Tigne Mall plc - Full-Year Results

Friday, April 15th, 2016

On 15 April, Tigné Mall plc published its financial statements for the year ended 31 December 2015.

Performance Overview

During 2015, Tigné Mall’s revenue grew by 9.1% to nearly €5.70 million (2014: €5.22 million) on the back of increased tenant sales and strong footfall. This was also achieved through the opening of a new 550 sqm outlet during the second quarter of 2015. Despite the higher activity, cost of sales only increased by 0.5% to €1.51 million. This led to a gross profit figure of €4.19 million, up 12.6% over the corresponding figure of €3.72 million in 2014.

Meanwhile, administrative expenses jumped by 18.8% to €0.36 million (2014: €0.31 million). Nonetheless, operating profit still improved by 12.1% to €3.82 million (2014: €3.41 million). Excluding the depreciation charge of €1.35 million (2014: €1.33 million) and net finance costs of €0.96 million (down from €1.10 million in 2014), earnings before interests, tax, depreciation and amortisation (EBITDA) amounted to €5.18 million, representing a 9.0% improvement over the previous year’s comparable figure. The Annual Report also states that the projected EBITDA figure for 2016 is estimated at €5.24 million.

Overall, Tigné Mall plc registered a further 23.6% increase in pre-tax profits to €2.87 million (2014: €2.32 million). This is also 18.9% above the projected pre-tax profit figure of €2.41 million published in the IPO Prospectus dated 20 March 2013. After accounting for a tax charge of €1.21 million (2014: €1.02 million), the Company’s net profit for 2015 amounted to €1.65 million, representing a 27.5% improvement over the previous year’s comparable figure and 22.1% ahead of the IPO projections.

The Statement of Financial Position shows that total assets increased by 13.3% to €66.0 million (2014: €58.3 million), largely reflecting a revaluation surplus of €5.9 million net of applicable deferred tax on the valuation of The Point Shopping Mall. On the other hand, total liabilities increased by 5.31% to €30.9 million (2014: €29.4 million) as the substantial increase in deferred tax liabilities outweighed the 8.6% decrease in borrowings to €21.7 million (2014: €23.7 million). During 2015, the Company continued to anticipate its bank repayment commitments and repaid a further €2 million thus reducing overall bank debt to €21.7 million.

Shareholders’ funds grew by 21.5% to €35.1 million. This translates into a net asset value per share of €0.622 (2014: €0.512). The pre-tax return on equity improved by 0.9 percentage points to 8.96% and the return on assets increased by 0.68 percentage points to 4.61%.

Dividend

For the third consecutive year, the Directors recommended an unchanged final net dividend of €0.0125 per share to all shareholders as at close of trading on 22 June 2016. The dividend will be paid on 12 July 2016 subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 24 June 2016.

Combined with the net interim dividend of €0.01 per share, the Company’s total distribution with respect to the 2015 financial year amounts to a total net dividend of €0.0225 per share, representing a 20.0% increase over last year’s payment and exactly in line with what was projected at the time of the IPO. The total net dividend translates into a net yield of 1.96% based on today’s all-time closing price of €1.15.

Outlook

The Directors expect that the level of activity in 2016 will continue at current levels. In the IPO, the Company had forecast a pre-tax profit figure of €2.63 million and €2.92 for 2016 and 2017 respectively.

Download

Tigné Mall plc – Annual Report and Financial Statements for the year ended 31 December 2015.

Print This Page Print This Page