Tigné Mall plc - Full-Year Results

On 14 April 2022, Tigné Mall plc published its Annual Report and Financial Statements for the year ended 31 December 2021. 

Performance Overview

Revenues rebounded by 23% to €6.7 million which is 4.2% short of the record figure of just under €7 million posted in 2019. In this respect, the company explained that despite the various operational headwinds, including the mandatory closure of non-essential outlets between 11 March 2021 and 25 April 2021, business results were highly encouraging. Indeed, following the reopening of all non-essential outlets, business picked up almost immediately and turnover registered by tenants very often exceeded that of 2019. Moreover, The Point Shopping Mall remained fully leased out throughout the entire year.

On the expenditure side, total operating costs eased by 2.6% to €2.47 million as the company scaled down the extent of support provided to tenants. Excluding depreciation charges, EBITDA surged by 28.5% to €6.04 million which is 2.2% short of the record EBITDA of €6.17 million posted in 2019.

Meanwhile, net finance costs dropped by 21.4% to €0.59 million as the company continued with its fast pace of debt reduction. Indeed, bank borrowings contracted by 21% to €11.8 million compared to €14.9 million as at the end of 2020.

Overall, Tigné Mall reported a pre-tax profit of €3.64 million compared to €2.16 million in 2020 and €3.58 million in 2019. After accounting for a tax charge of €0.82 million, the company posted a record net profit of €2.81 million which, in turn, translates into a return on average equity of 5.32%.

The Statement of Financial Position as at 31 December 2021 shows that total assets increased by 9.1% to €91.1 million largely reflecting the increase in the value of The Point Shopping Mall following a revaluation exercise. On the other hand, total liabilities eased by 0.6% to €34.4 million as the drop in bank borrowings was mostly offset by the increase in deferred tax liabilities. Shareholders’ funds grew by almost 16% to €56.8 million which, in turn, translates into a net asset value per share of €1.006 (31 December 2020: €0.868).

Dividend

The Directors of Tigné Mall are recommending the payment of a final net dividend of €0.0133 per share. Coupled with the net interim dividend of €0.0067 per share paid out in early September 2021, the total net dividend for the year amounts to €0.02 per share and translates into a payout ratio of 40.1%. The final dividend is payable on 8 July 2022 to all shareholders as at close of trading on 15 June 2022.