TIDMZAMZ
RNS Number : 0855B
Zamaz PLC
31 May 2023
31 May 2023
ZAMAZ PLC
HALF-YEAR RESULTS
FOR THE 6 MONTH PERIODED 28 FEBRUARY 2023
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law
by the European Union (Withdrawal) Act 2018. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
-- Successful Direct Listing on the Main List of the London Stock Exchange
-- Three successful acquisitions in the luxury foods sector have added significant revenues
-- Operating profit achieved
-- Further acquisitions anticipated
-- Group results before exceptional listing costs moving strongly towards break-even
-- Headwinds from Amazon cost increases mitigated by
multi-channel sales and internal efficiencies
Chairman's Statement
Dear Shareholder
The Company listed its shares on the Main List of the London
Stock Exchange on 2 September 2022 and since then the Group, via
Bella Dispensa S.r.l., its wholly owned subsidiary based in Milan,
Italy, has made three successful acquisitions in the luxury foods
sector. The positive impact of those acquisitions cannot be
overstated, given the headwinds that our Ecomoist business
experienced, particularly in the run-up to Christmas, when Amazon
raised its already high logistics costs even further.
A major operational re-organisation has been completed to
optimise efficiency and an increasing focus placed on Bella
Dispensa to diversify products, markets and distribution channels,
while capitalising on an increasing pipeline of
growth-through-acquisition opportunities that presented themselves
in this sector.
The luxury foods division has had a level of success that was
not anticipated, as you will see in Daniele Besnati's CEO report
below. At the operating level, the Group has successfully moved
from an operating loss of approximately GBP250,000 at 28 February
2022 to an operating profit of GBP10,479. In addition, there is a
hedge to seasonality within the mix of products: two of the
divisions will have strong Christmas periods, whilst the third
division, which produces luxury ice-creams, will peak in the summer
months.
On the financing front, shortly after the period under review,
we proposed to our bondholders that the Company's listed 6% Bond's
maturity date be extended 30 from April 2023 to 30 April 2026, with
an increased coupon to 7.5% and with warrants attached. The number
of attendees at the first meeting was insufficient to form a
quorum, therefore the meeting was adjourned. At the second meeting,
which had a lower quorum threshold as regulated through the bond
documentation, approximately 45% of bondholders by value were
represented and approved the changes unanimously.
As we move forward during this second semester, now that the
hard work and financial investment of listing and re-organising the
group is behind us, we expect to see progress on both the
traditional Zamaz product lines of eco-friendly products as well as
the Bella Dispensa luxury foods businesses, developing and
acquiring strong brands which reflect our commitment to quality,
eco-responsibility and shareholder value.
Martin Groak,
Chairman
Zamaz plc
CEO's Report
We are excited to announce our success and exceptional growth
during this semester of Zamaz PLC's operations.
Our company, through its wholly-owned subsidiary Bella Dispensa
Srl, is emerging as a strong player in the Luxury Food sector,
starting from Italy. Through a well-planned strategy of external
growth via acquisitions in recent months, we have managed to expand
our operations and diversify our geographic presence. This strategy
has surpassed expectations.
During the six month reporting period, we achieved several
significant milestones including a group revenue increase of 349.5%
year, a new high point for the Company.
This result has been mainly driven by recent acquisitions in the
Luxury Food sector:
- On September 26, 2022, Bella Dispensa agreed to acquire the
entire issued share capital of Ecocarni Srl, a supplier of premium
meats and associated products from Italy and Argentina to wholesale
and retail customers through its managed store in Milan.
- On October 10, 2022, Bella Dispensa agreed to acquire a 72.6 %
stake in Eccellenze Srl, a luxury food products company based at
its flagship store in one of the most important districts of Milan.
The acquisition of Eccellenze will enable all the Group's branded
food activities to access their respective customer bases and
"cross-sell" products to a similar set of high-quality
customers.
- On February 11, 2023, the Company exercised its option to
acquire the entire issued share capital of Dallatte Italia Srl,
based in Piedmont, Italy, a producer and distributor of
high-quality food products that use natural ingredients, including
ice creams and chips, milk, butter and cooking cream, fresh and dry
pastry, and frozen stuffed pasta. The Dallatte brand is synonymous
with "Italian food excellence" and has distribution points
throughout Europe.
