Two up, one down
The Plaza Plaza Centres plc published last year's preliminary profits statement following a board of drectors' meeting held on March 28. The directors proposed a gross dividend of €0.1125 per share (€0.0731 per share net of tax) for approval by...
The Plaza
Plaza Centres plc published last year's preliminary profits statement following a board of drectors' meeting held on March 28.
The directors proposed a gross dividend of €0.1125 per share (€0.0731 per share net of tax) for approval by shareholders at the annual general meeting due to be held on April 25. This represents a 3 per cent increase over last year's dividend and based on the current market price of €1.703 per share translates into a gross dividend yield of 6.6 per cent (4.3 per cent net of tax).
The dividend will be paid on April 29 to those shareholders as at close of trading on Tuesday April 1.
During the 12 months ended December 31, 2007, the total revenue generated by Plaza Centres amounted to €1.6 million, an increase of 5.4 per cent from the previous year.
The directors reported that occupancy levels within the complex remain high at 98.3 per cent. Total operating expenses incorporating marketing costs, maintenance costs and administrative expenses rose by 20 per cent to €222,872.
Earnings before interest, tax, depreciation and amortisation (EBITDA) generated by Plaza Centres in 2007 amounted to €1.4 million (2006: €1.3 million). The charge for depreciation was marginally unchanged at €275,000 giving an operating profit of €1.1 million, 4.4 per cent higher than the previous year. The operating profit margin edged lower but remained above the 69 per cent level.
Net interest receivable increased to €53,366 resulting in a pre-tax profit of €1.2 million, an increase of 6.2 per cent from last year's record profitability. After deducting taxation of €435,709, the profit for 2007 amounted to €730,778. Earnings per share increased by 3 per cent to €0.0776.
The company's total assets as at December 31, 2007 amounted to €24.4 million with shareholders' funds of €19 million resulting in a net asset value per share of €2.02.
Plaza's profitability ratios improved to record levels in 2007 with a pre-tax return on equity of 6.15 per cent and return on assets of 4.8 per cent.
In the preliminary profits statement, the directors reported that the new extension of the shopping mall was completed with seven of the eight floors already leased out to local and international organisations.
This will ensure that the company maintains a high level of occupancy.
The directors revealed that the lease agreements with the new tenants commence as from April 1.
The company has also acquired other properties around the existing complex and has applied to the Malta Environmental and Planning Authority for a full development permit to commence works on the next extension.
The key highlights are:
• Turnover up 5.4 per cent to €1.6 million;
• Total operating expenses rise 20 per cent to €0.2 million;
• Profit after tax of €0.7 million;
• Shareholders' funds of €19 million;
• Net dividend of €0.073 per share.
Medserv
Medserv's 2007 preliminary profit statement was published on March 28. The board of directors did not recommend the payment of a dividend. Last year Medserv had paid a final dividend of €0.048 per share. The date for the company's annual general meeting has been set for April 30.
Medserv's turnover during the 12 months ended December 31, 2007 amounted to €4.65 million, 32 per cent lower than the revenue generated in the previous year and 59 per cent below the turnover projected by the directors during the Initial Public Offering in October 2006.
In the preliminary profit statement the directors explained that the lower turnover resulted from delays in the commencement of operations in the concessions offshore Libya. This delay was reportedly brought about by the lack of availability of exploration rigs due to the strong rise in the price of oil, which increases the demand for exploration and production activities of which rigs form an indispensable component. Scarcity of steel and other equipment as a result of this increased demand was also instrumental in creating these delays. In a recent interview with Medserv's chairman Anthony Diacono and operating officer Godwin Borg published in the Times Business of Malta on March 13, it was noted that rigs that were scheduled to start work on the Libyan concessions in 2007 are still drilling in other locations.
The gross profit decreased by 42 per cent to €1.4 million, 60 per cent lower than the projected level for the year. Administrative and distribution expenses increased by 16 per cent to €1.5 million. In the half-yearly report published in August 2007, the increase in expenditure during the first half of the year related to a rise in advertising and exhibition expenses as well as legal fees for the setting up of the subsidiary in Misurata.
EBITDA shrunk to only €54,901 during 2007 compared to €1.4 million the previous year. After accounting for depreciation of €251,067, Medserv incurred an operating loss of €196,000.
Net interest payable increased to €91,167 as a result of increased group borrowings. Medserv incurred a pre-tax loss of €287,333 compared to profits of €1.2 million in 2006. After accounting for deferred tax income of €353,816, Medserv generated a minimal profit of €66,483 during 2007 (2006: €1.5 million). Earnings per share came out at €0.0066.
