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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
M&L Property | LSE:PHU | London | Ordinary Share | GB00B0YMRZ51 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
M&L Property & Assets Plc
Interim Report
For the six months ended 30th June 2015 (Unaudited)
Key Highlights for the Period
Chairman's Statement
Following the approval at the 2015 Annual General Meeting, the Company has now changed its name from Pactolus Hungarian Property plc to M&L Property & Assets plc.
During the period to 30th June 2015, the Group has managed to reduce its administrative expenses by 2 per cent to €94,527 compared to €96,119 reported in last year’s interim report.
Hungary’s residential property market has marginally recovered since 2014 however the outlook remains unclear to us.
The Group has seen an increase in rental income of 0.4 per cent relative to the same six monthly period in 2014, benefitting from an improved rent book in the second quarter of 2015.
As mentioned in previous reports, reduced revenue income as the Group sells further properties, coupled with relatively fixed direct costs makes it difficult for the group to make a positive contribution.
We have diversified from our main Hungarian property agent and are working with a further two agents, thus aiming to maximise the returns from our portfolio.
Working alongside more agents, we successfully completed the sale of seven properties in the 6 months to 30th June 2015.
Reported net assets as at 30th June 2015 were €5.1m, which equates to 35 pence per share. This figure has been depreciated predominantly by the strengthening of Sterling.
Our strategy for the remainder of the year is to continue to work on reducing the Group’s costs and to sell further properties from the portfolio, using the sales proceeds to reduce debt.
B. Miller
Non–Executive Chairman
16th September 2015.
Condensed Consolidated Income Statement
6 months to 30th June 2015 € Unaudited |
6 months to 30th June 2014 € Unaudited |
Year ended 31st December 2014 € Audited |
|||
Continuing operations | |||||
Rental income and related fees | 248,361 | 247,406 | 493,473 | ||
Direct operating expenses | (105,949) | (88,756) | (236,090) | ||
Gross profit | 142,412 | 158,650 | 257,383 | ||
Administrative expenses | (94,527) | (96,119) | (177,140) | ||
Operating profit | 47,885 | 62,531 | 80,243 | ||
Finance income | 125 | 237 | 412 | ||
Finance costs | (37,369) | (60,804) | (115,896) | ||
Profit on disposal of investment properties | 1,886 | - | - | ||
Profit on disposal of listed investment | 12 | 967 | 967 | ||
Gain on revaluation of investment properties | 963 | - | 26,458 | ||
Unrealised profit on listed investment | 152 | - | (99) | ||
Profit/(loss) from continuing operations | 13,654 | 2,931 | (7,915) | ||
Exceptional items | - | - | - | ||
Profit/(loss) before taxation | 13,654 | 2,931 | (7,915) | ||
Tax expense | - | - | (802) | ||
Net profit/(loss) attributable to equity shareholders | 13,654 | 2,931 | (8,717) | ||
Other comprehensive loss | |||||
Exchange differences on translating foreign operations | (6,200) | (35,578) | (62,316) | ||
Total comprehensive profit/(loss) for the period | 7,454 | (32,647) | (71,033) | ||
Profit/(loss) attributable to equity shareholders | 13,654 | 2,931 | (8,717) | ||
Total comprehensive profit/(loss) attributable to equity shareholders | 7,454 | (32,647) | (71,033) | ||
Profit/(loss) per ordinary Share | 0.13 cent | 0.03 cent | (0.08) cent | ||
Weighted average number of shares | 10,316,624 | 10,316,624 | 10,316,624 | ||
Condensed Consolidated Statement of Financial Position
As at 30th June 2015 |
As at 30th June 2014 |
As at 31st December 2014 |
||||
€ | € | € | ||||
Notes | Unaudited | Unaudited | Audited | |||
Non-current assets | ||||||
Investment properties | 4,858,111 | 6,773,004 | 5,355,611 | |||
Property under development | 317,804 | 317,804 | 317,804 | |||
Property, plant & equipment | 20,300 | 28,420 | 24,360 | |||
Listed investment | 906 | - | 904 | |||
5,197,121 | 7,119,228 | 5,698,679 | ||||
Current assets | ||||||
Investment properties | 615,625 | 171,315 | 1,615,166 | |||
Trade and other receivables | 146,613 | 108,929 | 61,775 | |||
Cash and cash equivalents | 742,831 | 183,403 | 233,906 | |||
