TIDMPHU
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 EUR94,527 compared to EUR96,119 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 EUR5.1m, 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 6 months to Year ended
30th June 30th June 31st December
2015 2014 2014
EUR EUR EUR
Unaudited Unaudited 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 1,886 - -
properties
Profit on disposal of listed 12 967 967
investment
Gain on revaluation of investment 963 - 26,458
properties
Unrealised profit on listed 152 - (99)
investment
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 13,654 2,931 (8,717)
equity shareholders
Other comprehensive loss
Exchange differences on translating foreign (6,200) (35,578) (62,316)
operations
Total comprehensive profit/ 7,454 (32,647) (71,033)
(loss) for the period
Profit/(loss) attributable to equity 13,654 2,931 (8,717)
shareholders
Total comprehensive profit/(loss) 7,454 (32,647) (71,033)
attributable to equity shareholders
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 As at As at
30th June 30th June 31st December
2015 2014 2014
EUR EUR EUR
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
EUR EUR EUR EUR EUR EUR EUR
Balance as at 1st 150,226 222,715 1,046,894 (109,193) (1,578,518) 5,335,314 5,067,438
January 2015
Changes in equity for
2015
Profit for the period - - - - - 13,654 13,654
Exchange difference - - - - (6,200) - (6,200)
on translating
foreign operations
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
EUR EUR EUR EUR EUR EUR EUR
Balance as at 1st 150,226 222,715 1,046,894 (109,193) (1,516,202) 5,344,031 5,138,471
January 2014
Changes in equity for
2014
Profit for the period - - - - - 2,931 2,931
Exchange difference - - - - (35,578) - (35,578)
on translating
foreign operations
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
EUR EUR EUR EUR EUR EUR EUR
Balance as at 1st 150,226 222,715 1,046,894 (109,193) (1,516,202) 5,344,031 5,138,471
January 2014
Changes in equity for
2014
Loss for the year - - - - - (8,717) (8,717)
Exchange difference on - - - - (62,316) - (62,316)
translating foreign
operations
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 6 months to Year ended
to
30th June 30th June 31st December
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