Total assets as at December 31, 2007 amounted to €10.4 million with shareholders' funds of €5.9 million. Medserv's total debt increased from €1.9 million in 2006 to €2.5 million in 2007. The group's gearing ratio stands at 38.5 per cent.
In February 2007, Medserv announced the setting up of a logistical base in the Misurata Free Zone. A new company, Medserv Misurata Free Zone Company (MMFZC), was formed with Medserv holding a 60 per cent shareholding and the balance in the hands of the Misurata Free Zone Authority.
In the interview of March 13, chairman Anthony Diacono was reported as having said that MMFZC generated a "healthy profit" during its first five months since operations commenced in July 2007. This joint-venture company was awarded a number of contracts and MMFZC has already applied for an additional 30,000 square metres at its base in Misurata, in anticipation of a rapid increase in activity.
In the preliminary profit statement there is no mention of any progress made "to maximise the return from the land and quay in Malta" which had been identified by the directors as a primary objective in the August 2007 half-yearly report. At the time of the IPO the Medserv base was independently valued at €41.9 million. Medserv has exclusive rights to the land by title of temporary emphyteusis that expires on May 29, 2045
The key highlights are:
• • Turnover drops 32 per cent to €4.65 million;
• • EBITDA of €54,901 (2006: €1.4 million);
• Profit after tax of €66,483.
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Grand Harbour Marina - Vitorioza, Malta
On March 31, Grand Harbour Marina plc (GHM) published its preliminary profits statement for the year ended December 31, 2007.
The board of directors proposed a net dividend of €0.20 per share for approval by shareholders at the annual general meeting due to be held on June 13, 2008. This represents a net yield of 11.5 per cent on the market price of €1.74 per share before the announcement of the results. The dividend will be paid to those shareholders as at close of trading on Friday, May 2.
GHM's turnover climbed to €11.2 million during 2007 from €3.5 million during the previous year following the sale of three superyacht berths for a consideration of €9.9 million as announced on December 3, last year. In 2006, Grand Harbour Marina had sold one large berth for a value of €2.7 million.
Moreover, other income comprising other berthing licences, pontoon fees and revenue from other ancillary services grew by 39 per cent to €1.1 million. The announcement made by the company's majority shareholder Camper & Nicholsons Marina Investments Limited (CNMI), which is listed on the London Stock Exchange, reveals that pontoon berths are at 98 per cent occupancy and an increase in rental income resulted from a rise in tariffs (these increased by around 17 per cent during the year). CNMI also noted that there is a waiting list of around 80 yachts for pontoon rentals currently and as a result the current marina configuration is being reviewed to find ways of increasing the lettable berth area.
Personnel expenses rose by 8.7 per cent during the year to €0.35 million with other expenses mainly relating to direct costs in connection with the sales of the superyacht berths, which amounted to €3.5 million.
Grand Harbour Marina generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €7.3 million in 2007, a substantial increase from €1.7 million of the previous year. The charge for depreciation increased to €0.3 million resulting in an operating profit of €7 million (2006: €1.4 million).
After deducting net finance costs of €0.46 million, the company's pre-tax profit during the year totalled €6.6 million. The total tax expense for the year amounted to €2.7 million resulting in a profit after tax of €3.9 million, equivalent to €0.39 per share.
Total assets of Grand Harbour Marina increased to €17.7 million while shareholders' funds rose to just under €7 million.
The net asset value per share increased to €0.70.
During the year the company finalised the development of the capitanerie providing a location for administration offices, meeting areas for yacht owners and crew members as well as other facilities for servicing customers' requirements.
The CNMI announcement of April 1 also revealed that CB Richard Ellis, a world-renowned property appraiser, valued GHM at €24.1 million as at December 31, 2007, up from €23.2 million as at June 30, 2007. It was noted that the increase in the valuation resulted from the confirmation of the three long-term superyacht berth sales and the strong rates obtained.
The key highlights are:
• Turnover climbs to €11.2 million;
• EBITDA of €7.3 million;
• Profit after tax surges to €3.9 million;
• Net dividend of €0.20 per share.
Mr Rizzo is a director of Rizzo, Farrugia & Co. (Stockbrokers) Ltd.
Rizzo, Farrugia & Co. (Stockbrokers) Ltd (RFC) are members of the Malta Stock Exchange and licensed by the Malta Financial Services Authority. This report has been prepared in accordance with legal requirements. It contains public information only and is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The author and other relevant persons may not trade in the securities to which this report relates (other than executing unsolicited client orders) until such time as the recipients of this report have had a reasonable opportunity to act thereon. RFC may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies therein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Neither RFC, nor any of its directors or employees, accept any liability for any loss or damage arising out of the use of all or any part thereof and no representation or warranty is provided in respect of the reliability of the information contained in this report.