We have been able to capitalize on the synergies among the
different acquired businesses, creating a portfolio of
complementary luxury food brands that have shown great appeal to
consumers in Europe and internationally.
Furthermore, our profits, before exceptional listing costs, have
improved by 107% in the last six months, from a loss of GBP
1,325,000 for the year ending 31 August 2022 to a loss of GBP81,000
for the six months to 28 February 2023, far exceeding
expectations.
This has been the result of a combination of food brand company
acquisitions, their integration into a coordinated operating
system, prudent financial management, increased efficiencies
through centralisation of key business functions across acquired
businesses, and a strong customer focus. We expect to continue to
invest into more brand companies in the Luxury Food sector to build
a well integrated luxury food brands group with an increasing
competitive advantage. Together with our partners we also invest in
innovation and research such that we can aim to anticipate consumer
trends and create unique products that satisfy the desires of our
most discerning customers.
Zamaz Plc also continues to innovate its range of Ecological
products marketed through various online channels, from
eco-friendly articles to multi-purpose ecological detergents. This
will we expect lead to a wider range of new products, such as
eco-friendly stationery materials and ecological sanitization
product lines.. All products are and will be made with ingredients
from renewable sources, avoiding the use of aggressive and
environmentally harmful chemicals.
Finally, I would like to emphasize the commitment to our
exceptional team. Our growth would not have been possible without
the dedication and enthusiasm of our employees. Their commitment to
achieving company objectives and providing high-quality products
and services has been instrumental to our success.
Financial Results & Review
The Group is approaching break-even. The loss for the 6 month
period ended 28 February 2023 was GBP(81,673) before Exceptional
listing costs and GBP (1,642,336) including the exceptional costs
(2022: 6 months loss GBP(353,000); full year loss GBP(1.325.239)
).
The Board monitors the activities and performance of the Group
on a regular basis. The Board uses financial indicators based on
budget versus actual to assess the performance of the Group. The
indicators set out below were used by the Board to assess
performance over the period to 28 February 2023. The main KPIs for
the Group are as follows. These allow the Group to monitor costs
and plan future activities:
Key Performance Indicators 6 months to Year ended
28 February 2023 31 August 2022
(unaudited) (audited)
Revenue GBP3,479,564 GBP1,679,105
------------------ --------------------
Gross Margin GBP1,683.129 GBP315,283
------------------ --------------------
% 48% 19%
------------------ --------------------
EBITDA before Exceptional GBP77,603 profit GBP(1,196,369) loss
Items
------------------ --------------------
Financial Position
The Group's Statement of Financial Position as at 28 February
2023 and comparatives at 31 August 2022 are
summarised below:
28 February 31 August
2023 2022
Current assets 3.633,125 1,115,367
-------------------------- -------------------------- -------------------
Non-current assets 24,142,460 20,708,859
-------------------------- -------------------------- -------------------
Total assets 27,775,585 21,824,226
-------------------------- -------------------------- -------------------
Current liabilities 4,555,545 2,837,341
-------------------------- -------------------------- -------------------
Non-current liabilities 2,749,810 874,618
-------------------------- -------------------------- -------------------
Total liabilities 7,305,355 3,711,959
-------------------------- -------------------------- -------------------
Net assets 20,470,230 18,112,267
-------------------------- -------------------------- -------------------
BOARD CHANGES
On 14 October, the Company announced the resignation of Raj
Unnikandeth as Non-Executive Director.
At the Annual General Meeting, held on 31 January 2023, Chris
Hill stood down as director and CEO. The role of CEO was taken over
by Daniele Besnati. At the same meeting Niccolo Caderni was
appointed Independent Non-Executive Director and Dominic White as
Non-Executive Director
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's
strategy are subject to a number of risks. The key business risks
affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Group.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they. The Group's policy during
the year has been to ensure that it has adequate liquidity to meet
its liabilities when due by careful management of its working
capital.
Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or a counterparty to a financial instrument fails to meet
its contractual obligations.
In accordance with the Group's policy, the Board monitors the
Group's exposure to credit risk on n ongoing basis. The risk is
largely mitigated by the use of Amazon trading platform, which is
regarded as an extremely low credit risk.
