M O P O L I
Palmboomen Cultuur Maatschappij Mopoli
(Palmeraies De Mopoli) N.V.
INTERIM REPORT
(UNAUDITED)
FINANCIAL YEAR 2022 / 2023
Mopoli - Unaudited interim report 2022 - p.1
PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI N.V.
DIRECTORS' INTERIM REPORT
Interim Financial Report as at 31st December 2022 (unaudited)
(Period from 01/07/2022 to 31/12/2022)
BUSINESS ACTIVITIES
Mopoli is a company investing in agro industry projects. Currently, it only grants loans to related companies. As at 31st December 2022 cash loans were provided to each of Socfinaf S.A. ("Socfinaf") and Afico S.A. ("Afico") both related parties of the Company.
The Company is listed on Euronext Brussels. The Company has no routine business processes and has no employees.
The Extraordinary General Meeting of shareholders of 10th June 2008 has authorised the Company to buy back its own shares for a maximum period of 18 months. Since then, this authorisation has been extended regularly and is still applicable as at 31st December 2022, however the availability of shares is limited. No shares were purchased during the period. As at 31st December 2022, the Company holds 219 founder shares and 5,904 common shares with no new acquisition until the establishment of this report.
The strategy of the Company remains to buy back its own shares in case any shares are offered to the market with the intent to initiate a squeeze-out procedure.
As such, the Management Board recognises that the main risk is credit risk regarding the recoverability of the loans. For this risk, considered low, the Management Board is willing to accept the risk and does not hedge or mitigate these factors.
The Company has no research and development activity.
RESULTS
The financial half-year ended at 31st December 2022 with a profit of EUR 358,143 versus a profit of EUR 127,169 as at 31st December 2021.
The increase of the half-year result is mainly due to the decrease of the administrative costs.
BALANCE SHEET
At 31st December 2022, Mopoli's total assets amount to EUR 56.9 million compared to EUR 56.4 million as at 30th June 2022. Mopoli's assets are mainly composed of non-current receivables for EUR 9.0 million, short-term receivables for EUR 20.4 million and cash and cash equivalents for EUR 27.5 million. As at 31st December 2022, total Equity amounts to EUR 56.6 million compared to EUR 56.3 million as at 30th June 2022.
Mopoli - Unaudited interim report 2022 - p.2
OUTLOOK
Environment and climate change
The Management Board will continue to consider the potential impacts of the climate change in its judgements, and will integrate any new potential impact if this could lead to a material change in the Company's financial statements.
Operational and financing activities
Cash flows of the Company will depend on the proceeds received for the loans, the total amount of which may vary depending on advances and repayments.
Interest received should be stable compared to interest received during the year 2021/2022. The profit should however be slightly higher due to a reduction in financial expenses and in administrative costs.
RISKS - UNCERTAINTIES
The management do not foresee any specific or noted any new uncertainties that the company should have to face for the remaining six months of the financial year.
TRUE AND FAIR VIEW STATEMENT
With reference to section 5.25c paragraph 2c of the Financial Markets Supervision Act, the Board of Directors states that, to the best of its knowledge:
- the financial statements which have been prepared in accordance with IFRS adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code gives a true and fair view of the assets, liabilities, financial position and profit or loss of Mopoli;
- the directors' report provides a fair review of the situation on the balance sheet date and of developments during the financial year of Mopoli whose information has been included in the financial statements, together with a description of the main risks the company faces.
MOPOLI
BOARD OF DIRECTORS
François Fabri | Hubert Fabri |
Director | Director |
Mopoli - Unaudited interim report 2022 - p.3
STATEMENT OF FINANCIAL POSITION (before appropriation of profit/loss)
As at 31st December 2022
ASSETS
(in thousands of Euro) | Notes | 31st December 2022 | 30th June 2022 | |
NON-CURRENT ASSETS | 9,000 | 8,500 | ||
I. | Other receivables | 1 | 9,000 | 8,500 |
CURRENT ASSETS | 47,860 | 47,884 | ||
II. | Other receivables | 1 | 20,366 | 20,342 |
III. | Other current assets | - | 3 | |
IV. | Cash and short-term deposits | 2 | 27,494 | 27,539 |
TOTAL ASSETS | 56,860 | 56,384 |
Mopoli - Unaudited interim report 2022 - p.4
EQUITY AND LIABILITIES
(in thousands of Euro) | Notes | 31st December 2022 | 30th June 2022 | |
EQUITY | 56,632 | 56,274 | ||
I. | Share capital | 3 | 2,244 | 2,244 |
II. | Statutory reserves | 3 | 301 | 301 |
III. | Available reserves | 3 | 523 | 523 |
IV. | Result for the year | 3 | 358 | 391 |
V. | Retained earnings | 3 | 56,580 | 56,189 |
VI. | Treasury Shares | 3 | -3,374 | -3,374 |
CURRENT LIABILITIES | 228 | 110 | ||
VII. | Trade and other payables | 101 | 110 | |
VIII. | Other current liabilities | 127 | - | |
TOTAL EQUITY AND LIABILITIES | 56,860 | 56,384 |
Mopoli - Unaudited interim report 2022 - p.5
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Mopoli NV published this content on 15 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2023 19:08:07 UTC.