Santumas Shareholdings Plc

Interim / Quarterly Report • Dec 28, 2012

Santumas Shareholdings plc

Amalgamated

with Marsascala Development Limited, Santumas Contractors Limited and Calpabrin Properties (Investments) Limited Britannia House 1, 9 Old Bakery Street, Valletta VLT 1450, Malta G.C. Telephones: (+356) 2123 1492 · 2125 0345 · 2122 1074 · Fax: (+356) 2123 9279 E-mail: santumas a maltanet.net

28th December 2012

COMPANY ANNOUNCEMENT

The following is a Company Announcement issued by Santumas Shareholdings plc pursuant to Malta Financial Services Authority Listing Rules.

Quote

On the 27th December 2012 the Board of Directors of Santumas Shareholdings plc approved the attached unaudited Interim Financial Statements for the six-month period ended 318 October 2012.

The unaudited Interim Financial Statements are also available for viewing at the registered office of the Company at 1 Britannia House, 9 Old Bakery Street, Valletta VLT 1450, Malta.

Unquote

Michael Formosa Gauci Company Secretary

SANTUMAS SHAREHOLDINGS plc is licenced as a Collective Investment Scheme by the Malta Financial Services Authority

SANTUMAS SHAREHOLDINGS PLC

Interim Report and Interim Financial Statements (unaudited)

31 October 2012

CONTENTS

	Pages
Directors and company information	2-3
Directors' report	4-3
Interim statement of comprehensive income	6
Interim statement of financial position	7
Interim statement of changes in equity	8
Interim statement of cash flows	9
Notes to the interim financial statements	10-29

Supplementary Statements

	Statement number
Operating account	D
Investments	II
Analysis of company portfolio	111
Key figures and ratios	IV

DIRECTORS AND COMPANY INFORMATION

REGISTRATION

Santumas Shareholdings plc was registered as a public limited liability company under the Companies Act, Cap. 386 of the Laws of Malta on 24 December 1997 with company registration number C35. The Company holds a Collective Investment Scheme license from the Malta Financial Services Authority in terms of the Investment Services Act, 1994.

DIRECTORS

Dr. Edward Firman, B.A., M.B.A., F.C.M.A., M.B.I.M., C.P.A. "La Encantada," Mons. E. Debono Street, Kappara, MALTA

Dr. Rene Frendo Randon, LL.D. (Chairman) Villa Belveder, B'Kara Hill, St. Julians, MALTA

Mr. Peter Paul Testaferrata Moroni Viani 19, J. Howard Street, San Pawl tat-Targa, MALTA

Chev. Anthony Demajo OCC. 41, G'Mangia Hill, Pieta, MALTA

Mr. Christopher Testaferrata Moroni Viani Villa Ammermann, Mdina Road, Balzan, MALTA.

SECRETARY

Mr. Michael Formosa Gauci, B.A. (Acc.) Bus. Manag. T6F10 Favray Court, Tigne Point, Sliema, MALTA

REGISTERED OFFICE

Britannia House/1, 9, Old Bakery Street, Valletta, MALTA

AUDITORS

Ernst & Young Malta Limited Certified Public Accountants Regional Business Centre Achille Ferris Street Msida MSD 1751 MALTA

CUSTODIAN

HSBC Bank Malta plc 166, Archbishop Street Valletta VLT 1444 MALTA

STOCKBROKERS

HSBC Stockbrokers (Malta) Limited 80, Mill Street. Qormi QRM 3101, MALTA

DIRECTORS AND COMPANY INFORMATION - continued

LEGAL ADVISORS

Dr. Rene Frendo Randon & Associates 222, Merchants Street Valletta, MALTA

Camilleri Preziosi Advocates Level 3, Valletta Buildings South Street, Valletta MALTA

MANAGER

Mr. Michael Formosa Gauci, B.A. (Acc.) Bus. Manag. T6F10 Favray Court, Tigne Point, Sliema, MALTA

BANKERS

HSBC Bank Malta plc 166, Archbishop Street Valletta VLT 1444 MALTA

Bank of Valletta plc Republic Street Valletta MALTA

INVESTMENT COMMITTEE

Chev. Anthony P Demajo Jnr. 41, G'Mangia Hill, Pieta, MALTA

Mr. Christopher Testaferrata Moroni Viani Villa Ammermann, Mdina Road, Balzan, MALTA.

