Company Announcement | |
Plaza Centres plc (the "Company") | |
Errata Corrige - Interim Financial Statements | |
Date of announcement | 25 July 2022 |
Reference | PZC 233/2022 |
In Terms of Chapter 5 of Capital Markets Rules | |
QUOTE
Reference is made to Company Announcement PZC 232/2022 issued on the 22 July 2022.
The Board would like to clarify that the interim financial statements which were attached to company announcement PZC 232/2022 were not showing all information due to formatting issues.
A copy of the updated interim financial statements can be viewed either on the Company's web portal: https://plaza-shopping.com/investors-info,or as per the attached copy.
Any inconvenience caused is regretted.
UNQUOTE
Signed:
Louis de Gabriele
Company Secretary
Plaza Centres p.l.c.
Level 3 - The Plaza Commercial Centre
Bisazza Street, Sliema SLM 1640, Tel: 21343832/3/4 Fax: 21343830
E-mail: info@plazamalta.com; www.plaza-shopping.com
Half-Yearly Report for the period ended 30 June 2022
The following Half-Yearly Report is being published pursuant to the terms of Chapter 5 of the Malta Financial Services Authority Capital Markets Rules. The condensed interim financial information has been extracted from the group's unaudited financial statements for the six months ended 30 June 2022. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2021, which have been prepared in accordance with IFRSs as adopted by the European Union. The accounting policies used in the preparation of the Half Yearly Report are consistent with those used in the annual financial statements for the year ended 31 December 2021. This Half-Yearly Report has not been audited nor reviewed by the company's independent auditors.
Interim Directors' report
The Directors hereby present the company's financial results for the six months ending 30 June 2022.
Principal activities
The Group's principal activity, is to lease, manage and market the Plaza Shopping and Commercial Centre (owned by the Parent Company).
During the month of June, a 51% owned subsidiary company, named Esports Avenue Limited, was incorporated. Over the next 12 months, the Group does not expect that this new venture will contribute significantly to the Group's results. Esports Avenue Limited will be leasing 150sqm of retail space within The Plaza Shopping Centre which area features an Esports lounge and a fully fledged cutting edge studio attached to it, which combination is a first in the local Esports industry. The company started operating mid-July and the aim of this company is to combine the family fun aspect with the professional side of Esports, meaning that families and friends can enjoy popular Esport games and have fun together. The facility is also equipped to host professional teams who can rent the whole area for private bootcamps, training, tournaments and more. The space is also intended to be a hub for Esports education for adults and children alike.
Group Financial results
During the first six months of the year, the Group generated revenue of €1,434,877 (2021: €1,152,621) an increase of 24.49%, whilst EBIDTA increased by 33.93% to €1,070,553 (2021: €799,323). Profit before tax
increased by 55.7% to €679,011 (2021: €436,116). During the previous financial period the parent company, Plaza Centres plc, received an extraordinary dividend of €3,350,000 from the subsidiary company, Tigne
Place Limited. During the current period, the Group continued with the bond redemption exercise and redeemed a further €1,670,000 of its unsecured bonds (2021: €100,000)
The Group's occupancy at 30 June 2022 was 90% (30 June 2021: 83%). As from last December the office levels have been fully occupied. During the first few months of this year, there was further enchancement of the tenant mix within the Plaza Commercial Centre, mainly on level 0. These additions mainly refer to Esports Plaza and F45, a global fitness community with more than 3,000 gyms around the world, specializing in innovative, high-intensity group workouts that are fast, fun and result-driven.
The Directors do not anticipate a significant change in the Group's performance in the next six months. The Board remains cautious due to the prevailing economic challenges and the potential risk of a more COVID- 19 virus strain emerging.
As at 30 June 2022, the Board of Directors recommend the payment of an interim net dividend of €250,000 equivalent to €0.0098 per share (30 June 2021: Nil). The cut-off date for eligibility to dividends shall be the 5 August 2022 and that accordingly only shareholders on the register of members on that date shall be eligible to receive the dividend which will be paid on the 19 August 2022.
