---------- ---------- ----------
As at 31 December
2015 2,009 24,146 83 36 (16,629) 9,645
Total comprehensive
loss for the
period - - - - (1,190) (1,190)
Share capital
issued 262 2,161 - - - 2,423
As at 30 June
2016 2,271 26,307 83 36 (17,819) 10,878
--------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the
period - - - - (1,567) (1,567)
Share capital
issued 10 92 - - - 102
As at 31 December
2016 2,281 26,399 83 36 (19,386) 9,413
--------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the
period - - - - (1,427) (1,427)
Share capital - - - - - -
issued
As at 30 June
2017 2,281 26,399 83 36 (20,813) 7,986
===================== ========== ========== ========== ========== ========== ==========
(1) Brought forward losses at 31 December 2015 includes a charge
incurred following the admission of the Company to AIM on the 31
August 2012 when loan notes with a carrying value of EUR1,508,807
(GBP1,195,000) were converted into 29,875,000 shares at an issue
price of 20 pence per share, with a total value of EUR7,544,035
(GBP5,975,000) resulting in a non-cash accounting charge of
EUR6,035,228, reflecting the fair value loss being recognised, in
the statement of comprehensive income in the period ended 31
December 2012.
Notes to the condensed consolidated financial statements for the
period ended 30 June 2017
1) General information
The principal activity of Fox Marble Holdings plc and its
subsidiary companies Fox Marble Limited, Fox Marble Kosova Sh.p.k,
H&P Sh.p.k, Granit Shala Sh.p.k, Rex Marble Sh.p.k, Fox Marble
Asia Limited and Stone Alliance LLC (collectively "Fox Marble" or
"Group") is the exploitation of quarry reserves in the Republic of
Kosovo and South East Europe.
Fox Marble Holdings plc is the Group's ultimate Parent Company
("the Parent Company"). It is incorporated in England and Wales and
its registered office is 15 Kings Terrace, London, NW1 0JP.
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 expected to be applicable to the financial
statements for the year ending 31 December 2017.
The accounting policies applied in these results are consistent
with those applied in the Group's Annual Report and Accounts for
the year ending 31 December 2016 and those expected to be
applicable to the financial statements for the year ending 31
December 2017.
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 2016 were approved by the Board on 6 June 2017 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 2016 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 2016, which have been prepared in accordance with IFRS
as adopted by the European Union. The Annual Report and Accounts
2016 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
management has considered:
a) the current working capital position and operational requirements;
b) the timing of expected sales receipts and completion of existing orders;
c) the sensitivities of forecast sales figures over the next two years;
d) the timing and magnitude of planned capital expenditure;
e) the level of indebtedness and timing of when such liabilities may fall due; and
f) the working capital position over the next 18 months.
The forecasts make a number of operating assumptions around
which there are risks and uncertainties. These include an expected
levels of production at the Prilep and Maleshevë quarries,
satisfactory operation of the newly commissioned processing
factory, and the ability to drawdown on existing debt facilities.
The Company is anticipating significant growth in revenue through
the conversion of the existing sale and purchase contracts and
signed offtake agreements into delivered sales. Further the Company
is planning to re-finance the fixed rate convertible unsecured
Series 1 Loan Note issued on 31 August 2012 to Amati Global
Investors of GBP1,060,000 if it is not converted by the 31 August
2018.
There are a number of key risks and uncertainties that could
impact the ability of the Company to operate as a going concern.
These include:
a) Levels of production at Maleshevë and Prilep can be impacted
by unforeseen delays due to inclement weather, geological features
impeding bench progression or equipment failure;
b) Levels of production at the newly commissioned processing
factory which is only recently in operation;
c) Realisation of the Company's order book could be impacted by
issues with production or delays in fulfilment;
d) Failure to secure appropriate refinancing of the fixed rate
convertible unsecured Series 1 Loan Note issued on 31 August 2012
to Amati Global Investors of GBP1,060,000 if it is not converted by
the 31 August 2018;
In the event that the risks identified are realised the Company
has available to it a number of other contingent actions are
available to the Company, which it can take to mitigate the impact
of potential downside scenarios. These include seeking additional
financing, leveraging existing sale agreements, reducing overheads,
and further renegotiation of the terms of 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 Group has adequate resources to enable it to
undertake its planned activities for the next twelve months.
