The Board of Directors
MIDI plc
North Shore,
Manoel Island,
Limits of Gzira, GZR 3016
21 June 2023
Dear Sirs,
MIDI plc - update to the Financial Analysis Summary (the "Update FAS")
In accordance with your instructions and in line with the requirements of the MFSA Listing Policies, we have compiled the Update FAS set out on the following pages and which is being forwarded to you together with this letter.
The purpose of the Update FAS is that of summarising key financial data appertaining to MIDI plc (the "Company", "MIDI", or "Issuer") in relation to the €50 million 4% Secured Bonds 2026 issued by the Company in 2016.
The data in this Update FAS is derived from various sources or is based on our own computations as follows:
- Historical financial data for the three years ended 31 December 2020 to 2022 has been extracted from the Issuer's audited statutory financial statements for the three years in question, as and when appropriate.
- The forecast data for the financial year ending 31 December 2023 has been provided by management of the Issuer.
- Our commentary on the results of the Issuer and on the respective financial position is based on the explanations provided by the Issuer.
- The ratios quoted in the Financial Analysis Summary have been computed by us applying the definitions as set out and defined within the Update FAS.
- Relevant financial data in respect of the comparative set as analysed in part D has been extracted from public sources such as the web sites of the companies concerned or financial statements filed with the Malta Business Registry.
The Update FAS is meant to assist potential investors by summarising the more important financial data of the Issuer. The Update FAS does not contain all data that is relevant to potential investors and is meant to complement, and not replace, financial and/or investment advice. The Update FAS does not constitute an endorsement by our firm of the securities of the Issuer and should not be interpreted as a recommendation to invest. We shall not accept any liability for any loss or damage arising out of the use of the Update FAS and no representation or warranty is provided in respect of the reliability of the information contained in this report. As with all investments, potential investors are encouraged to seek professional advice before investing.
Yours sincerely,
Vincent E Rizzo
Director
FINANCIAL ANALYSIS SUMMARY
Update 2023
Prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd, in compliance
with the Listing Policies issued by the Malta Financial Services Authority,
dated 5 March 2013, as revised on 13 August 2021.
21 June 2023
2
TABLE OF CONTENTS
IMPORTANT INFORMATION
PART A | BUSINESS & MARKET OVERVIEW UPDATE |
PART B | FINANCIAL REVIEW |
PART C | LISTED SECURITIES |
PART D | COMPARATIVES |
PART E | GLOSSARY |
3
IMPORTANT INFORMATION
PURPOSE OF THE DOCUMENT
MIDI plc (the "Company", "MIDI" or the "Issuer") issued €50 million 4% Secured Bonds 2026 pursuant to a prospectus dated 28 June 2016 (the "Bond Issue"). The prospectus included a Financial Analysis Summary ("FAS") in line with the requirements of the MFSA Listing Policies dated 5 March 2013 and last revised on 13 August 2021. The purpose of this report is to provide an update to the FAS (the "Update FAS") on the performance and on the financial position of the Company.
SOURCES OF INFORMATION
The information that is presented has been collated from a number of sources, including the Company's website (www.midimalta.com), the Company's audited financial statements for the years ended 31 December 2020, 2021 and 2022 and forecasts for financial year ending 31 December 2023.
Forecasts that are included in this document have been prepared and approved for publication by the directors of the Company, who undertake full responsibility for the assumptions on which these forecasts are based.
Wherever used, FYXXXX refers to financial year covering the period 1st January to 31st December. The financial information is being presented in thousands of Euro, unless otherwise stated, and has been rounded to the nearest thousand.
PREVIOUS FAS ISSUED
The Company has published the following FAS which are available on its website:
FAS dated 28 June 2016 (appended to the prospectus)
FAS dated 19 June 2017
FAS dated 20 June 2018
FAS dated 21 June 2019 (and addendum dated 21 August 2019)
FAS dated 23 June 2020
FAS dated 23 June 2021
FAS dated 27 June 2022
Financial Analysis Summary 2023 | Page | 4 |
PART A | BUSINESS & MARKET OVERVIEW UPDATE |
1. INTRODUCTION
MIDI plc was established in 1992 as a private consortium and was admitted to listing on the Malta Stock Exchange in December 2010. In June 2000, MIDI acquired the emphyteutic rights to the land at Tigné Point (Sliema) and Manoel Island (Gzira) from the Government of Malta for a period of 99 years. Tigné Point is one of the largest residential, commercial and leisure property development projects in Malta to date.
The MIDI Group is currently composed of the Issuer which is the holding Company of several subsidiary companies as shown in the organigram below.
MIDI AND ITS SUBSIDIARIES (THE "GROUP")
MIDI is the only shareholder (directly or indirectly) of Tigné Contracting Limited ("TCL"), T14 Investments Limited ("T14L") and Solutions and Infrastructure Services Limited ("SIS").
Tigné Contracting Limited
(C 28438)
MIDI plc (C 15836) (the Issuer)
T14 Investments
Limited
(C 63982)
Mid Knight Holdings Limited (C 65838)
Solution &
Infrastructure Services
Limited
(C 38866)
TCL
TCL was established in Malta on 10 July 2001 as a private limited liability company. TCL serves as the Group's main contractor to execute the construction and development of Tigné Point and Manoel Island. As such, the majority of contracts with third party contractors are entered into through this company.
Financial Analysis Summary 2023 | Page | 5 |
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Disclaimer
Midi plc published this content on 21 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2023 14:39:40 UTC.