Condensed Statements of Financial Position | ||||
At 30 June 2010 | As at 30 | As at 31 | As at 30 | As at 31 |
June 2022 | December 2021 | June 2022 | December 2021 | |
Group | Company | |||
€ | € | € | € | |
ASSETS | ||||
Non current assets - property, plant and equipment | 32,157,199 | 32,319,171 | 32,157,199 | 32,319,171 |
Other non-current assets | 1,635,046 | 2,952,077 | 1,786,046 | 3,052,077 |
Current assets | 2,928,431 | 3,348,704 | 2,828,261 | 3,348,534 |
Total assets | 36,720,676 | 38,619,952 | 36,771,506 | 38,719,782 |
EQUITY AND LIABILITIES | ||||
Capital and reserves | 26,637,157 | 26,830,004 | 26,557,816 | 26,799,664 |
Non-current liabilities | 8,906,001 | 10,562,735 | 8,906,001 | 10,562,735 |
Current liabilities | 1,177,518 | 1,227,213 | 1,307,689 | 1,357,383 |
Total liabilities | 10,083,519 | 11,789,948 | 10,213,690 | 11,920,118 |
Total equity and liabilities | 36,720,676 | 38,619,952 | 36,771,506 | 38,719,782 |
Condensed Income Statements and Statements of Other Comprehensive Income | ||||
Six months ended 30 June | ||||
2022 | 2021 | 2022 | 2021 | |
Group | Company | |||
€ | € | € | € | |
Revenue | 1,434,877 | 1,152,621 | 1,434,877 | 1,152,621 |
Marketing, maintenance and administrative costs | (364,324) | (353,298) | (364,324) | (348,477) |
Operating profit before depreciation | 1,070,553 | 799,323 | 1,070,553 | 804,144 |
Depreciation | (244,739) | (245,097) | (244,739) | (245,097) |
Operating profit | 825,814 | 554,226 | 825,814 | 559,047 |
Investment and other related income | 6,709 | 46,633 | 6,709 | 3,396,633 |
Net finance costs | (153,511) | (164,743) | (153,511) | (164,763) |
Profit before tax | 679,011 | 436,116 | 679,011 | 3,790,917 |
Tax expense | (218,040) | (170,099) | (218,040) | (170,099) |
Profit for the period | 460,971 | 266,017 | 460,971 | 3,620,818 |
Earnings per share (cents) | 1c8 | 1c0 | ||
Profit for the period | 460,971 | 266,017 | 460,971 | 3,620,818 |
Other comprehensive income: | ||||
Items that may be reclassified to profit or loss | ||||
Losses from changes in fair vaue of debit instruments at FVOCI | (102,819) | 245 | (102,819) | 245 |
Total comprehensive income for the period | 358,152 | 266,262 | 358,152 | 3,621,063 |
Condensed Statements of Changes in Equity
Group | Share | Treasury | Share | Revaluation | Retained | Total | Non-controlling | Total |
capital | shares reserve | premium | reserve | earnings | interest | equity | ||
€ | € | € | € | € | € | € | € | |
Balance at 1 January 2021 | 5,648,400 | (550,000) | 3,094,868 | 14,581,522 | 3,903,192 | 26,677,982 | - | 26,677,982 |
Total comprehensive income for the period | - | - | - | 245 | 266,017 | 266,262 | - | 266,262 |
Dividends relating to 2020 | - | - | - | - | (400,000) | (400,000) | - | (400,000) |
Balance at 30 June 2021 | 5,648,400 | (550,000) | 3,094,868 | 14,581,767 | 3,769,209 | 26,544,244 | - | 26,544,244 |
Balance at 1 January 2022 | 5,098,400 | - | 3,094,868 | 14,601,360 | 4,035,376 | 26,830,004 | - | 26,830,004 |
Total comprehensive income for the period | - | - | - | (81,176) | 439,328 | 358,153 | - | 358,153 |
Dividends relating to 2021 | - | - | - | - | (600,000) | (600,000) | - | (600,000) |
Non controlling interest in subsidiary (Note 1) | - | - | - | - | - | - | 49,000 | 49,000 |
