Mediterranean Moorings plc
LSE : MEDP

June 30, 2008 08:06 ET

Interim Results for the period ended 31 March 2008

                                                   
                                      MEDITERRANEAN MOORINGS PLC
                              ("Mediterranean Moorings" or the "Company")

                          INTERIM RESULTS FOR THE PERIOD ENDED 31 MARCH 2008
                                                   
Business Highlights in the period

    -       Completed the acquisition of four moorings and marina property in November 2007, as agreed off-
        plan in March 2007, for a total consideration of EURO 4,166,400 (including interest and taxes).

    -       Assignment of one mooring in October 2007, satisfying one quarter of the initial investment
        together with related debt finance.



CHAIRMAN'S STATEMENT

I am pleased to be able to make this report to you as Chairman of the Company.

Review of activities
The  Company  was  admitted  to  PLUS  Markets  on 27 February  2007  for  the  purpose  of  acquiring
Mediterranean  yacht moorings and/or other property within marina developments off  plan  and  selling
them  on at a profit.  In November 2007, the Company completed the acquisition of four moorings,  four
garages  and  eight parking spaces at Marina Genova Aeroporto for a total consideration of €4,166,400.
The  moorings  were  secured  off  plan as the marina was under construction  and  were  funded  by  a
combination of loan notes and bank finance.  On 27 September 2007, the Company agreed to assign one of
the  moorings for a consideration of €1,050,161 inclusive of bank finance, effectively satisfying  one
quarter  of  the initial investment and related debt finance in the four moorings, which completed  in
October 2007.

The  moorings are held in the Company's 100% owned subsidiary, Genoa Moorings Limited, a company based
in  Gibraltar.  At the reporting date, Genoa Moorings Limited had no assets or liabilities other  than
the moorings, the related finance and group balances.

Although the Directors are disappointed that the moorings have not already been sold to third parties,
there  is  a  constant level of potential buyers and the board are pleased to note that Marina  Genova
Aeroporto  has  been fully operational during the period under review and that work is  continuing  on
developing the marina.  A small amount of rental income had been received from the moorings  over  the
winter period and this is expected to increase significantly over the busy summer months.

Financial Overview
As at 31 March 2008, shareholders' liabilities were £24,096 and cash balances were £26,367 at the same
date.   The  Directors estimate that the market value of the moorings is significantly  in  excess  of
their  carrying value in the financial statements however  the moorings are valued at cost due to  the
delays in securing firm sales and in accordance with reporting standards.

Revenues  comprise the proceeds from the assignment of one of the moorings and rental income received.
Administrative expenses comprise the overhead expenses of a PLUS Markets-traded company  and  interest
payable  on  debt  finance relating to the moorings less the interest earned from  investment  of  the
Company's  resources.  The loss before tax and loss per share for the period amounted to £173,302  and
0.44p respectively.  The Directors do not propose to declare a dividend.

On  13  March 2008, the Company agreed a facility of £120,000 with Griffin Two Limited by  way  of  an
unsecured  convertible loan note.  The loan note is due for repayment after two  years  and  has  been
drawn in full by the date of this announcement.

Outlook
The  Directors are continuing their efforts to secure sales of the moorings and are hopeful  that  all
moorings  will  be  disposed of during the busier summer months for yachting in the Mediterranean  and
before the Company's year end.





Mike Nash
Chairman



CONSOLIDATED INCOME STATEMENT
                                                      Six months to    Six months to       Year ended
                                                           31.03.08         31.03.07         30.09.07
                                                        (Unaudited)      (Unaudited)        (Audited)
                                                                  £                £                £
                                                                                                     
REVENUE                                                    833,626                 -                -
                                                                                                     
Cost of sales                                             (825,937)                -                -
                                                         _________         _________        _________
                                                                                                     
                                                             7,689                 -                -
                                                                                                     
Administrative expenses                                    (95,816)         (23,689)         (139,715)
                                                         _________         _________        _________
                                                                                                     
LOSS FROM OPERATIONS                                       (88,127)         (23,689)         (139,715)
                                                                                                     
Finance revenue                                                221             3,462            3,605
Finance expenses                                           (85,396)                -          (22,500)
                                                         _________         _________        _________
                                                                                                     
LOSS BEFORE TAX                                           (173,302)         (20,227)         (158,610)
                                                                                                     
Taxation                                                         -                 -                -
                                                         _________         _________        _________
                                                                                       
LOSS FOR THE PERIOD                                       (173,302)         (20,227)         (158,610)
                                                         _________         _________        _________
                                                                                                     
Basic and diluted loss per share (note 1)                  (0.44)p           (0.09)p          (0.52)p


CONSOLIDATED BALANCE SHEET
                                                        At 31.03.08      At 31.03.07      At 30.09.07
                                                        (Unaudited)      (Unaudited)        (Audited)
                                                                            Restated                 
                                                                  £                £                £
                                                                                                     
CURRENT ASSETS                                                                                       
Inventories                                              2,499,772                 -                -
Trade and other receivables                                167,989           570,936        1,916,341
Cash and cash equivalents                                   26,367           169,767            4,556
                                                          ________          ________         ________
                                                         2,694,128           740,703        1,920,897
                                                                                                     