Mr. Michael Formosa Gauci. B.A. (Acc.) Bus. Manag. Flat 13, Tower Reef, 182, Tower Road, Sliema, MALTA

BACKGROUND

The Company was formed as the Malta New Issues Investment Co. Limited on 29 April 1963. The Company's name was changed on 11 May 1965 to Malta Shareholdings Limited when the Company was converted to a public company with the objects of carrying on the business of a finance trust in all branches. The name was changed again on 29 September 1978 to Santumas Shareholdings Limited. The Company's objects also provided for property development, with the main property development being the Santumas Estate at Marsascala.

Calpabrin Properties (Investments) Limited merged into Santumas Shareholdings Limited on 2 April 1987 and Marsascala Development Limited and Santumas Contractors Limited merged into Santumas Shareholdings Limited on 15 December 1989

On 9 May 1996 the Company was licensed as a Collective Investment Scheme under the Investment Services Act, 1994 by the Malta Financial Services Centre. The Company was registered as a public limited liability company under the Companies Act. Cap. 386 of the Laws of Malta on 24 December 1997 thereby changing its name to Santumas Shareholdings plc.

On 12 December 2003 the Company's shares were accepted for listing on the Malta Stock Exchange.

DIRECTORS' REPORT

The directors submit their report and financial statements for the six-month period ended 31 October 2012.

Results and dividends

The accounts presented to you are not audited as is the norm for an interim set of accounts. The interim statement of comprehensive income is set out on page 6.

The profit before tax for the six-month period to 31 October 2012 was EUR329,372 as compared to a loss of EUR211,445 for the corresponding period in 2011. There was a tax charge for the six months of EUR25,189 (2011: EUR31,122). The profit for the six-month period to 31 October 2012 was therefore EUR304,183 as against a loss of EUR242,567 for the six month period to 31 October 2011. The profit for the six months did not result in a higher tax charge due to the fact that fair value gains and losses, which are unrealised, are not subject to tax.

Property

There has been no movement on the property portfolio over the six months. The Company continues to explore the local property market for purposes of investment in a suitable income yielding premises.

Portfolio

As the Company no longer holds a foreign portfolio movement on our equity holdings is entrely dependent on the performance of the local stock market. The period under review has seen a rise in the MSE Index from 2969.16 as at 1st May 2012 to 3264.18 as at 31st October 2012 yielding a positive fair value movement of EUR 296,814 as compared to a negative fair value movement of EUR262,929 for the corresponding period last year. It is this rise in the value of the portfolio that has led to a net profit position for the period.

The profit, being principally an unrealized profit, is therefore a direct consequence of a bounce back in the value of local equities. Welcome as this is the inherent volatility in equity markets, both locally and internationally, remains thus it is unlikely that this positive performance will be repeated over the next six months. The Company seeks to cautiously expand its holding of local equities which at present appear to offer some real value however in the absence of a sustained return to stability it is likely that in the short term our equity holdings will continue to experience inconsistent value fluctuations from period. With this volatility in mind the Company continues to hold substantial cash deposits, on which it earns market rates of interest, which however it is ready to exploit as and when the opportunity arises.

Dividend and interest income over the six months has been slightly lower than the corresponding period though this is principally due to the timing of certain dividend payments rather than the result of a general trend.

Net asset value

At 31 October 2012 the Net Asset Value per share of the Company stood at EUR3.96. This contrasts with the share price of EUR1.70 as at the end of October 2012; the share price remained at EUR1.70 as at the end of November 2012.

DIRECTORS' REPORT - continued

Malta Stock Exchange

Trading in company shares on the local market remained thin as has since admission to the official list of the Malta Stock Exchange on 12 December 2003. The share price continues to lag behind the Net Asset Value, a situation not unusual with Investment Companies. As at 30 November 2011 the Company's shares are trading at a 57% discount to net asset value.

Directors

The directors for the six months to 31 October 2012 were listed on page 2.

Risk warning

The company is not a normal trading, manufacturing or services company, but a specialized investment fund whose assets are not immediately realisable. As a consequence the price of its shares and the income (if any) there from can go down as well as up and investors may not realize the amount of their initial investment. Past performance is no guide to future performance.

The directors' report was approved by the Board of Directors and signed on its behalf by:

Chev. Anthony Demajo Director

28 December 2012

Mr. C. Testaferrata Moroni Viani Director

INTERIM STATEMENT OF COMPREHENSIVE INCOME

	Notes	Six months to 31 October 2012 FUR	Six months to 31 October 2011 EUR
REVENUE
Investment income	4	87,616	105,267
Increase (decrease) in fair values of financial assets	13	296,814	(262,929)
Total revenue		384,430	(157,662)
DAY PENSIDS
Administrative expenses	6	52.912	52,796
Finance costs	5	2,146	987
Total expenses		55,058	53,783
Profit/(loss) before tax		329,372	(211,445)
Income tax expense	8	(25,189)	(31,122)
Profit/(loss) for the period		304,183	(242,567)
Total comprehensive income/(loss) for the period		304,183	(242,567)
Profit/(loss) per share	0	0.183	(0.146)

The accounting policies and explanatory notes on pages 10 to 29 form an integral part of the financial statements.

