TIGNÉ MALL p.l.c.
Condensed Interim Financial Statements (unaudited) 30 June 2023
Company Registration Number: C35139
TIGNÉ MALL p.l.c.
Condensed Interim Financial Statements - 30 June 2023
Pages | |
Interim Directors' Report | 1 - 2 |
Condensed statement of financial position | 3 |
Condensed statement of comprehensive income | 4 |
Condensed statement of changes in equity | 5 |
Condensed statement of cash flows | 6 |
Notes to the condensed Interim Financial Statements | 7 - 9 |
TIGNÉ MALL p.l.c.
Condensed Interim Financial Statements - 30 June 2023
Interim Directors' Report pursuant to Listing Rule 5.75.2
This condensed interim report is published in terms of the Malta Financial Services Authority Listing Rules Chapter 5 and the Prevention of Financial Market Abuse Act, 2005. The interim financial information included in this respect has been extracted from Tigné Mall plc.'s unaudited financial information for the six months ended 30 June 2023 prepared in accordance with IAS 34 'Interim Financial Reporting'. In terms of Listing Rule 5.75.5, this interim report has not been audited or reviewed by the Company's independent auditors.
Principal activities
The Company's principal activity, which is unchanged since last year, is the ownership and management of 'The Point Shopping Mall' and its car park.
Review of the business
Like other leading shopping destinations around the world, The Point attracts customers by offering a pleasant atmosphere, convenience, variety, and attractive promotions to create a memorable shopping experience. Attractive destinations are created by employing various strategies to attract and engage shoppers. The Point continues to work in this respect to retain its position as the retail destination of choice for many people. Management strives to achieve this by combining a visually appealing environment, a diverse retail mix, entertainment, appealing food and beverage options, events, effective marketing, and community engagement. These factors work together to make The Point a desirable place for people to visit, shop, and spend their time.
During the period under review, the Company continued with its normal trading activities. Consumer demand was strong, as were incoming tourism numbers. This resulted in encouraging turnover for the stores at The Point, despite the prevailing inflationary pressures.
During the first half of 2023, the Company registered a profit after tax of €1,926,914 (30 June 2022: €1,599,450). The Company's operating profits amounted to €2,567,149, an improvement of over 10% over the same period in 2022. This improvement in profitability is primarily attributable to an increase in rental income, both fixed and variable. In parallel, the Company has continued to meet its loan repayment obligations, and this has helped to ease the annual burden of finance costs over the years. In view of the healthy cash flow and the reduction in bank borrowings to just under €8 million, the Company plans to maintain its semi-annual dividend policy for the current year.
The Company's senior management team has compiled financial projections for the year ending 31 December 2023. These comprise historical financial information up to the date of authorisation for issue of these financial statements and forecast financial information for the rest of 2023. These cash flow projections show that the Company is expected to continue having sufficient liquidity and financial resources to meet its ongoing obligations and expected cash outflows.
The Board is declaring an interim net dividend of €765,000 (2022: €750,000). This will be paid on 7th September 2023 to shareholders on the Company's register at the Central Securities Depositary of the Malta Stock Exchange at close of business on 25th August 2023.
1
TIGNÉ MALL p.l.c.
Condensed Interim Financial Statements - 30 June 2023
Interim Directors' Report pursuant to Listing Rule 5.75.2 - continued
Directors who held office during the period
The Directors of the Company who held office during the period ended 30 June 2023 were:
Joseph Zammit Tabona (Chairman)
Chantelle Marie Coleiro - (resigned on 22 June 2023)
David Demarco - (resigned on 22 June 2023)
Marzena Formosa
Albert J. Frendo
Etienne Sciberras - (appointed on 22 June 2023)
Suzanne Stafrace - (appointed on 22 June 2023)
On behalf of the board
Joseph Zammit Tabona | Etienne Sciberras |
Chairman | Director |
11 August 2023 |
2
TIGNÉ MALL p.l.c. Condensed Interim Financial statements - 30 June 2023
Condensed statement of financial position
ASSETS
Non-current assets
Property, plant and equipment
Right-of-use assets
Current assets
Trade and other receivables
Cash and cash equivalents
Total current assets
Total assets
EQUITY
Capital and reserves
LIABILITIES
Non-current liabilities
Trade and other payables
Borrowings
Lease liabilities
Deferred tax liabilities
Total non-current liabilities
As at
30 June 2023 31 December 2022
(unaudited) (audited)
€€
80,345,719 80,993,856
3,864,746 3,890,121
84,210,465 84,883,977
3,283,590 3,600,716
3,983,634 3,074,724
7,267,224 6,675,440
91,477,689 91,559,417
60,946,752 59,019,838
613,849 667,367
6,291,192 7,041,192
4,255,011 4,225,088
12,821,396 13,004,267
23,981,448 24,937,914
Current liabilities | ||
Trade and other payables | 4,252,973 | 4,327,710 |
Borrowings | 1,500,000 | 1,944,037 |
Lease liabilities | 88,803 | 88,803 |
Current tax liabilities | 707,713 | 1,241,115 |
Total current liabilities | 6,549,489 | 7,601,665 |
Total liabilities | 30,530,937 | 32,539,579 |
Total equity and liabilities | 91,477,689 | 91,559,417 |
The condensed interim financial information on pages 3 to 9 was authorised for issue by the board of directors on 11 August 2023 and was signed on its behalf by:
Joseph Zammit Tabona | Etienne Sciberras |
Chairman | Director |
3
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tigné Mall plc published this content on 11 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2023 11:41:02 UTC.