Tigne Mall plc - Interim Results

Monday, August 10th, 2015

On 10 August, Tigné Mall plc published its interim results covering the six months ended 30 June 2015.

Performance Overview

During the first half of 2015, the Company registered a 6.3% increase in revenue to €2.62 million on the back of further increases in footfall and tenant sales whilst the shopping mall remained fully let. The higher revenue figure is also partly attributable to the increase in the rentable area. Tigne Mall confirmed that the tenant operating the new 550 sqm retail space as ‘Bershka’ on Level -2 commenced operations on 21 May. Cost of sales increased by 3.6% to €0.76 million leading to an improvement of 7.5% in the gross profit to €1.86 million. The gross profit margin improved marginally to 70.9%. The company reported that administrative expenses dropped by 33% to €155,541 giving an operating profit of €1.7 million, representing an increase of just below 14% from the comparative period last year.

The Company’s financial performance was also positively impacted by an 11% drop in net finance costs to €0.48 million as the level of bank borrowings was reduced by a further €1.2 million since December 2014.

Overall, Tigné Mall plc reported a pre-tax profit of €1.22 million, 28.2% higher than the comparable figure in the first six months of 2014. After accounting for a tax charge of €0.54 million (H1 2014: €0.45 million), the Company’s net profit for the period under review amounted to €0.68 million compared to €0.50 million in the first half of 2014. This translates into earnings per share of €0.0121 (H1 2014: €0.0088).

The condensed Statement of Financial Position shows a 1.6% drop in total assets to €57.3 million which mainly relates to the depreciation charge on the Company’s property, plant and equipment. Tigne Mall also reported a 3.2% decrease in total liabilities to €28.4 million largely attributable to the aforementioned reduction in borrowings. Shareholders’ funds were largely unchanged over the past 6 months at €28.9 million giving a net asset value per share as at 30 June 2015 of €0.512.

Dividend

The Directors declared a net interim dividend of €0.01 per share, representing a 60% increase over last year’s interim dividend. This will be paid on 10 September to all shareholders as at close of trading on 6 August. The Directors confirmed that this payment is in line with the projections at the time of the IPO in March 2013.

Outlook

Looking ahead, the Directors noted that they expect the level of activity registered during the first half of the year to be maintained during the latter half of 2015.

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Tigné Mall plc – Interim Financial Statements as at 30 June 2015

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