INTERIM STATEMENT OF FINANCIAL POSITION as at 31 October 2012

		31 October 2012	30 April 2012
	Notes	BUR	EUR
		unaudited
ASSETS
Non-current assets	11
Investment properties	12	2,429,018	2,429,086
Property, plant and equipment Financial assets at fair value through profit or loss	13	91,123 2,802,791	93,313 2,416,066
		5,322,932	4,938,465
Current assets
Receivables	14	45,836	63,140
Cash at bank	ાર	1,687,998	2,022,032
Income tax recoverable		36,291	40,314
		1,770,125	2,125,486
TOTAL ASSETS		7,093,057	7,063,951
EQUITY AND LIABILITIES
Capital and reserves
Issued capital	16	969,704	969,704
Share premium	17	262,746	262,746
Revaluation reserve	17	42,876	43,398
Other reserves	17	2,262,976	2,213,770
Retained earnings	17	3,058,972	2,797,351
		6,597,274	6,286,969
Non-current liabilities
Deferred tax liability	18	319,261	318.825
Current liabilities
Interest-bearing borrowings	19	17,840	305,812
Payables	20	158,682	152,345
		176,522	458,157
Total liabilities		495,783	776,982
TOTAL EQUITY AND LIABILITIES		7,093,057	7,063,951
Net asset value per share	21	3.96	3.78

The accounting policies and explanatory notes on pages 10 to 29 form an integral part of the financial statements.

The financial statements on pages 6 to 29 were anthorised for issue by the board of directors on 28 December 2012 and signed on its behalf by!

Chev. Anthony Demajo Director

0

Mr. C. Testaferrata Moroni Viani Director

INTERIM STATEMENT OF CHANGES IN EQUITY

	Issued capital EUR	Share premium EUR	Revaluation reserve EUR	reserves EUR	Other Dividend reserve EUR	Retained earnings EUR	Total EUR
FINANCIAL PERIOD ENDED 31 October 2012
At 1 May 2012	969,704	262.746		43,398 2,213,770		- 2,797,351 6,286,969
Total comprehensive income for the period						- 304.183	304,183
Unclaimed dividends forfeited						6,122	6.122
Increase in fair value of financial assets				49.267		(49,267)
Decrease in fair value of investment property				(61)		61
Depreciation transfer for land and buildings, net of deferred tax			(522)			522
Financial period ended at 31 October 2012	969,704	262,746		42,876 2,262,976		3,058,972 6,597,274
FINANCIAL PERIOD ENDED 31 October 2011
At May 2011	969,704	262,746	44,443	2,210,712		3.082,375 6,569.980
Total comprehensive loss for the period							(242.567) (242.567)
Decrease in fair value of financial assets				(42,540)		42,540
Depreciation transfer for land and buildings, net of deferred tax		-	(523)			523
Financial period ended at 31 October 2011	969.704	262,746	43.920	2,168,172		2,882,871 6,327,413

The accounting policies and explanatory notes on pages 10 to 29 form an integral part of the financial statements.

SANTUMAS SHAREHOLDINGS PLC

Interim Report and Interim Financial Statements (unaudited)

for the six-month period ended 31 October 2012

INTERIM STATEMENT OF CASH FLOWS

	Notes	Six months to 31 October 2012 I SUR	Six months to 31 October 2011 EUR
Operating activities
Profit/(loss) before taxation		329,372	(211,445)
Adjustments for:
Depreciation of property, plant and equipment	12	2,190	2,190
(Increase) decrease in fair value of financial assets	13	(296,814)	262,929
Finance costs	5	2,146	987
Interest income	র্য	(21,552)	(19.751)
Working capital adjustments:
Decrease (increase) in receivables		21,057	(1,783)
(Decrease) increase in payables		(275,513)	2,769
Income tax paid		(20,730)	(26.429)
Interest income received		17.867	19,751
Net cash flows (used in)/ from operating activities		(241,977)	29.218
Investing activities
Purchase of financial assets		(89,911)	(125,888)
Net cash flows used in investing activities		(89,911)	(125,888)
Financing activities Interest paid		(2,146)	(987)
Net cash flows used in financing activities		(2,146)	(987)
Net decrease in cash and cash equivalents		(334,034)	(97,657)
Cash and cash equivalents at 1 May	15	2,022,032	2,091.654
Cash and cash equivalents at 31 October	15	1,687,998	1.993.997

The accounting policies and explanatory notes on pages 10 to 29 form an integral part of the financial statements.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. CORPORATE INFORMATION

Santumas Shareholdings plc is a public limited company incorporated and domiciled in Malta whose shares are publicly traded.

