MIDI p l c : Interim Financial Statements for 2021 – Marketscreener.com

MIDI p.l.c.
Condensed Consolidated Interim Financial Information
30 June 2021
MIDI p.l.c.
Condensed Consolidated Interim Financial Information ‐ 30 June 2021
Interim Directors’ Report pursuant to Listing Rule 5.75.2
1 ‐ 2
Condensed consolidated statement of financial position
Condensed consolidated income statement
Condensed consolidated statement of comprehensive income
Condensed consolidated statement of changes in equity
Condensed consolidated statement of cash flows
Notes to the condensed consolidated interim financial information
7 – 12
Directors’ statement pursuant to Listing Rule 5.75.3
MIDI p.l.c.
Condensed Consolidated Interim Financial Information ‐ 30 June 2021
Interim Directors’ Report pursuant to Listing Rule 5.75.2
This Interim Directors’ Report is published in terms of the Malta Financial Services Authority Listing Rules Chapter 5 and the Prevention of Financial Markets Abuse Act, 2005. The consolidated interim financial information included in this report has been extracted from MIDI p.l.c.’s (“MIDI” or “Company”) unaudited consolidated financial information for the six months ended 30 June 2021 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 Group’s independent auditors.
Principal activity
The principal activity of the Group is the development of the Manoel Island and Tigné Point project.
Material events & transactions
In preparing this Report, the Directors have taken regard of the material events and transactions for the period ended 30 June 2021 (“the Relevant Period”), and their impact on the condensed set of financial statements, together with the prospects of the remaining six months ending 31 December 2021.
Although the MIDI Group has registered a profit after tax of €962k (2020: loss of €1.1m) during the Relevant Period, these results have been in part impacted by COVID‐19 pandemic as MIDI continued supporting the tenants of its commercial properties and its car park operator by way of rent concessions albeit not to the same extent as in 2020.
The positive results are in the main driven by the sale of two apartments out of the three apartments in the Q2 residential development which were part of the inventory at the beginning of the year. Revenues generated from the sale of these apartments amounted to €5.4 million (2020: NIL) resulting in an operating profit of €1.3 million (2020: operating loss of €1.2m) for the development and sale of property segment.
With regards to the property and rental management segment, revenues remain subdued at €1.2 million (2020: €1.1m) mainly due to the rent concessions granted to the Company’s commercial property’s tenants in order to mitigate the tenants’ cashflow challenges created by the measures taken by the Authorities to limit the spread of the COVID‐19 pandemic. Operating profit for this segment amounted to €588k (2020: €510k).
The Group’s results for the Relevant Period also include the consolidation of the financial results of its subsidiary Solutions & Infrastructure Services Limited (“SIS”) as well as the Group’s 50% share of the financial results of Mid Knight Holdings Limited (“MKH”), a joint venture company which owns and operates “The Centre” office block located at Tigné Point. The Group’s share of MKH’s profit for the Relevant Period amounted to €994k (2020: €991k).
Total assets have increased marginally from €227.6m as at 31 December 2020 to €227.9m whilst the Group’s Net Asset Value increased from €101.8m to €102.8 million reflecting the profit being posted for the Relevant Period. Consequently, the Net Asset Value per share now stands at €0.480 (€0.476 as at 31 December 2020).
The Company’s focus continues to be on the development of Manoel Island. As announced on 18 February 2021 via company announcement MDI157, MIDI submitted a revised Masterplan for the Restoration and Redevelopment to the Planning Authority and a fresh Environmental Impact Assessment (“EIA”) to the Environmental and Resources Authority (“ERA”). This was necessitated following additional site investigations, carried out by the Company under the supervision of an independent archaeologist approved by the Superintendence of Cultural Heritage, which uncovered archaeological findings on part of the site which was previously earmarked for development. Consequently, the revised Masterplan envisages a reduction in development volumes from the previously approved volumes of 127,000 sqm to 95,000 sqm.
MIDI p.l.c.
Condensed Consolidated Interim Financial Information – 30 June 2021
Interim Directors’ Report pursuant to Listing Rule 5.75.2 ‐ continued
Although the reduction of development volumes impacts the overall profitability of the project, this impact is mitigated to some extent by provisions in the Deed of Emphyteusis entered with Government on 15 June 2000 which provides for specific remedies in the event that the development is impacted by archaeological findings. The Group is currently pursuing the matter with Government.
The EIA for the reduced Manoel Island Masterplan has been approved by ERA on 4 June 2021. This decision has now been appealed by the NGO Flimkien Għal Ambjent Aħjar. The PA public hearing for this revised Masterplan is scheduled for 2 September 2021.
In addition to the Manoel Island project, the Company has also been working on its final development at Tigné Point known as the Q3 Residential Block. This residential block will consist of 63 apartments and underground car parking. A full development permit was granted by the PA on the 16 April 2020 which also includes the landscaping, paving and embellishment of the Garden Battery and adjoining areas. This permit is now subject to an appeal which was lodged by the Fort Cambridge Residents Association. Notwithstanding this, the Company has continued with both the design and procurement processes of the development, in order to be in a position to commence works immediately, should the appeal be decided in the Company’s favour.
Given the fact that the Company has only one property in its inventory for sale, the projected financial performance for the second half of the year will be inferior when compared to that of the first six months of 2021 . The Group’s financial results are mainly driven by the sale of property and given the limited potential revenues available from sale of property for the rest of 2021, the Group anticipates a subdued financial result for 2021. As the Maltese economy returns to a greater state of normality, the Group continues to monitor its cash flow projections to assess the pandemic’s lingering effect on the Group’s operations. Whilst adopting a prudent approach in its projected cash flow assessments, the Group expects to have sufficient liquidity and financial resources to meet its obligations and expected cash outflows after also taking into account arrangements with its bankers in respect of new and existing bank facilities as noted in the Assessment of going concern assumption in note 2 of these Condensed Consolidated Interim Financial Statements.
Related party transactions
MIDI p.l.c. and its subsidiaries enter into related party transactions in the ordinary course of their activities. Related party transactions are reviewed and approved by the Audit Committee on a regular basis. All related party transactions pertaining to the six‐month period ended 30 June 2021 have been disclosed in Note 6 to the Condensed Consolidated Interim Financial Information.
On behalf of the Board
Alec A. Mizzi
Joseph A. Gasan
30 August 2021
Company Secretary:
Catherine Formosa
Registered Office:
North Shore, Manoel Island, Gżira, Malta
Telephone Number:
(+356) 2065 5500
Company Registration No:
C 15836
MIDI p.l.c.
Condensed Consolidated Interim Financial Information – 30 June 2021
Condensed consolidated statement of financial position
As at
As at
30 June
31 December

Non‐current assets
Property, plant and equipment
Right‐of‐use assets
Investment property
Investments in joint ventures
Financial investments
Deferred tax assets

Total non‐current assets
Current assets
Inventories ‐ Development project
Other current assets
Total current assets
Total assets
Capital and reserves
Non‐current liabilities
Trade and other payables
Lease liabilities
Deferred tax liabilities
Total non‐current liabilities
Current liabilities
Trade and other payables
Lease liabilities
Current tax liabilities

Total current liabilities
Total liabilities
Total equity and liabilities
The condensed consolidated interim financial information on pages 3 to 12 was authorised for issue by the
board of directors on 30 August 2021 and was signed on its behalf by:

Alec A. Mizzi
Joseph A. Gasan
Midi plc published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 15:21:04 UTC.


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