Business
Interim Results
Interim Results.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n\n \n11 August 2023\n \n \nCindrigo Holdings Limited\n \n(\"Cindrigo\" or the \"Company\")\n \nInterim Results\n \n \nCindrigo (LSE: CINH) announces its interim results for the period ended 30 June 2023. The full interim report can be round on the Company's website, www.cindrigo.com\n \nInterim Management Report\n \nDue to the situation in Ukraine, the Group has concentrated its efforts in the geothermal sector. The Group is currently preparing to apply for the readmission of the enlarged capital of the Group to trading on the London Stock Exchange.\n \nNew Funding\n \nThe Group agreed with its principal shareholder, Danir AB (\"Danir\"), for a new loan financing facility of £1,000,000 which was paid in April 2023. The loan facility has been provided for the purposes working capital management.\n \nBoard of director changes\n \nThere have been no changes in the Board of Directors during the 6 months period January - June 2023.\n \nFinancial and Corporate Overview\n \nThe half year results report a loss of £964k (2022 six-month loss was £1,106k), which includes legal, regulatory and public Group costs for the Group of £132k and professional fees of £64k.\n \nThe financial position at 30 June 2023 includes borrowing of £3,251k related to three convertible notes, loans are mix of equity and convertible loan notes and recognised as equity and liabilities. Trade and other payables of £466k include regular trade payables of £121k, other creditors of £344k.\n \nThe principal corporate activity in the period was continuing the process of readmission of the Group's shares to the London Stock Exchange and development of the current project in Croatia as well as seeking new opportunities to make development and/or acquisitions in the Geothermal and renewable energy sectors in Europe.\n \nThe Group has acquired 90% in Croatian Group, Dravacel, who holds a geothermal License area of 57km2 in Slatina region Croatia.\n \nOutlook\n \nThe Company has signed Framework agreement with Petroline a company based in the Abu Dhabi UAE regarding project funding (contingent on Due Diligence) and Kaishan, a Singapore based company for full turn key EPC contract, to be finalized in specific contract for Croatia 1 (Slatina 3).\n \nCur...