MIGHTY CRAFT LIMITED Mighty Craft Ltd and its controlled entities
Appendix 4D
Half-year report
1 | Company Information | ||||||||
Name of entity: | MIGHTY CRAFT LIMITED | ||||||||
ABN: | 13 622 810 897 | ||||||||
Reporting period: | For the half-year ended 31 December 2021 | ||||||||
Previous period: | For the half-year ended 31 December 2020 | ||||||||
2 Results for announcement to the market | |||||||||
onlyRevenues from ordinary activities | $ | ||||||||
up | 132.4% | to | 25,903,461 | ||||||
(Loss) from ordinary activities after tax attributable to the owners of Mighty Craft | down | -10.6% | to | (5,150,062) | |||||
Limited | |||||||||
(Loss) for the half-year attributable to the owners of Mighty Craft Limited | down | -16.5% | to | (4,806,052) | |||||
Dividends | |||||||||
The consolidated entity does not propose to pay a dividend. | |||||||||
use | |||||||||
No dividend or distribution plans are in operation. | |||||||||
Comments | |||||||||
The loss for the consolidated entity after taxes and non-controlling interest amounted to $5,150,062 (31 December 2020: $5,757,993) | |||||||||
For further information refer to the attached: | |||||||||
- Interim report for the six months ended 31st December 2021 | |||||||||
- | Half year results commentary | ||||||||
- | Half year results presentation | ||||||||
3 | Net tangible assets | Reporting | Previous | ||||||
period | period | ||||||||
Cents | Cents | ||||||||
Net tangible assets per ordinary security | 0.07 | 0.18 | |||||||
4 Control gained over entities | |||||||||
During the half year, the consolidated entity gained control over the following entities: | |||||||||
personal | Name of entities (or groups of entities) | Date control gained | |||||||
Mismatch Brewing Company Pty Ltd | 19-Jul-21 | ||||||||
MK Wine Solutions Pty Ltd | 19-Jul-21 | ||||||||
The Hills Distillery Pty Ltd | 19-Jul-21 | ||||||||
Lot 100 Pty Ltd | 19-Jul-21 | ||||||||
Contribution of such entities to the reporting entity's profit/(loss) from ordinary activities before | $ | ||||||||
2,119,010 | |||||||||
For | |||||||||
income tax during the period (where material) |
Profit/(loss) from ordinary activities before income tax of the controlled entity (or group of entities) for the whole of the previous period (where material)
Mighty Craft Ltd and its controlled entities
Appendix 4D
Half-year report
5 Loss of control over entities
Not applicable.
6 Details of associates and joint venture entities | ||||||||
only | Reporting entity's | Contribution to profit/(loss) | ||||||
percentage holding | ||||||||
Reporting | Previous | Reporting | Previous | |||||
period | period | period | period | |||||
Name of associate / joint venture | % | % | $ | |||||
use | Slipstream Brewing Company Pty Ltd* | 45.0% | 45.0% | - | ||||
Poison Creek Distillery Pty Ltd (Brogan's Way) | 45.0% | 45.0% | (52,125) | |||||
Torquay Beverage Company Pty Ltd (formerly | 61.0% | 50.0% | - | |||||
K.Booch Alcoholic Kombucha Co. Pty Ltd)* | ||||||||
SauceCo (FNQLD) Pty Ltd | 25.0% | 25.0% | (6,614) | |||||
Sparkke Group Holdings Pty Ltd | 34.1% | 0.0% | (125,416) | |||||
Group's aggregate share of associates profit/(loss) | ||||||||
(184,155) | ||||||||
* Contribution to profit / (loss) in the prior period was for the period up to the date of acquisition. | ||||||||
7 Audit qualification or review | ||||||||
Details of audit/review dispute or qualification (if any): | ||||||||
The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. | ||||||||
8 | Attachments | |||||||
The Interim Report of Mighty Craft Limited for the half-year ended 31 December 2021 is attached. | ||||||||
personal | ||||||||
9 | Signed | |||||||
For |
Robin Levison
Chairman
Date: 24 February 2022
only
Mighty Craft Limited and its controlled entities
useACN 622 810 897
personalInterim Financial Report - 31 December 2021 For
Mighty Craft Limited and its controlled entities
ACN 622 810 897
Consolidated Financial Statements
for the half-year ended 31 December 2021
onlyContents
Directors' Report
Auditor's Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income useConsolidated Statement of Financial Position
Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements personalDirectors' Declaration
Independent Auditor's Review Report Corporate Directory
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Mighty Craft Limited and its controlled entities
ACN 622 810 897
Directors' Report
The directors of Mighty Craft Limited ("the Company") present their report, together with the financial statements, on the Company and its controlled entities ("the Group") for the half-year ended 31 December 2021.
onlyDirectors
The fo owing persons were directors of Mighty Craft Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
useDir ctors have been in office for the whole of the financial half-year until the date of this report, unless otherwise stated.
Principal activities
Founded in 2017, Mighty Craft (ASX:MCL) is aiming to build the world's strongest craft beverage collective through supporting and growing independent craft brewery and distillery businesses. MCL has invested in select craft beverages and is accelerating the brands growth through equity and debt funding whilst providing access to MCL's leading team of liquor industry professionals providing functional excellence to craft operators. Mighty Craft's focus is on allowing fo nders to play to their strengths while the MCL team of industry experts supports by covering their gaps constraining growth and profitability.
The principal activities of the Group during the financial half-year were the acquisition and operation of various breweries, distilleries, bars and restaurant
businesses throughout Australia.
personalDuring the financial half-year there were no significant changes in the nature of those activities.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The c nsolidated loss of the Group after providing for income tax expense for the half-year ended 31 December 2021 amounted to $5,635,571 (31 December 2020: $5,984,046). The loss attributable to the owners of Mighty Craft Ltd after providing for income tax amounted to $5,150,062 (31 December 2020: $5,757,993).
Significant changes in the state of affairs
On 19 July 2021, the Company completed the acquisition of the 'Adelaide Hills Group' (AHG), comprising Mismatch Brewing Company Pty Ltd (acquired 100%), MK Wine Solutions Pty Ltd (acquired 100%), The Hills Distillery Pty Ltd (acquired 100%) and Lot 100 Pty Ltd (75%, subsequently consolidated to 100% in November 2021). Total consideration was $47.1 Million, comprising $27.1 Million in cash and $20 Million in MCL shares. To facilitate the transaction, the Company successfully completed a capital raise, comprising an Institutional Placement & Entitlement Offer of a total of 90,625,000 shares at $0.32 per shar , which raised $29 Million in cash, and $27.1 Million of this was used to fund the acquisition. The remaining $20 Million of the consideration on acquisition was 57,142,859 shares issued to the vendors at a price of $0.35 per share.
There were no other significant changes in the state of affairs of the Group during the financial half-year.
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Mighty Craft Ltd. published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 23:31:06 UTC.