The principal activity of the Company is to carry out investment activities as a Collective Investment Scheme as licensed by the Malta Financial Services Authority.

7 BASIS OF PREPARATION

The unaudited interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).

The unaudited interim financial statements are prepared under the historical cost convention, except for leasehold property under property, plant and equipment, investment properties and financial assets at fair value through profit and loss that have been measured at fair value.

Statement of compliance

These financial statements are prepared in accordance with Appendix II of Part B of the Investment Services Rules for Retail Collective Investment Schemes issued by the Malta Financial Services Authority, and in accordance with International Financial Reporting Standards as adopted for use in the European Union and comply with the Companies Act, Cap. 386 of the Laws of Malta,

3.1 CHANGES IN ACCOUNTING POLICIES

Standards, interpretations and amendments to published standards as endorsed by the EU effective in the current year

The Company has adopted the amended IFRS:

• IFRS 7 (Amendment) Transfer of financial assets disclosures (effective for annual periods beginning on or after 1 July 2011)

The adoption of the standard did not have an impact on the financial statements or performance of the Company.

Standards, interpretations and amendments to published standards as endorsed by the EU that are not yet effective

Up to date of approval of these financial statements, certain new standards, amendments and interpretations. to existing standards have been published but which are not yet effective for the current reporting period and which the Company has not early adopted, but plans to adopt upon their effective date. The changes resulting from these standards are not expected to have a material effect on the financial statements of the Company. The new and amended standards follow:

• · IAS 1 (Amendments) Presentation of Financial Statements the way Other Comprehensive Income is presented (effective for annual periods beginning on or after 1 July 2012)
• IAS 19 (Amendments) Employee Benefits Post Employee and Termination Benefits (effective for annual periods beginning on or after 1 January 2013)

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

3.1 CHANGES IN ACCOUNTING POLICIES- continued

Standards, interpretations and amendments to published standards that are not yet endorsed by the EU

• IFRS 7 (Amendment) Financial Instrument: Disclosures Offsetting of Financial Assets and Financial Liabilities (effective for annual periods beginning on or after 1 January 2013)
• IFRS 9 Financial Instruments: Classification and Measurement of Financial Assets (effective for annual periods beginning on or after 1 January 2015)
• IFRS 9 Financial Instruments: Accounting for Financial Liabilities and Derecognition (effective for annual periods beginning on or after 1 January 2015)
• · IFRS 10 Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2013)
• IFRS 10, IFRS 11 and IFRS 12 (Amendments) Investments entities (effective for annual periods beginning on or after 1 January 2014)
• IFRS 13 Fair value measurement (effective for annual periods beginning on or after 1 January 2013)
• IFRS 1 (Amendments) First time adoption of IFRS (effective for annual periods beginning on or after 1 January 2013)
• IFRS 12 Disclosures of interest in other entities (effective for annual periods beginning on or after 1 January 2013)
• IFRS 11 Joint arrangements (effective for annual periods beginning on or after 1 January 2013)
• IFRS 12 (Amendments) Disclosure of involvement with other entities (effective for annual periods beginning on or after 1 January 2013)
• IAS 12 (Amendments) Deferred tax: Recovery of underlying assets (effective for financial years beginning on or after 1 January 2013)
• IAS 27 (Amendment) Separate financial statements (effective for annual periods beginning on or after 1 January 2013)
• IAS 28 (Amendments) Investment in Associates (effective for annual periods beginning on or after 1 January 2013)
• · IAS 32 (Amendments) Offsetting of financial assets and financial liabilities presentation (effective for financial years beginning on or after 1 January 2014)
• IFRIC 20 Stripping costs in the production phase of a surface mine (effective for financial years beginning on or after 1 January 2013)
• IAS 28 (Amendment) Investments in associates and joint ventures (effective for annual periods beginning on or after 1 January 2013)

The adoption of IFRS 9 will primarily have an effect on the classification and measurement of the Company's financial assets. The Company is currently assessing the impact of adopting IFRS 9, however the impact of adoption depends on the assets held by the Company at the date of adoption, therefore it is not practical to quantify the effect at this stage.