1,505,069 | 463,647 | 1,910,847 | ||||
Total assets | 6,702,190 | 7,582,875 | 7,609,526 | |||
Current liabilities | ||||||
Trade and other payables | 352,938 | 229,083 | 257,187 | |||
Secured loan | - | 1,150,000 | - | |||
Other loans | 5 | 1,274,360 | 1,097,968 | 2,284,901 | ||
1,627,298 | 2,477,051 | 2,542,088 | ||||
Net assets | 5,074,892 | 5,105,824 | 5,067,438 | |||
Equity | ||||||
Share capital | 6 | 150,226 | 150,226 | 150,226 | ||
Capital redemption reserve | 222,715 | 222,715 | 222,715 | |||
Share premium | 1,046,894 | 1,046,894 | 1,046,894 | |||
Merger reserve | (109,193) | (109,193) | (109,193) | |||
Translation reserve | (1,584,718) | (1,551,780) | (1,578,518) | |||
Retained earnings | 5,348,968 | 5,346,962 | 5,335,314 | |||
Total equity | 5,074,892 | 5,105,824 | 5,067,438 | |||
Net asset value per share | 49.2 cents | 49.5 cents | 49.1 cents | |||
Number of ordinary shares | 10,316,624 | 10,316,624 | 10,316,624 |
Condensed Consolidated Statement of Changes in Equity
Unaudited | |||||||
Six months ended 30th June 2015 | |||||||
Share | Capital | Share | Merger | Translation | Retained | ||
Capital | Redemption | Premium | Reserve | Reserve | Earnings | Total | |
€ | € | € | € | € | € | € | |
Balance as at 1st January 2015 | 150,226 | 222,715 | 1,046,894 | (109,193) | (1,578,518) | 5,335,314 | 5,067,438 |
Changes in equity for 2015 | |||||||
Profit for the period | - | - | - | - | - | 13,654 | 13,654 |
Exchange difference on translating foreign operations | - | - | - | - | (6,200) | - | (6,200) |
150,226 | 222,715 | 1,046,894 | (109,193) | (1,584,718) | 5,348,968 | 5,074,892 | |
Unaudited | |||||||
Six months ended 30th June 2014 | |||||||
Share | Capital | Share | Merger | Translation | Retained | ||
Capital | Redemption | Premium | Reserve | Reserve | Earnings | Total | |
€ | € | € | € | € | € | € | |
Balance as at 1st January 2014 | 150,226 | 222,715 | 1,046,894 | (109,193) | (1,516,202) | 5,344,031 | 5,138,471 |
Changes in equity for 2014 | |||||||
Profit for the period | - | - | - | - | - | 2,931 | 2,931 |
Exchange difference on translating foreign operations | - | - | - | - | (35,578) | - | (35,578) |
150,226 | 222,715 | 1,046,894 | (109,193) | (1,551,780) | 5,346,962 | 5,105,824 | |
Audited | ||||||||||||||
Year ended 31st December 2014 | ||||||||||||||
Share | Capital | Share | Merger | Translation | Retained | |||||||||
Capital | Redemption | Premium | Reserve | Reserve | Earnings | Total | ||||||||
€ | € | € | € | € | € | € | ||||||||
Balance as at 1st January 2014 | 150,226 | 222,715 | 1,046,894 | (109,193) | (1,516,202) | 5,344,031 | 5,138,471 | |||||||
Changes in equity for 2014 | ||||||||||||||
Loss for the year | - | - | - | - | - | (8,717) | (8,717) | |||||||
Exchange difference on translating foreign operations | - | - | - | - | (62,316) | - | (62,316) | |||||||
150,226 | 222,715 | 1,046,894 | (109,193) | (1,578,518) | 5,335,314 | 5,067,438 | ||||||||
Condensed Consolidated Cash Flow Statement
6 months to to | 6 months to | Year ended | ||
30th June | 30th June | 31st December | ||
2015 | 2014 | 2014 | ||
€ | € | € | ||
Unaudited | Unaudited | Audited | ||
Cash flows from operating activities | ||||
Net profit/(loss) | 13,654 | 2,931 | (8,717) | |
Adjusted for: | ||||
Profit on sale of investment properties | (1,886) | - | - | |
Unrealised gain on investment property | (963) | - | (26,458) | |
Profit on sale of listed investment | (12) | (967) | (967) | |
Unrealised gain on listed investment | (152) | - | 99 | |
Depreciation and impairment | 4,060 | 4,060 | 8,120 | |
Interest income | (125) | (237) | (412) | |
Bank loan interest expense | - | 29,666 | 56,180 | |
Other loans interest expense | 37,369 | 31,138 | 59,716 | |
Foreign exchange (losses)/gains | (2,376) | 2,189 | (28,825) | |
Income tax expense | - | - | 802 | |
(Increase)/decrease in receivables | (84,837) | (10,341) | 36,813 | |
Increase/(decrease) in payables | 52,570 | 14,171 | 58,116 | |
Cash generated from operating activities | 17,302 | 72,610 | 154,467 | |
Interest paid | - | (29,742) | (57,950) | |
Income taxes refunded/(paid) | 5,812 | 1,619 | (2,142) | |
Net cash generated from operating activities | 23,114 | 44,487 | 94,375 | |
Cash flows from investing activities | ||||