4) Net finance income/(costs)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
EUR'000s EUR'000s EUR'000
------------------------- ----------- ----------- -------------
Interest expense on
convertible loan notes (51) (98) (148)
Movement in fair value
of derivative (51) 28 (45)
Foreign exchange gain 37 186 245
Interest income of bank
deposits 1 1 3
Other interest expense (54) - (13)
----------- ----------- -------------
(118) 117 42
=========== =========== =============
5) Loss per share
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
EUR'000s EUR'000s EUR'000
--------------------------- ------------ ------------ -------------
Loss for the year used
for the calculation
of basic LPS 1,427 1,190 2,756
Number of shares
Weighted average number
of ordinary shares for
the purpose of basic
LPS 181,067,024 162,739,835 171,797,179
Effect of potentially
dilutive ordinary shares - - -
Weighted average number
of ordinary shares for
the purpose of diluted
LPS 181,067,024 162,739,835 171,797,179
Loss per share:
Basic (0.01) (0.01) (0.02)
Diluted (0.01) (0.01) (0.02)
6) Property, plant and equipment
Land Construction Plant Office Total
in progress and equipment
machinery and leasehold
improvements
EUR'000s EUR'000 EUR'000s EUR'000s
EUR'000s
------------------- ---------- ------------- ----------- --------------- ----------
Cost
As at 31 December
2015 160 1,772 2,456 28 4,416
Additions - 359 206 1 566
As at 30 June
2016 160 2,131 2,662 29 4,982
Additions - 656 85 1 742
As at 31 December
2016 160 2,787 2,747 30 5,723
Additions - 218 107 - 325
As at 30 June
2017 160 3,005 2,853 30 6,048
Depreciation
As at 31 December
2015 - - 801 18 819
Charge for the
period - - 43 3 46
As at 30 June
2016 - - 844 21 865
Charge for the
period - - 194 2 196
As at 31 December
2016 - - 1,038 23 1,061
Charge for the
period - - 172 2 174
As at 30 June
2017 - - 1,209 25 1,234
Net book value
---------- ------------- ----------- --------------- ----------
As at 30 June
2017 160 3,005 1,644 5 4,814
========== ============= =========== =============== ==========
As at 31 December
2016 160 2,787 1,709 7 4,663
As at 30 June
2015 160 2,131 1,818 8 4,117
7) Trade and other receivables
30 June 31 December 30 June
2017 2016 2016
EUR'000s EUR'000s EUR'000s
--------------------- ---------- ------------ ----------
Non-current assets
VAT recoverable - - 570
Other receivables - - 60
---------- ------------ ----------
- - 630
---------- ------------ ----------
Current assets
Trade receivables 70 147 132
Deposits on capital
equipment 269 284 403
Other receivables 197 363 38
Prepayments 133 118 132
VAT recoverable 90 657 25
---------- ------------ ----------
759 1,568 730
========== ============ ==========
8) Borrowings
30 June 31 December 30 June
2017 2016 2016
EUR'000s EUR'000s EUR'000s
------------------------- ---------- ------------ ----------
Current liabilities
Convertible loan note 1,196 1,219 -
Derivative over own
equity at fair value 37 71 -
---------- ------------ ----------
1,233 1,290 -
========== ============ ==========
Non-Current liabilities
Convertible loan note 483 - 1,328
Other borrowings 568 - -
Derivative over own 86 - -
equity at fair value
1,137 - 1,328
========== ============ ==========
On 31 August 2012, the Company issued a EUR1,295,278
(GBP1,060,000) fixed rate convertible unsecured loan note 2017 to
Amati Global Investors Limited ("Series 1 Loan Note").
Interest accrues on the Series 1 Loan Note at 8% per annum. At
any time prior to repayment of the Series 1 Loan Note, a
Stockholder may issue a conversion notice. On 1 June 2016 the
conversion formula was amended to 1 Ordinary Share for every 10
pence of nominal stock converted. If the Series 1 Loan Note is not
converted at the Stockholders request it must be repaid in full on
the 5(th) anniversary of the instrument date.
On 5 June 2017, the Company was granted an option to extend the
EUR1,295,278 (GBP1,060,000) fixed rate convertible unsecured loan
note 2017 with Amati Global Investors by one year in return for a
reduction in conversion price from 10p to the lower of 9p or a 15%
discount to the volume weighted average price for the 10 business
days trading prior to a conversion notice being served.
As at 30 June 2017, the loan note held at amortised cost had a
balance of EUR1,196,403 (31 December 2016 - EUR1,219,471).
On 10 February 2017, the Company entered into a short term
finance arrangement with Peers Hardy (UK) Limited for GBP500,000
repayable on the 10 August 2017 at an interest rate of 15%. The
term of the facility may be increased at the Company's request to
31 October 2018.
On 2 June 2017 the Company entered into a facility arrangement
with Brandon Hill Capital Limited, which may be drawn down at the
Company's request. As at 30 June 2017 no amounts had been drawn
down.
On 28 June 2017 the Company issued a new convertible loan note
with a value of GBP440,000 ("Series 3 Loan Note") to a non related
party. This new Series 3 Loan Note has an interest rate of 8% per
annum, in line with the Series 1 Loan Note issued to Amati Global
Investors Limited. The Loan Note is due for conversion or repayment
on 31 August 2019 with a conversion price set at 10p.
9) Share capital
30 June 31 December 30 June 31 December
2017 2016 2017 2016
Number EUR'000s
Number EUR'000s
--------------------- ------------ ------------ ---------- ------------
Issued, called
up and fully paid:
Ordinary shares
of 1 pence each 181,067,024 181,067,024 2,281 2,281
10) Events after the reporting period
On 12 July 2017, Fox Marble issued 277,777 new ordinary shares
of 1p each ("Ordinary Shares") in the Company to Beaufort
Securities Limited at a deemed price of 9p per share, being the
closing bid price on 11 July 2017, in lieu of cash payment for
annual broking fees.
On the same date the Company granted warrants to Beaufort
Securities Limited (subject to the mid-price of the ordinary shares
trading above the exercise price for a consecutive period of more
than 3 months), as follows: 100,000 warrants exercisable at 15p per
share, 75,000 warrants exercisable at 20p per share. These warrants
may be exercised for a period of up to 3 years from their date of
issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSDAVIDFID
(END) Dow Jones Newswires
September 28, 2017 02:00 ET (06:00 GMT)
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