Market risk
Market risk is the risk that changes in market prices, such as
commodity prices, foreign exchange rates, interest rates and equity
prices will affect the Group's and Company's income or value of its
holdings in financial instruments.
Capital Management
The Company's capital consists wholly in ordinary shares, The
Board's policy is to preserve a strong capital base in order to
maintain investor, creditor, and market confidence and to safeguard
the future development of the business, whilst balancing these
objectives with the efficient use of capital.
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Half Year Report has been prepared in accordance with
International Accounting Standard 34 'Interiming'; and
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Group; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules, being an indication of important events that
have occurred during the first six months of the financial year and
their impact on the set of interim financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being the information required on related party
transactions.
The Half Year Report was approved by the Board of Directors on
30 May 2023 and the above responsibility statement was signed on
its behalf by:
Daniele Besnati
Chief Executive Officer
Zamaz plc
ZAMAZ PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIODED 28 FEBRUARY 2023
6 months 6 months Year ended
to to
28 Feb 28 Feb 31 Aug
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
--------------------------------------------- ---------------- ----------------- --------------------
Continuing operations
Income
Revenues 3,479,564 774,000 1,679,105
Cost of sales (1,796,435) (532,000) (1,363,822)
--------------------------------------------- ---------------- ----------------- --------------------
Gross Profit 1,683,129 242,000 315,283
Administrative expenses (1,672,650) (492,000) (1,511,652)
--------------------------------------------- ---------------- ----------------- --------------------
Operating Result 10,479 (250,000) (1,196,369)
Finance Costs (92,152) (103,000) (128,023)
Exceptional Item: Listing costs (1,560,663) 0 0
--------------------------------------------- ---------------- ----------------- --------------------
Profit/(Loss) before tax (1,642,336) (353,000) (1,324,392)
Taxation - - (847)
--------------------------------------------- ---------------- ----------------- --------------------
Profit/(Loss) for the period attributable
to equity shareholders of the Company (1,642,336) (353,000) (1,325,239)
--------------------------------------------- ---------------- ----------------- --------------------
Other comprehensive income / (expenditure) -
for the period net of tax
--------------------------------------------- ---------------- ----------------- --------------------
Total comprehensive income/(expenditure)
for the period (1,642,336) (353,000) (1,325,239)
--------------------------------------------- ---------------- ----------------- --------------------
Loss per ordinary share
Basic and diluted income (loss) per share
attributable to the equity shareholders
of the parent (pence) (0.23) n/a (0.30)
--------------------------------------------- ---------------- ----------------- --------------------
The net result excluding the extraordinary listing costs would
be a loss of GBP81,673
6 months 6 months Year ended
to to 31
ZAMAZ PLC 28 Feb 28 Feb 2022 August 2022
2023 (unaudited) (audited)
CONSOLIDATED STATEMENT (unaudited)
OF
FINANCIAL POSITION
GBP GBP GBP
---------------------------------------- --- --------------- ----------------- ---------------
ASSETS
Non-current assets
Intangibles 1,191,986 395,000 223,853
Goodwill 22,385,391 0 20,454,876
Receivables 235,876 0 0
Property, plant, equipment 429,208 17,000 30,130
---------------------------------------- --- --------------- ----------------- ---------------
Total non-current assets 24,142,460 412,000 20,708,859
Current assets
Inventories 785,522 678,000 321,457
Trade and other receivables 2,053,178 208,000 767,092
Cash and cash equivalents 794,425 114,000 26,818
---------------------------------------- --- --------------- ----------------- ---------------
Total current assets 3,633,125 1,000,000 1,115,367
---------------------------------------- --- --------------- ----------------- ---------------
TOTAL ASSETS 27,775,585 1,412,000 21,824,226
======================================== === =============== ================= ===============
LIABILITIES
Current Liabilities 4,555,545 248,000 2,837,341
Non-current Liabilities 2,749,810 1,512,000 874,618
---------------------------------------- --- --------------- ----------------- ---------------
TOTAL LIABILITIES 7,305,355 1,760,000 3,711,959
