MIDI plc - Interim Results

Friday, August 31st, 2018

On 30 August 2018, MIDI plc published its condensed interim financial statements covering the six-month period ended 30 June 2018.

Performance Overview

During the first half of 2018, MIDI registered a significant increase in revenues which amounted to €35.5 million compared to just €1.87 million in the previous comparable period. This increase reflects the delivery of various Q2 apartments to their respective owners. In fact, revenue generated from development and sale of property reached €33.6 million (H1 2017: €0.18 million) whilst property and rental management income amounted to €1.86 million (H1 2017: €1.68 million).

On the expenditure side, total costs amounted to €21.1 million leading to an operating profit of €14.4 million. The financial performance of MIDI was also positively impacted by lower net finance costs which decreased by 10.5% to €1.04 million from €1.16 million in the previous comparable period as well as a positive contribution of €0.77 million from MIDI’s 50% shareholding in Mid Knight Holdings. The latter is the owner of “The Centre” office block located at Tigne’ Point which started to receive its first tenants in H2 2017.

Overall, MIDI reported a pre-tax profit of €14.1 million compared to a pre-tax loss of €1.51 million in the first half of 2017. After taking into account tax charges of €3.56 million, the net profit for the period amounted to €10.5 million.

The condensed Statement of Financial Position as at 30 June 2018, compared to the corresponding figures as at the end of 2017, shows a marginal decrease of 0.6% in total assets to nearly €234 million whilst total liabilities contracted by 8% to €136.8 million reflecting lower amounts of trade and other payables (-€6.88 million) as well as borrowings (-€3.88 million). As a result, the company’s equity base grew by 12.2% to €97.2 million. This translates into a net asset value of €0.4537 compared to a net asset value per share of €0.4045 as at 31 December 2017.

Outlook

In their commentary, the Directors explained that MIDI has continued to move forward with its masterplan for Manoel Island as the Environment Resources Authority approved the related Environment Impact Assessment. As such, MIDI is now forecasting that the outline development permit will be approved by the Planning Authority later on this year and that construction works should commence early in 2019. Moreover, MIDI made reference to the announcement dated 21 June 2018 and reiterated that discussions with Tumas Group Company Limited in connection with the development of Manoel Island are at a preliminary stage and may or may not result in a transaction. In this respect, MIDI also stated that any eventual agreement will be subject to the company’s contractual obligations and any necessary regulatory and shareholder approvals in terms of law.

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MIDI plc – Condensed Interim Financial Statements for the six-month period ended 30 June 2018.

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