CURRENT LIABILITIES                                                                    
Trade and other payables                                  (176,246)           (3,114)      (1,299,190)
Financial liabilities - borrowings                        (687,156)                -                -
                                                          ________          ________         ________
NET CURRENT LIABILITIES                                  1,830,726           737,589          621,707
                                                                                              
NON-CURRENT LIABILITIES                                                                              
Financial liabilities - borrowings                      (1,854,822)         (450,000)        (472,500)
                                                          ________          ________         ________
NET ASSETS                                                 (24,096)          287,589          149,207
                                                          ________          ________         ________
                                                                                                     
EQUITY                                                                                               
Issued share capital                                       195,833           195,833          195,833
Share premium account                                      100,983           100,983          100,984
Shares to be issued reserve                                 11,000            11,000           11,000
Profit & loss account                                     (331,912)          (20,227)        (158,610)
                                                          ________          ________         ________
SHAREHOLDERS' FUNDS                                       (24,096)           287,589          149,207
                                                          ________          ________         ________
                                                                                                     


CONSOLIDATED CASH FLOW STATEMENT
                                                      Six months to    Six months to          Year to
                                                           31.03.08         31.03.07         30.09.07
                                                        (Unaudited)      (Unaudited)        (Audited)
                                                                            Restated                 
                                                                  £                £                £
                                                                                       
Cash flow from operating activities                                                    
Loss before taxation                                       (173,302)         (20,227)          (158,610)
                                                                                       
Adjusted for:                                                                          
Finance income                                                 (221)          (3,462)            (3,605)
Finance expense                                              85,396                -             22,500
Increase in inventories                                  (2,499,772)               -                  -
Decrease/(increase) in trade and other receivables        1,768,130          (517,398)         (613,803)
                                                                                                                                                                                     
(Decrease)/increase in trade and other payables          (1,122,944)            3,114            25,190
Finance associated with inventory                         1,975,452                -                 -
                                                           ________          ________          ________
                                           
Net cash outflow from operating activities                   32,739           (537,973)        (728,328)
                                                                                       
Cash flows from investing activities                                                   
Interest received                                               221              3,462            3,605
Interest paid                                               (85,396)                 -                -
                                                           ________           ________         ________
Net cash from investing activities                          (85,175)             3,462            3,605
                                                            ________          ________         ________
                                                                                       
Cash flows from financing activities                                                   
Issue of shares                                                   -            550,000          575,000
Expenses of share issues                                          -           (267,184)        (267,183)
Issue of loan notes                                         104,388            421,462          421,462
Finance lease payments                                      (30,141)                 -                -
                                                            ________          ________          ________
Net cash generated by financing activities                                             
                                                             74,247            704,278          729,279
                                                            ________          ________          ________
                                                                                       
                                              
Net increase in cash and cash equivalents                     21,811            169,767           4,556
                                                                                       
                                              
Cash & cash equivalents brought forward                        4,556                  -               -
                                                             ________         ________          ________
                                                         
Cash & cash equivalents carried forward                       26,367           169,767            4,556
                                                             ________         ________          ________
                                                                                                     


MEDITERRANEAN MOORINGS PLC

Notes to the Interim Statement

1.      The  calculation of loss per share is based on the loss on ordinary activities after  taxation
        and the weighted average number of shares of 39,166,667 (31 March 2007 - 22,237,609; 30 September 2007
        - 30,521,079) in issue during the period.  Due to the loss incurred in the period under review, the
        dilutive securities have no effect as at 31 March 2008.

2.      The  interim  results  to  31  March 2007 have been restated so that  they  are  presented  in
        accordance with the accounting policies as disclosed in the Company's statutory accounts to 30
        September 2007.

3.      While  the  financial information included in this interim announcement has been  computed  in
        accordance with International Financial Reporting Standards (IFRS), this announcement does not itself
        contain sufficient information to comply with IFRS.  The full financial statements of the company will
        be prepared in accordance with IFRS, International Accounting Standards and their interpretations
        issued or adopted by the International Accounting Standards Board as adopted for use in the European
        Union.

4.      The  interim  financial information has not been audited or reviewed  by  the  auditors.   The
        interim financial statement does not constitute statutory accounts within the meaning of Section 240
        of the Companies Act 1985 (the "Act").

5.      The Directors have not declared an interim dividend.

6.      The  interim statement was approved by the Board of Directors on 30 June 2008.  Copies of  this
        statement will be available free of charge from the Company's Registered Office at Hilden Park House,
        79 Tonbridge Road, Hildenborough, Kent  TN11 9BH.




MEDITERRANEAN MOORINGS PLC
Registered No. 05942947


Contacts:

Company                                     
Vince Nicholls                                    01732 836 180
                                                               
PLUS Corporate Adviser                                         
Gary Miller                                                    
Fisher Corporate plc                              020 7388 7000
                                                               
Investor Relations                                             
Melissa Gilmour                                   01732 836 180


Contact Information

  • Mediterranean Moorings plc