---------------------------------------- --- --------------- ----------------- ---------------
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
Called up share Capital 188,299 50,000 178,031
Share premium 23,324,638 0 19,568,774
Translation reserve 220,151 0 5,278
Retained earnings (3,550,529) (398,000) (1,639,816)
Minority interest 287,671 - -
---------------------------------------- --- --------------- ----------------- ---------------
TOTAL EQUITY 20,470,230 (348,000) 18,112,267
---------------------------------------- --- --------------- ----------------- ---------------
TOTAL EQUITY AND LIABILITIES 27,775,585 1,412,000 21,824,226
======================================== === =============== ================= ===============
ZAMAZ PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 28 FEBRUARY 2023 AND 31 AUGUST 2022
Called up Share premium Translation Retained Minority Total Equity
Share Capital Reserve Earnings interest
------------------------------------------- --------------- ------------- ------------- ---------- --------------
Balance at 1 September 2021 50,000 - - (314,577) 264,577
Loss for the year - - - (1,325,239) (1,325,239)
Exchange differences on
consolidation - - 5,278 - 5,278
Issue of share Capital 128,031 19,568,774 - - 19,696,805
Balance at 31August 2022 178,031 19,568,774 5,278 (1,639,816) 0 18,112,267
================================ ========= =============== ============= ============= ========== ==============
At August 31 2022 178,031 19,568,774 5,278 (1,639,816) 18,112,267
Issue of shares 10,268 10,268
Share premium 3,755,864 3,755,864
Exchange differences on
translation - - 214,873 214,873
Minority interest 287,671 287,671
Total comprehensive income for
the period - - - (1,910,713) (1,910,713)
-------------------------------- --------- --------------- ------------- ------------- ---------- --------------
Balance at 28 February 2023 188,299 23,324,638 220,151 (3,550,529) 287,671 20,470,230
-------------------------------- --------- --------------- ------------- ------------- ---------- --------------
6 months 6 months Year ended
to to
ZAMAZ PLC 28 Feb 2023 28 Feb 31 Aug
2022 2022
GROUP STATEMENT OF CASHFLOWS FOR THE (unaudited) (unaudited) (audited)
PERIODED 28 FEBRUARY 2023
GBP GBP GBP
---------------- ----------------- ---------------------
Cash flows from operating activities
---------------- ----------------- ---------------------
Income from operations 1,139,703 (278,000) (219,844)
---------------- ----------------- ---------------------
Cash flows from investing activities
---------------- ----------------- ---------------------
Purchase of Property (459,338) 0 (10,009)
---------------- ----------------- ---------------------
Investments acquired (235,876) 0 0
---------------- ----------------- ---------------------
Purchase of Intangibles (968,133) 0 (113,551)
Cash acquired with company acquisition 6,135
---------------- ----------------- ---------------------
Cash flows generated from investing
activities (1,663,347) 0 (117,425)
---------------- ----------------- ---------------------
Cash flows generated from financing
activities:
Repayments of borrowings (63,438) 0 (81,339)
Proceeds from borrowings 370,202 0 77,500
Bond Interests paid (49,500) 41,000 (59,182)
Proceeds (net) of share issues 746,317 0 74,800
Proceeds third parties 287,670
---------------- ----------------- ---------------------
Cash flows from financing activities 1,291,251 41,000 11,779
---------------- ----------------- ---------------------
Cash and cash equivalents at beginning
of the period 26,818 351,000 350,568
---------------- ----------------- ---------------------
Effect of foreign exchange rate of changes 0 1,739
---------------- ----------------- ---------------------
Cash and cash equivalents at end of
the period 794,425 114,000 26,818
---------------- ----------------- ---------------------
Increase/ (Decrease) in cash and cash
equivalents 767,607 (237,000) (325,490)
---------------- ----------------- ---------------------
ZAMAZ PLC
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIODED 28 FEBRUARY 2023
NOTE 1: ACCOUNTING POLICIES
General Information
The Company is a public limited company incorporated and
domiciled in England (registered number: 12167179), which is listed
on the London Stock Exchange. The registered office of the Company
is Eastcastle,House, 27/28 Eastcastle Street, London W1W 8DH.
Accounting policies
The accounting policies, presentation and methods of computation
applied by the Group in these condensed interim financial
statements are the same as those applied by the Group in its
consolidated financial information in its 2022 Annual Report and
Accounts.
