MIDI plc - Full-Year Results

Thursday, May 2nd, 2013

On 30 April, MIDI plc published its financial statements for the year ended 31 December 2012.

Performance Overview

During 2012, MIDI plc generated total revenue of €13.8 million representing a significant drop from the previous year’s figure of €37 million. The drop in turnover reflects the much lower incidence of apartment sales given the limited amounted of apartment stock available for sale during the year under review. Apartment sales amounted to €8 million during 2012 compared to €31.9 million in 2011. On the other hand, revenues from property rental and management activities continued to improve during 2012. Income from these activities grew by 11.8% to €5.7 million due to the improved performance of ‘The Point’, higher rents generated from the retail and catering establishments situated in Pjazza Tigné as well as increased usage of the underlying public car parking.

Total costs also declined by 61.2% to €11.6 million reflecting the lower apartment sales. Excluding depreciation of €1.4 million from this figure, MIDI generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €3.7 million representing a 59.8% drop from the previous year’s figure of €9.2 million.

Net interest expenses increased by 7.3% to €4.7 million reflecting the marginal increase in total borrowings to €98.2 million.

MIDI also incurred a €0.2 million share of loss from its joint-venture, SIS Limited. Nonetheless, the 2012 Annual Report reveals that SIS Ltd is implementing an operational and financial plan with the aim of improving its performance.

Overall, the MIDI Group registered a pre-tax loss of €2.5 million compared to a pre-tax profit of €3 million recorded in 2011. After accounting for a tax credit of €0.6 million, the net loss for 2012 amounted to €1.9 million and translates into a negative earnings per share of €0.009.

Development Works   

During 2012, development works were limited to the finalisation of the Pjazza apartments which were well received by the market with only 6 apartments out of 22 remaining unsold to date.

After substantial delays, the Malta Environment and Planning Authority (MEPA) granted the necessary full development permits with respect to the two T17 residential blocks and the adjacent T14 office block. As such, during 2012, MIDI also concentrated on the planning of these phases with works commencing in February 2013.

Post-Balance Sheet Date Events 

In order to sustain its long-term development plans (both at Tigné Point and Manoel Island), the MIDI Group decided to dispose of its entire shareholding in Tigné Mall plc which owns and operates ‘The Point’ shopping mall. The shareholding was disposed of in April 2013 and will release significant financial capital amounting to €20.9 million thereby strengthening MIDI’s financial capabilities. The proceeds generated from this sale will be used to reduce the Group’s borrowings thereby enabling the Group to raise additional finance for the development of the two T17 residential blocks.


MIDI plc – Annual Report and Consolidated Financial Statements as at 31 December 2012.

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