MIDI p l c : Approval of Audited Financial Statements
April 25, 2023 at 07:31 am EDT
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Company Announcement
The following is a Company Announcement issued by MIDI p.l.c. ("MIDI" or the "Company") pursuant to the Capital Markets Rules of the Malta Financial Services Authority ("MFSA").
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Approval of Audited Financial Statements
The Company's Board of Directors has today, the 25 April 2023, approved the audited consolidated financial statements for the year ended 31 December 2022.
The Group has registered a loss of €2.28 million for the financial year ended 31 December 2022 (2021: Profit of €0.60 million).
The reasons for the decline in financial performance between 2022 and 2021 are two-fold. Firstly, and primarily, MIDI had no inventory of residential apartments for sale during 2022, reflecting the cyclical nature of the Group's property development business. As a consequence, revenues generated from the sale of property during 2022 amounted to €229k (2021: €6.61 million) resulting in an operating loss of €1.13 million (2021: operating profit: €686k) for the development and sale of property segment. The second reason is due to a fair value loss of €1.05 million which has been recorded in the 2022 financial statements in relation to the book value of the Group's investment property portfolio. This fair value loss has resulted in an operating loss from the Group's property rental and management segment of €0.28 million in 2022 (2021: operating profit of €1.18 million). Revenues from this segment amounted to €3.19 million (2021: €2.81 million).
This fair value loss is the only major variance from the projected results published on the 27 June 2022 in the Company's 2022 Financial Analysis Summary as this was not foreseen at the time of preparation of these projections.
The Group's Net Asset Value has decreased from €102.39 million as at 31 December 2021 to €101.27 million as at 31 December 2022, thus reflecting the loss being registered for the 2022 financial year. Hence the Net Asset Value per share as at year end amounts to €0.473 compared to €0.478 as at 31 December 2021.
The Board will not be proposing the declaration of a dividend for 2022.The Board resolved that these audited financial statements be submitted for the approval of the shareholders at the forthcoming Annual General Meeting scheduled for the 19 June 2023. These financial statements are attached to this company announcement and are also available for viewing at the registered office of the Company and on the Company's website http://www.midimalta.com/en/annual-reports.
In January 2023, the Company launched the Q3 - Fortress Gardens apartments to the market. The market's response has been very positive and more than 60% of the launched apartments are currently either subject to a reservation agreement or to a promise of sale agreement. This augurs well for the future financial performance of the Group when, upon the delivery of these apartments in 2025, the Group will be in a position to register the profits made from these sales.
Midi plc published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 11:30:06 UTC.
MIDI p.l.c. is a Malta-based company, which is engaged in the development of the Manoel Island and Tigne Point project. The Company operates through two segments: development and sale of property and property rental and management. The development and sale of property segment comprises primarily the construction and sale of residential units within the Tigne Point and Manoel Island projects. The property rental and management segment includes the leasing and management of retail space at Pjazza Tigne and the catering units situated on the foreshore, berthing fees, as well as car park operations. In addition, the Company, through its subsidiary, Solutions & Infrastructure Services Limited, offers services pertaining to HVAC and building technology services. The Companyâs subsidiaries include Tigne Contracting Limited and T14 Investments Limited.
MIDI P.L.C. 
