Mapfre Middlesea plc - Full-Year Results
On 13 March, Middlesea Insurance plc published its financial statements for the year ended 31 December 2013.
Performance Review
During 2013, pre-tax profits of the Middlesea Group edged 3.9% lower to €17.3 million. The net tax expense for 2013 amounted to €6.4 million (2012: €0.64 million). It is worth noting that in 2012, there was a one-off deferred tax gain whereby all unutilised tax amounts available for relief against future taxable income in terms of the applicable law were recognised. After accounting for profits attributable to minority interests of €4.9 million (2012: €8 million), the Group profit after tax attributable to shareholders amounted to €6 million (2012: €9.35 million). The earnings per share figure declined to €0.066 from €0.102 in 2012.
The consolidated statement of financial position shows total shareholders’ funds of €73.1 million as at 31 December 2013 translating into a net asset value per share of €0.7945.
Dividend
The Directors recommended a final gross dividend of €0.045 per share (net: €0.03826), representing an increase of 80% compared to last year’s gross dividend of €0.025 per share. Shareholders as at the close of business on 30 April 2014 will be entitled to receive this dividend which will be paid on 28 May 2014 following approval by shareholders during the upcoming Annual General Meeting scheduled to be held on 29 April 2014.