Basis of Preparation of Financial Statements
The condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting'. The accounting policies adopted in this report are
consistent with those of the annual
financial statements for the year to 31 August 2022 as described in those financial statements
Basis of consolidation
The consolidated financial statements comprise the financial
statements of Zamaz Plc and its subsidiaries as at 28 February
2023. The financial statements of the subsidiaries are prepared for
the same reporting period as the parent company, using consistent
accounting policies.
All intra-group balances, transactions, income and expenses and
profits and losses resulting from intra-group transactions that are
recognised in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control
ceases. Zamaz plc owns the majority of the shareholdings and has
operational control over all its subsidiaries. Please refer to Note
4 for information on the consolidation of Zamaz Plc
Going Concern
The Group Financial Statements have been prepared on a going
concern basis. The Directors are of the view that, the Group has or
will generate sufficient funds to meet its planned expenses over
the next 12 months from the date of these Financial Statements.
In assessing whether the going concern assumption is
appropriate, the Directors have taken into account all relevant
available information about the current and future position of the
Group, including current level of resources and the required level
of spending on corporate activities. As part of the assessment, the
Directors have also taken into account the ability to raise new
funding whilst maintaining an acceptable level of cash for the
Group to meet all commitments.
The Directors are confident that the measures they have
available will result in sufficient working capital and cash flows
to continue in operational existence. Taking these matters in
consideration, the Directors continue to adopt the going concern
basis of accounting in the preparation of the financial
statements.
NOTE 2: INTERIM FINANCIAL INFORMATION
The condensed consolidated interim financial statements are for
the six-month period ended 28 February 2023. The condensed
consolidated interim financial statements do not include all the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 August 2022, which
were prepared under International Financial Reporting Standards
(IFRS).
The condensed consolidated interim financial statements have not
been audited nor have they been reviewed by the Group's auditors
under ISRE 2410 of the Auditing Practices Board. These condensed
consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434of the Companies Act
2006. The Group's statutory financial statements for the year ended
30 June 2021 prepared under IFRS have been filed with the Registrar
of Companies. The auditor's report on those financial statements
was unqualified and did not contain a statement under Section
498(2) of the Companies Act 2006.
NOTE 3: CRITICAL ACCOUNTING ESTIMATE AND JUDGEMENTS
The preparation of the financial statements in conformity with
International Financial Reporting Standards requires the use of
certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the Company's
accounting policies. Actual results may differ from these
estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the consolidated financial
statements for the year ended 31 August 2022.
NOTE 4: LOSS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
In accordance with IAS 33, no diluted earnings per share is
presented, as there is no difference between the basic and the
diluted loss per share
Basic & Diluted EPS
Earnings attributable to ordinary shareholders : Loss GBP
(1,642,236) including exceptional items
Average number of shares in issue during the period :
710,072,894
Loss per share 0.23 pence
NOTE 5: DIRECTORS AND EMPLOYEES
The remuneration paid to the Directors, inclusive of Employer
National Insurance contributions during the period ended 28
February 2023 was as follows:
28 February 2023 31 August 2022
Executive
----------------- ---------------
Christopher Hill GBP63,308 GBP70,045
----------------- ---------------
Daniele Besnati GBP18,000 GBP28,900
----------------- ---------------
Non-Executive
----------------- ---------------
Martin Groak GBP15,000 GBP13,477
----------------- ---------------
Dominic White - -
----------------- ---------------
Raj Unnikandeth GBP3,195 GBP6,040
----------------- ---------------
Niccolo' Caderni GBP2,000 -
----------------- ---------------
Total GBP107,503 GBP118,462
----------------- ---------------
NOTE 6: BORROWINGS
February 2023 31 August
2022
GBP GBP
-------------- ----------
Bond 1,482,816 1,482,816
-------------- ----------
Lease Liability 863 1,800
-------------- ----------
Short Term borrowings 10,053 47,722
-------------- ----------
Long Term Borrowings 1,218,001 0
-------------- ----------
Total 2,711,733 1,532,338
-------------- ----------
On 9 March 2023 Zamaz Plc convened a meeting of the Bondholders
of the Company's EUR 3,000,000 6% Fixed Rate Bonds due 30 April
2023, to consider and approve a proposal to modify the terms of
conditions of the 6% Bonds by way of an Extraordinary
Resolution.
