Tigne Mall plc - Full-Year Results

Friday, April 27th, 2018

On 27 April, Tigné Mall plc published its annual report and financial statements for the year ended 31 December 2017.

Performance Overview

During the period under review, the Company reported a further 3.9% increase in revenue to €6.15 million on the back of increased tenant sales, full occupancy and higher footfall.

Cost of sales eased 0.5% lower to €1.6 million whilst administrative expenses increased by 4.2% to €0.44 million. As a result, operating profit amounted to €4.1 million, representing a 5.6% increase from the €3.88 million figure for 2016.

Excluding the depreciation charge of €1.45 million (2016: €1.46 million), the Company’s earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €5.55 million representing a 3.9% improvement over the corresponding figure in the previous financial year.

Net finance costs contracted by €0.1 million or 12.8% to €0.72 million largely reflecting the continued repayment of the Company’s borrowings. In this respect, the Directors noted that during the year under review, management renegotiated the loan repayment arrangement with the bank to enable the company to effect larger repayments at more advantageous terms.

Overall, Tigne Mall plc registered a pre-tax profit of €3.38 million representing a 10.5% increase over the previous year’s figure. After accounting for a tax charge of €1.06 million (2016: €1.01 million), the Company’s net profit for 2017 amounted to €2.32 million representing a 13.3% increase over the corresponding figure for 2016 of €2.05 million as well as 37% higher than the 2017 estimated net profit figure of €1.69 million that was published in the Company’s IPO Prospectus back in 2013. This translates into an earnings per share of €0.0411 (2016: €0.0363).

The Statement of Financial Position as at 31 December 2017 shows total assets of €78.29 million representing a 20.7% increase over the corresponding figure as at 31 December 2016. The increase is largely due to the €13.8 million uplift in the value of the Company’s shopping mall to €62.09 million following a revaluation exercise. Similarly, the Company’s liabilities grew by 12.3% to €32.71 million mainly due to the additional deferred tax arising from the aforementioned revaluation which was only partially offset by the €2.3 million reduction in the Company’s total borrowings to €16 million. Overall, the Company’s equity base grew by 27.6% to €45.58 million which translates into a net asset value per share of €0.808 (2016: €0.633).

Dividend

The Directors recommended a final net dividend payment of €0.012875 per share to all shareholders as at close of trading on Thursday 21 June 2018. The dividend will be paid on Wednesday 18 July subject to shareholder approval at the Annual General Meeting scheduled to be held on Monday 25 June 2018.

Combined with the net interim dividend also of €0.012875 (paid on 31 August 2017), the total net distribution with respect to the 2017 financial year amounts to €0.0258 per share representing a 3% increase from the previous year’s dividend. Given that the growth in dividend was below the increase in profitability, the payout ratio dropped to 62.6% from 68.9% last year. The 2017 actual distribution of €0.0258 per share is in line with the forecasted distribution set at the time of 2013 IPO.

Outlook

The Directors expect that the level of activity in 2018 will continue at current levels.

Download

Tigne Mall plc – 2017 Annual Report and Financial Statements

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