Tigne Mall plc - Full-Year Results

Thursday, April 6th, 2017

On 06 April, Tigné Mall plc published its financial statements for the year ended 31 December 2016.

Performance Overview

During 2016, Tigné Mall’s revenue grew by a further 3.8% to over €5.9 million (2015: €5.7 million) on the back of increased tenant sales supported by a robust footfall. Furthermore, the shopping mall remained fully occupied also in 2016.

Cost of sales increased by 6.8% to €1.6 million. As a result, the gross profit figure amounted to €4.3 million, an increase of 2.7% over the corresponding figure of €4.19 million in 2015. However, the gross profit margin eased to 72.7% from 73.5% in 2015.

Meanwhile, administrative expenses jumped by 15.4% to €0.42 million (2015: €0.36 million). Nonetheless, operating profit still improved by 1.5% to €3.88 million (2015: €3.82 million). Excluding the depreciation charge of €1.46 million (2015: €1.35 million), earnings before interests, tax, depreciation and amortisation (EBITDA) amounted to €5.34 million, representing a 3.2% improvement over the previous year’s comparable figure. This also exceeds the projected figure (at the time of the IPO) of €5.12 million by 4.3%.

Net finance costs continued to trend lower to €0.82 million compared to €0.96 million in 2015 on the back of additional accelerated loan repayments.

Overall, Tigné Mall plc registered a further 6.7% increase in pre-tax profits to €3.06 million (2015: €2.87 million). This is also 16.5% above the projected pre-tax profit figure of €2.63 million published in the IPO Prospectus dated 20 March 2013. After accounting for a tax charge of just over €1 million (2015: €1.21 million), the Company’s net profit for 2016 amounted to €2.05 million, representing a 23.8% improvement over the previous year’s comparable figure and 36.8% ahead of the IPO projections.

The Statement of Financial Position shows that total assets decreased by 1.8% to €64.9 million (2015: €66.0 million), largely reflecting the depreciation charge for the year. Similarly, total liabilities decreased by 5.9% to €29.1 million (2015: €30.9 million) mainly reflecting the further €1.7 million reduction in borrowings to €19.98 million.

Shareholders’ funds grew by 1.8% to €35.7 million. This translates into a net asset value per share of €0.633 (2015: €0.622). The pre-tax return on equity eased marginally lower to 8.64% from 8.96% whilst the return on assets increased by 0.06 percentage points to 4.67%.

Dividend

For the fourth consecutive year, the Directors recommended an unchanged final net dividend of €0.0125 per share to all shareholders as at close of trading on 6 June 2017. The dividend will be paid on 28 June 2017 subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 9 June 2017.

Combined with the net interim dividend of €0.0125 per share, the Company’s total distribution with respect to the 2016 financial year amounts to a total net dividend of €0.025 per share, representing an 11.1% 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 2.4% based on today’s all-time closing price of €1.062.

Outlook

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

Download

Tigné Mall plc – Annual Report and Financial Statements for the year ended 31 December 2016.

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