The meeting was then adjourned to the 21 March 2023 and the
following Resolution was put to the Bondholders and approved:
- the maturity of the 6% Bond was extended to 20 April 2026 from 30 April 2023;
- the Nominal Value of the Bond was increased from EUR3,000,000 to EUR15,000,000;
- the rate of interest was increased to 7.5% from 6% per annum.
Further to the increase in nominal value of the bond, new
investors have subscribed for a total par value of EUR290,000 at a
5% discount.
Prior to the Resolution new Bonds had been issued for a total
amount of EUR1,350,000 (GBP1,171,379)
As at the date of this report the total amount of Bonds issued
is 3.290,000 EUR (GBP2,905,825).
NOTE 7: INVESTMENTS
Investments Held- Company
Financial assets at fair value through profit or loss are as
follows:
Bella Dispensa Total
Srl
1 September 2021
Cost 20,487,259 20,487,259
------------------ ----------------------------- ---------------
31 August 2022 20,487,259 20,487,259
------------------ ----------------------------- ---------------
Additions 1,798,132 1,798,132
28 February 2023 22,285,391 22,285,391
------------------ ----------------------------- ---------------
As at February 28, 2023, investments were classified as held for
trading and recorded at their fair values based on quoted market
prices (if available).
Investments that do not have quoted market prices are measured
at cost less impairment.
During the period, the Group continued to review and acquire
companies and generate revenues.
On 26 September 2022 Bella Dispensa agreed to acquire the entire
issued share capital of Ecocarni Srl, a purveyor of
premium quality meats and associated products sourced from Italy
and Argentina to both wholesale and retail customers
from its managed general store in Milan.
On 10 October 2022 Bella Dispensa agreed to acquire a 72.61 per
cent stake in Eccellenze Srl, a luxury food products
business based at its flagship store in one of Milan's premier
districts.
On 11 February 2023, the Company exercised its option and
acquired the entire issued share capital of Dallatte Italia
Srl
NOTE 8: TRADE AND OTHER RECEIVABLES AND PREPAYMENTS
28 February 31 August 2022
2023
GBP GBP
-------------------- ------------------------------------
Trade Receivables 1,636,638 87,087
-------------------- ------------------------------------
Other Debtors 74,480 650,547
-------------------- ------------------------------------
Income Tax Receivables 286,942 29,458
-------------------- ------------------------------------
Vat 31,276
-------------------- ------------------------------------
Accruals 23,811
-------------------- ------------------------------------
Total 2,053,178 767,092
-------------------- ------------------------------------
NOTE 9: TRADE AND OTHER PAYABLES
28 February 2023 31 August 2022
GBP GBP
--------------------------------- -------------------------------
Trade Payables 3,637,503 1,958,196
--------------------------------- -------------------------------
Other creditors 80,547 77,157
--------------------------------- -------------------------------
Social Security
Taxation 32,729 28,056
--------------------------------- -------------------------------
Accruals 140,249 106,848
--------------------------------- -------------------------------
Total 3,891,028 2,170,257
--------------------------------- -------------------------------
NOTE 10: SHARE CAPITAL AND RESERVES
Share Capital and Share Premium
Issued Share Capital Share Premium
------------------------ --------------- ----------------
At 1 September 2021 50,000
------------------------ --------------- ----------------
Issue of Shares 128,031
------------------------ --------------- ----------------
Share Premium thereon 19,568,774
------------------------ --------------- ----------------
At 31 August 2022 178,031 19.568.774
------------------------ --------------- ----------------
Issue of shares 10,268
------------------------ --------------- ----------------
Share Premium thereon 3,755,854
------------------------ --------------- ----------------
At 28 February 2023 188,299 23,324,628
------------------------ --------------- ----------------
NOTE 11: SUBSEQUENT EVENTS
On 21 March 2023, the Company's bondholders voted in favour of
amending the terms and conditions of the 6% bond maturing on 30
April 2023 as follows:
-- the maturity of the 6% Bonds to be extended to 30 April 2026
from 30 April 2023; and
-- an increase in the Nominal Value of the bond issuance to up
to EUR 15,000,000 from EUR 3,000,000; and
-- the Rate of Interest to be increased to 7.5 per cent. from
6.0 per cent per annum .