Net receipts from sales of investment properties | 1,499,890 | - | - | |
Purchase of listed investments | - | (8,155) | (9,513) | |
Receipt from sale of listed investments | 161 | 9,122 | 9,477 | |
Bank interest received | 125 | 237 | 412 | |
Net cash generated from investing activities | 1,500,176 | 1,204 | 376 | |
Cash flows from financing activities | ||||
Bank loan repayment | - | - | (1,150,000) | |
Other loans (repaid)/received | (1,010,541) | - | 1,147,167 | |
Net cash used in financing activities | (1,010,541) | - | (2,833) | |
Net increase in cash and cash equivalents | 512,749 | 45,691 | 91,918 | |
Exchange movement on foreign subsidiaries translation | (3,824) | (37,767) | (33,491) | |
Cash and cash equivalents as at 1st January | 233,906 | 175,479 | 175,479 | |
Cash and cash equivalents as at period end | 742,831 | 183,403 | 233,906 |
Notes to the Interim Report
For the six months ended 30th June 2015
These interim condensed consolidated financial statements for the six months to 30th June 2015 have not been audited or reviewed and do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared in accordance with the Group’s accounting policies as set out in the Group’s latest annual financial statements for the year ended 31st December 2014 and are in compliance with IAS 34 “Interim Financial Reporting”. These accounting policies are drawn up in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Isle of Man Companies Acts 1931 to 2004.
The comparative figures for the financial year ended 31st December 2014 are not the statutory accounts for that financial year but are a condensed version of those accounts prepared under IFRS which have been reported on by the Group’s auditors.
This interim report was approved for issue by the Board of Directors on 16th September 2015.
2. Going concern
The directors are satisfied that the Group has adequate resources in place to manage its risks after having reviewed its financial position and cash flow forecast. The impact of any potential tenancy failures and the continued volatility in the economy has been taken into account. The directors are satisfied that the Group will continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing this interim report.
3. Operating segments
The Group operates in a single reporting segment under the classification of properties held for investment. The entire Group’s revenue and property assets are derived from and located in a single geographical location, Hungary.
The profit to 30th June 2015 of €13,654 (2014: profit €2,931) is materially all derived from the operations of managing the Group’s investment properties. It is principally involved in acquiring, developing, selling and letting investment property under short to medium term contracts.
4. Material agreements
Midas Investment Management Ltd (“MIM”) was appointed the Group's Asset Manager on 17 March 2006. The Asset Manager’s charges are summarised as follows:
5. Other Loans
The Group's loan facility with M&M Investment Company plc (its parent company) has reduced from €2,284,901 to €1,274,360. The loan will be fully repaid once further properties are sold in line with the Group’s strategy.
6. Share capital
Ordinary Shares of 1p each issued and fully paid | ||||
Number | 2015 | Number | 2014 | |
of shares | € | of shares | € | |
Balance as at 1st January & 30th June | 10,316,624 | 150,226 | 10,316,624 | 150,226 |
The share buy back facility was renewed at the Company’s annual general meeting on 25th June 2015 giving the directors a new authority to acquire up to a further 2,950,774 shares (29 per cent) of the Company’s then issued share capital. There have been no further acquisitions since the AGM date.
7. Events after the balance sheet date
There has been no significant events since the reporting period date.
Interim report
This Interim Report and Accounts will be available from the Company’s registered address at Jubilee Buildings, Victoria Street, Douglas, Isle of Man, IM1 2SH and on the Company’s website www.mandlpaplc.com.
For further information, please contact:
Asset Manager:
Midas Investment Management Limited
Tel: +44 (0) 161 228 1709
Nominated Adviser:
Liam Murray/Jo Turner
Cairn Financial Advisers LLP
Tel: +44 (0) 20 7148 7900
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