© 2008 Rizzo, Farrugia & Co. (Stockbrokers) Ltd.
All rights reserved.
http://www.rfstockbrokers.com
Plaza Centres plc published last year's preliminary profits statement following a board of drectors' meeting held on March 28.
The directors proposed a gross dividend of €0.1125 per share (€0.0731 per share net of tax) for approval by shareholders at the annual general meeting due to be held on April 25. This represents a 3 per cent increase over last year's dividend and based on the current market price of €1.703 per share translates into a gross dividend yield of 6.6 per cent (4.3 per cent net of tax).
The dividend will be paid on April 29 to those shareholders as at close of trading on Tuesday April 1.
During the 12 months ended December 31, 2007, the total revenue generated by Plaza Centres amounted to €1.6 million, an increase of 5.4 per cent from the previous year.
The directors reported that occupancy levels within the complex remain high at 98.3 per cent. Total operating expenses incorporating marketing costs, maintenance costs and administrative expenses rose by 20 per cent to €222,872.
Earnings before interest, tax, depreciation and amortisation (EBITDA) generated by Plaza Centres in 2007 amounted to €1.4 million (2006: €1.3 million). The charge for depreciation was marginally unchanged at €275,000 giving an operating profit of €1.1 million, 4.4 per cent higher than the previous year. The operating profit margin edged lower but remained above the 69 per cent level.
Net interest receivable increased to €53,366 resulting in a pre-tax profit of €1.2 million, an increase of 6.2 per cent from last year's record profitability. After deducting taxation of €435,709, the profit for 2007 amounted to €730,778. Earnings per share increased by 3 per cent to €0.0776.
The company's total assets as at December 31, 2007 amounted to €24.4 million with shareholders' funds of €19 million resulting in a net asset value per share of €2.02.
Plaza's profitability ratios improved to record levels in 2007 with a pre-tax return on equity of 6.15 per cent and return on assets of 4.8 per cent.
In the preliminary profits statement, the directors reported that the new extension of the shopping mall was completed with seven of the eight floors already leased out to local and international organisations.
This will ensure that the company maintains a high level of occupancy.
The directors revealed that the lease agreements with the new tenants commence as from April 1.
The company has also acquired other properties around the existing complex and has applied to the Malta Environmental and Planning Authority for a full development permit to commence works on the next extension.
The key highlights are:
• Turnover up 5.4 per cent to €1.6 million;
• Total operating expenses rise 20 per cent to €0.2 million;
• Profit after tax of €0.7 million;
• Shareholders' funds of €19 million;
• Net dividend of €0.073 per share.
Medserv
Medserv's 2007 preliminary profit statement was published on March 28. The board of directors did not recommend the payment of a dividend. Last year Medserv had paid a final dividend of €0.048 per share. The date for the company's annual general meeting has been set for April 30.
Medserv's turnover during the 12 months ended December 31, 2007 amounted to €4.65 million, 32 per cent lower than the revenue generated in the previous year and 59 per cent below the turnover projected by the directors during the Initial Public Offering in October 2006.
In the preliminary profit statement the directors explained that the lower turnover resulted from delays in the commencement of operations in the concessions offshore Libya. This delay was reportedly brought about by the lack of availability of exploration rigs due to the strong rise in the price of oil, which increases the demand for exploration and production activities of which rigs form an indispensable component. Scarcity of steel and other equipment as a result of this increased demand was also instrumental in creating these delays. In a recent interview with Medserv's chairman Anthony Diacono and operating officer Godwin Borg published in the Times Business of Malta on March 13, it was noted that rigs that were scheduled to start work on the Libyan concessions in 2007 are still drilling in other locations.
The gross profit decreased by 42 per cent to €1.4 million, 60 per cent lower than the projected level for the year. Administrative and distribution expenses increased by 16 per cent to €1.5 million. In the half-yearly report published in August 2007, the increase in expenditure during the first half of the year related to a rise in advertising and exhibition expenses as well as legal fees for the setting up of the subsidiary in Misurata.
EBITDA shrunk to only €54,901 during 2007 compared to €1.4 million the previous year. After accounting for depreciation of €251,067, Medserv incurred an operating loss of €196,000.
Net interest payable increased to €91,167 as a result of increased group borrowings. Medserv incurred a pre-tax loss of €287,333 compared to profits of €1.2 million in 2006. After accounting for deferred tax income of €353,816, Medserv generated a minimal profit of €66,483 during 2007 (2006: €1.5 million). Earnings per share came out at €0.0066.
Total assets as at December 31, 2007 amounted to €10.4 million with shareholders' funds of €5.9 million. Medserv's total debt increased from €1.9 million in 2006 to €2.5 million in 2007. The group's gearing ratio stands at 38.5 per cent.
