Tigne Mall p l c : Interim Financial Statements ended 30 June 2022

TIGNÉ MALL p.l.c.

Condensed Interim Financial Statements (unaudited) 30 June 2022

Company Registration Number: C35139

TIGNÉ MALL p.l.c.

Condensed Interim Financial Statements - 30 June 2022

	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 - 10

TIGNÉ MALL p.l.c.

Condensed Interim Financial Statements - 30 June 2022

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 2022 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

During the period under review, the Company continued with its normal trading activities without interruption. The preceding two years both saw a lockdown of around a month and a half in the first half of each year. Therefore, the first half of 2022 represented a return to normality for the business albeit business was a bit slower than in 2021, when shoppers were redeeming Government-issued retail vouchers.

During the period under review, the Company registered a profit after tax of €1,599,450 (30 June 2021: €757,858). As expected, this represents a significant improvement on the past two years when retail was hit with two successive Covid-19 lockdowns. More importantly, the profitability attained also represents an improvement on 2019 results (30 June 2019: €1,193,424). This improvement is mainly the result of uninterrupted collection of rent, higher revenues from the car park and lower finance costs.

Earlier in 2021, the Company had entered into an agreement with the Classic group to replace Debenhams whose operations were wound up in June 2021. Similarly, the Company also entered into an agreement with Spar to replace the previous operator - Chain food store. This has meant that The Point has traded with these two key outlets closed for refurbishment during the period under review. Looking forward, the Company eagerly awaits the opening of these two new outlets in the latter half of the year.

The Company's senior management team has compiled financial projections for the year ending 30 June 2023. These comprise historical financial information up to the date of authorisation for issue of these financial statements and forecast financial information for the period. These cash flow projections show that the Company is expected to continue having sufficient liquidity and financial resources to meet its obligations and expected cash outflows. Based on the outcome of the cash flow projections as referred to above, the Directors and senior management consider the going concern assumption in the preparation of the Company's financial statements as appropriate as at the date of authorisation for issue of the 2022 interim financial statements. They also believe that no material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern exists as at that date.

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TIGNÉ MALL p.l.c.

Condensed Interim Financial Statements - 30 June 2022

Interim Directors' Report pursuant to Listing Rule 5.75.2 - continued

Review of the business - continued

The Board of Directors is well-aware that the Covid-19 pandemic remains an on-going challenge. Likewise, prevailing inflationary pressures may have an impact on consumer purchasing power. Nevertheless, the Company retains a robust financial position and looks forward to considering any growth opportunities as they may arise, support the tenants, and continue to deliver long-term growth for its shareholders.

In support of this, the Board of Directors is declaring an interim net dividend of €750,000. This will be paid on 2nd September 2022 to shareholders on the Company's register at the Central Securities Depositary of the Malta Stock Exchange at close of business on 19th August 2022.

On behalf of the board

Joseph Zammit Tabona	David Demarco
Chairman	Director
4 August 2022

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TIGNÉ MALL p.l.c. Condensed Interim Financial statements - 30 June 2022

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

Current liabilities

Trade and other payables

Borrowings

Lease liabilities

Current tax liabilities

Total current liabilities

As at

30 June 2022 31 December 2021

(unaudited)(audited)

€€

81,810,429 81,400,000

3,894,0393,940,872

85,704,468 85,340,872

3,076,6482,981,236

2,579,9852,826,649

5,656,6325,807,885

91,361,100 91,148,757

58,354,142 56,754,692

703,867695,642

8,385,792 10,011,094

4,196,1794,167,270

13,171,628 13,216,202

26,457,466 28,090,208

4,081,2603,531,832

1,790,8831,787,234

88,80388,803

588,546895,988

6,549,4926,303,857

Total liabilities	33,006,958	34,394,065
Total equity and liabilities
91,361,100	91,148,757

The condensed interim financial information on pages 3 to 10 was authorised for issue by the board of directors on 4 August 2022 and was signed on its behalf by:

Joseph Zammit Tabona	David Demarco
Chairman	Director

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