Balance at 30 June 2022 | 5,098,400 | - | 3,094,868 | 14,520,184 | 3,874,704 | 26,588,157 | 49,000 | 26,637,157 |
Company | Share | Treasury | Share | Revaluation | Retained | Total | Non-controlling | Total |
capital | shares reserve | premium | reserve | earnings | interest | equity | ||
€ | € | € | € | € | € | € | € | |
Balance at 1 January 2021 | 5,648,400 | (550,000) | 3,094,868 | 14,581,522 | 515,708 | 23,290,498 | - | 23,290,498 |
Total comprehensive income for the period | - | - | - | 245 | 3,620,818 | 3,621,063 | - | 3,621,063 |
Dividends relating to 2020 | - | - | - | - | (400,000) | (400,000) | - | (400,000) |
Balance at 30 June 2021 | 5,648,400 | (550,000) | 3,094,868 | 14,581,767 | 3,736,526 | 26,511,561 | - | 26,511,561 |
Balance at 1 January 2022 | 5,098,400 | - | 3,094,868 | 14,601,360 | 4,005,036 | 26,799,664 | - | 26,799,664 |
Total comprehensive income for the period | - | - | - | (81,176) | 439,328 | 358,151 | - | 358,151 |
Dividends relating to 2021 | - | - | - | - | (600,000) | (600,000) | - | (600,000) |
Balance at 30 June 2022 | 5,098,400 | - | 3,094,868 | 14,520,184 | 3,844,364 | 26,557,816 | - | 26,557,816 |
Condensed Statements of Cash Flows | ||||||||
Six months ended 30 June | ||||||||
2022 | 2021 | 2022 | 2021 | |||||
Group | Company | |||||||
€ | € | € | € | |||||
Net cash generated from operating activities | 436,812 | 452,420 | 436,812 | 417,456 | ||||
Net cash generated/ (used in) from investing activities | 987,920 | (3,170,622) | 987,920 | 341,131 | ||||
Net cash used in financing activities | (2,272,983) | (512,040) | (2,272,983) | (512,039) | ||||
Net movement in cash and cash equivalents | (848,251) | (3,230,242) | (848,251) | 246,548 | ||||
Cash and cash equivalents at beginning of period | 2,630,864 | 4,550,583 | 2,630,864 | 1,073,793 | ||||
Cash and cash equivalents at end of period | 1,782,613 | 1,320,341 | 1,782,613 | 1,320,341 |
Notes to the Consolidated Condensed Financial Statements
1. Non-controlling interest (NCI)
During the current financial period, Esports Avenue Limited was incorporated and the Group holds 51% of the issued share capital of this company, which in aggregiate amounts to €100,000, and of its voting rights. As at 30 June 2022, since this company had not yet commenced its operations, the NCI of the Group is equivalent to 49% of the company's issued share capital; that is €49,000.
Statement Pursuant to Capital Markets Rule 5.75.3 issued by the Malta Financial Services Authority
We confirm that to the best of our knowledge:
1.The condensed interim financial information gives a true and fair view of the financial position of the group and company as at 30 June 2022, and of their financial performance and cash flows for the period then ended in accordance with International Financial Reporting Standards as adopted by the European Union applicable to 'Interim Financial Reporting' (IAS 34);
2.The Interim Directors' Report includes a fair review of the information required in terms of Captial Markets Rules 5.81 to 5.84.
Charles J.Farrugia | Etienne Sciberras |
Chairman of the Board of Directors | Chairman of the Audit Committee |
22 July 2022 | |
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Disclaimer
Plaza Centres plc published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 12:43:02 UTC.