Tigne Mall plc - Full-Year Results

Thursday, April 9th, 2015

On 9 April, Tigné Mall plc published its financial statements for the year ended 31 December 2014.

Performance Overview

During 2014, which marked the Company’s fifth anniversary since The Point Shopping Mall opened in 2010, Tigné Mall registered a further 3.8% increase in revenue to €5.2 million. This is the fifth consecutive annual increase in both footfall and tenant sales. The higher activity led to a 3.4% increase in cost of sales to €1.5 million leading to a gross profit figure of €3.7 million (2013: €3.6 million). Meanwhile, administrative expenses dropped by 17.9% to €0.31 million.

The Company’s operating profit improved by 6.5% to €3.4 million. Excluding the depreciation charge of €1.3 million (2013: €1.3 million), earnings before interests, tax, depreciation and amortisation (EBITDA) amounted to €4.75 million representing a 5.5% improvement over the previous year’s comparable figure.

Net finance costs dropped by 17% to €1.1 million as the Company anticipated its debt repayment with a further €1.85 million repayment during the year.

Overall, Tigné Mall plc registered a 23% increase in pre-tax profits to €2.32 million. This is also 6.3% above the projected pre-tax profit figure of €2.18 million published in the IPO Prospectus dated 20 March 2013. After accounting for a tax charge of  just over €1 million (2013: €0.87 million), the Company’s net profit for 2014 amounted to €1.3 million representing a 27.8% improvement over the previous year’s comparable figure and 7.5% ahead of the IPO projections largely due to better-than-expected revenues and lower interest payments following the accelerated debt repayment schedule.

The Statement of Financial Position shows that total assets contracted by 2.3% to €58.3 million. The reduction represents the decline in the value of ‘property, plant and equipment’ by the amount of depreciation to €55.47 million. Total liabilities also decreased by 5.2% to €29.4 million largely reflecting the €1.85 million reduction in total debt to €23.7 million. Overall, the Company’s total equity grew by 0.8% to €28.9 million which translates into a net asset value per share of €0.512 (2013: €0.508). The pre-tax return on equity improved by 0.51 percentage points to 8.06% and the return on assets increased by 0.86 percentage points to 3.93%.

Dividend

The Directors recommended an unchanged final net dividend of €0.0125 per share to all shareholders as at close of trading on 7 May 2015. The dividend will be paid on 16 June 2015 subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 10 June 2015.

Combined with the net interim dividend of €0.0063 per share, the Company’s total distribution with respect to the 2014 financial year amounts to a total net dividend of €0.0188 per share representing a 50% increase over last year’s payment and in line with the projections at the time of the IPO. The total net dividend of €0.0188 per share translates into a net yield of 2.5% based on the current share price of €0.752.

Outlook

The Directors expect that the level of activity in 2015 will continue at current levels. In the IPO, the Company had forecast a pre-tax profit figure of €2.4 million for 2015.

Download

Tigné Mall plc – Annual Report and Financial Statements for the year ended 31 December 2014.

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