In February 2007, Medserv announced the setting up of a logistical base in the Misurata Free Zone. A new company, Medserv Misurata Free Zone Company (MMFZC), was formed with Medserv holding a 60 per cent shareholding and the balance in the hands of the Misurata Free Zone Authority.
In the interview of March 13, chairman Anthony Diacono was reported as having said that MMFZC generated a "healthy profit" during its first five months since operations commenced in July 2007. This joint-venture company was awarded a number of contracts and MMFZC has already applied for an additional 30,000 square metres at its base in Misurata, in anticipation of a rapid increase in activity.
In the preliminary profit statement there is no mention of any progress made "to maximise the return from the land and quay in Malta" which had been identified by the directors as a primary objective in the August 2007 half-yearly report. At the time of the IPO the Medserv base was independently valued at €41.9 million. Medserv has exclusive rights to the land by title of temporary emphyteusis that expires on May 29, 2045
The key highlights are:
• • Turnover drops 32 per cent to €4.65 million;
• • EBITDA of €54,901 (2006: €1.4 million);
• Profit after tax of €66,483.
-
Grand Harbour Marina - Vitorioza, Malta
On March 31, Grand Harbour Marina plc (GHM) published its preliminary profits statement for the year ended December 31, 2007.
The board of directors proposed a net dividend of €0.20 per share for approval by shareholders at the annual general meeting due to be held on June 13, 2008. This represents a net yield of 11.5 per cent on the market price of €1.74 per share before the announcement of the results. The dividend will be paid to those shareholders as at close of trading on Friday, May 2.
GHM's turnover climbed to €11.2 million during 2007 from €3.5 million during the previous year following the sale of three superyacht berths for a consideration of €9.9 million as announced on December 3, last year. In 2006, Grand Harbour Marina had sold one large berth for a value of €2.7 million.
Moreover, other income comprising other berthing licences, pontoon fees and revenue from other ancillary services grew by 39 per cent to €1.1 million. The announcement made by the company's majority shareholder Camper & Nicholsons Marina Investments Limited (CNMI), which is listed on the London Stock Exchange, reveals that pontoon berths are at 98 per cent occupancy and an increase in rental income resulted from a rise in tariffs (these increased by around 17 per cent during the year). CNMI also noted that there is a waiting list of around 80 yachts for pontoon rentals currently and as a result the current marina configuration is being reviewed to find ways of increasing the lettable berth area.
Personnel expenses rose by 8.7 per cent during the year to €0.35 million with other expenses mainly relating to direct costs in connection with the sales of the superyacht berths, which amounted to €3.5 million.
Grand Harbour Marina generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €7.3 million in 2007, a substantial increase from €1.7 million of the previous year. The charge for depreciation increased to €0.3 million resulting in an operating profit of €7 million (2006: €1.4 million).
After deducting net finance costs of €0.46 million, the company's pre-tax profit during the year totalled €6.6 million. The total tax expense for the year amounted to €2.7 million resulting in a profit after tax of €3.9 million, equivalent to €0.39 per share.
Total assets of Grand Harbour Marina increased to €17.7 million while shareholders' funds rose to just under €7 million.
The net asset value per share increased to €0.70.
During the year the company finalised the development of the capitanerie providing a location for administration offices, meeting areas for yacht owners and crew members as well as other facilities for servicing customers' requirements.
The CNMI announcement of April 1 also revealed that CB Richard Ellis, a world-renowned property appraiser, valued GHM at €24.1 million as at December 31, 2007, up from €23.2 million as at June 30, 2007. It was noted that the increase in the valuation resulted from the confirmation of the three long-term superyacht berth sales and the strong rates obtained.
The key highlights are:
• Turnover climbs to €11.2 million;
• EBITDA of €7.3 million;
• Profit after tax surges to €3.9 million;
• Net dividend of €0.20 per share.
Mr Rizzo is a director of Rizzo, Farrugia & Co. (Stockbrokers) Ltd.
Rizzo, Farrugia & Co. (Stockbrokers) Ltd (RFC) are members of the Malta Stock Exchange and licensed by the Malta Financial Services Authority. This report has been prepared in accordance with legal requirements. It contains public information only and is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The author and other relevant persons may not trade in the securities to which this report relates (other than executing unsolicited client orders) until such time as the recipients of this report have had a reasonable opportunity to act thereon. RFC may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies therein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Neither RFC, nor any of its directors or employees, accept any liability for any loss or damage arising out of the use of all or any part thereof and no representation or warranty is provided in respect of the reliability of the information contained in this report.
© 2008 Rizzo, Farrugia & Co. (Stockbrokers) Ltd.
All rights reserved.
http://www.rfstockbrokers.com