-- Warrants to acquire ordinary shares to be issued to current
bondholders
Bonds were issued for EUR1,350,000 as settlement of debts prior
to the bondholder meeting. Further to the increase in the bond
issuance to EUR15m , a further EUR250,000 of bonds have been
subscribed for at a 5% discount to par.
NOTE 12: RELATED PARTIES
Two directors of Zamaz: Messrs. White and Groak are also
directors of the Holding Company of Innovative Finance Srl.
("Innovative") and Epsion Capital Ltd. ("Epsion")
Innovative provided advisory services to Zamaz plc for its
listing and Bella Dispensa for its acquisition strategy.
Epsion provided advisory services for the Company's prospectus
for listing on the London stock exchange.
Expenses in these accounts include
Fees to Innovative GBP 704,577
Fees to Epsion GBP 260,000
NOTE 13: ULTIMATE CONTROLLING PARTY
The ultimate controlling party is Mr. Dominic White
-Ends-
Enquiries:
Zamaz plc www.zamaz.tech
Daniele Besnati ,CEO c/o Walbrook PR Limited
Walbrook PR Limited
Paul Vann/Nick Rome/Joe Walker Tel: 020 7933 8780 or 07768
807631
zamaz@walbrookpr.com
About Zamaz plc:
Zamaz plc is a technology driven e-commerce business that
originates, acquires or licenses, operates and scales small and
medium-sized brands with category-winning products on global
marketplaces. With ever prolific customer data sources, the advent
of turnkey e-commerce website platforms, such as Shopify, and a
thriving ecosystem of third-party software integrators, the options
available to launch and build brands that can be marketed, sold,
and shipped online quickly and globally with limited risk have
never been more compelling. Such marketplaces, led by Amazon and
eBay, also provide connection to millions of consumers, and have
become a first-choice route-to-market for a generation of micro and
small and medium-sized enterprise businesses.
Zamaz mines and analyses data from such online retail technology
platforms which provide significant insights into consumer shopping
behaviour and trends and enable the business to deploy, market and
sell an optimised portfolio of brands, products, packs and prices
aligned with active, real-time consumer needs and demands
principally on UK and EU Amazon marketplaces.
About Bella Dispensa:
Bella Dispensa, a wholly-owned subsidiary of Zamaz, is an
Italian-based online retailer of gourmet Italian food products
which operates in one of the fastest growing online sectors,
grocery shopping. The extensive relationships that Bella Dispensa
enjoys with its niche food suppliers makes it a strong addition to
the Zamaz Brand Portfolio and will give Zamaz the opportunity to
showcase and sell Bella Dispensa sourced products on its online
platform.
Bella Dispensa has already made three acquisitions since Zamaz
listed on the Main Market of the London Stock Exchange; the first
two in H2 2022: Ecocarni, a purveyor of premium quality meats and
associated products sourced from Italy and Argentina to both
wholesale and retail customers, from its flagship store in Milan
and Eccellenze S.r.l. which has a retail store located on Milan's
prestigious Corso Venezia, one of the city's most exclusive and
elegant avenues, being part of the upscale Quadrilatero della moda
shopping district. Recently established in Q4 2021, Eccellenze has
grown rapidly, and now offers over 1,000 premium quality food
products in-store, including cheese, pasta, wine and oil. Its
highly experienced management team has also developed a unique
eno-gastronomic "lifestyle shopping experience" for its growing,
highly discerning client base.
Most recently, Bella Dispensa has acquired Dallate Italia srl.
Dallatte, based in Piedmont, Italy, is a manufacturer and
distributor of premium dairy products using natural ingredients
including ice cream and pastries, milk, butter and cooking cream,
fresh and dry pastries and frozen filled pasta. The Dallatte brand
is synonymous with "Italian Food Excellence" and has distribution
outlets across Europe.
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END
IR BRGDULXXDGXG
(END) Dow Jones Newswires
May 31, 2023 02:00 ET (06:00 GMT)
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