The other standards, amendments and interpretations mentioned above are not expected to have an effect on the Company's financial position and performance.

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

3.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

The significant accounting policies used in the preparation of these financial statements are set out below:

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue is reliably measured. The following specific revenue criteria must also be met before revenue is recognised:

Investment income

Interest income is included in the statement of comprehensive income on an accruals basis using the effective interest rate method that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.

Ground rents and other rents are included in the statement of comprehensive income on an accrual basis. Dividend income is included in the statement of comprehensive income when the right to receive the payment is established.

Upon disposal of investment properties consisting of land, leasehold property and ground rents capitalised, the difference between the proceeds from disposal and the carrying amount is recognised as a gain or loss through the statement of comprehensive income.

Taxes

Current income tor

Current income tax assets and liabilities for the current period and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Deferred income tax

Deferred taxation is provided using the liability method, on temporary differences, at the reporting date, arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except:

• · where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination, and at the time of transaction, affects neither the accounting profit nor taxable profit or loss; and
• · in respect of taxable temporary differences associated with investments in subsidiaries and an associate, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted at the reporting date.

Under this method the Company is required to make provision for deferred income taxes on the revaluation of certain non-current assets. Such deferred tax is charged or credited directly to the statement of comprehensive income, and is charged or credited directly to equity if the tax relates to items that are credited or charged in the same or a different period, directly to equity.

Deferred tax assets are recognised only to the extent that future taxable profit will be available such that realisation of the related tax benefit is probable.

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

3.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Foreign currency translation

The financial statements are presented in Euro, which is the Company's functional and presentation currency. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the year end date. All differences are taken to the statement of comprehensive income. Non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the initial transactions. Non monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Investment properties consisting of land, buildings and leasehold property

Investment properties, consisting of properties not occupied by the Company and held to earn rentals and for capital appreciation, are regarded as long term investments.

All investments are measured initially at cost, being the fair value of the consideration given, including acquisition charges associated with the investment. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day to day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the year end date. This is based on market valuations performed by independent professional architects every two years or earlier whenever their fair values differ materially from their carrying amounts. In the year when a market valuation is not performed, an assessment of the fair value is perflect market conditions at the year end date. Gains or losses on changes in the fair values of investment properties are taken to the statement of comprehensive income in accordance with IAS 40 "Investment Properties". Unrealised gains are subsequently transferred to other reserves in accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.

Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of comprehensive income in the year of retirement or disposal.

Investment properties consisting of ground rents capitalised

On 30 April 1990, the directors capitalised ground rent. The value of this asset was included with long term assets with a resultant increase in the capitalisation reserves included within other reserves. Up to 30 April 2001, ground rents were revalued in the financial statements after capitalising the net annual amount receivable at 8% per annum. As from the year ended 30 April 2002, the capitalisation rate was changed to 5% per annum. The capitalisation rate reflects the fair value of the capitalised ground rent.

Property, plant and equipment

Property, plant and equipment are initially recorded at cost. Leasehold property is subsequently measured at fair value less depreciation and impairment. All other property, plant and equipment, are subsequently stated at cost amounts less accumulated depreciation and accumulated impairment in value, if any.

Leasehold premises consists of property that is occupied by the Company as its offices.

3.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Property, plant and equipment - continued

It is Company policy to carry out a professional market valuation of leasehold every two years which is frequently enough to ensure that the fair value of the revalued assel does not differ materially from its carrying amount. To the extent that a revaluation results in an increase in the carrying amount of the asset, the increase is credited to the revaluation reserve within equity. To the extent that a revaluation results in a decrease in the carrying amount of the asset, the decrease is charged against the revaluation reserve to the extent that the decrease does not exceed the amount held in the revaluation reserve in respect of that same asset; any excess of the decrease is taken to the statement of comprehensive income. The accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount restated to the revalued amount of the asset.

Depreciation of property, plant and equipment

Depreciation is provided on property, plant and equipment, other than leasehold property, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset on a straight line basis over the expected useful life.

The annual rates used for this purpose are:

	90
Fixtures and fittings	15.0
Equipment	33.3
Improvements to premises	10.0

Depreciation is provided on leasehold property to write off the valuation on a straight line basis over the remaining period of the lease.

Each year, the difference between the depreciation based on the revalued carrying amount of the asset (the depreciation charged to the statement of comprehensive income) and depreciation based on the asset's original cost, is transferred from the revaluation reserve to retained earnings.

Impairment of non-financial assets

The Company assesses at each reporting date whether there are indications of impairment for all nonfinancial assets. If any such amount exists, or when impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to the recoverable amount.

Investments and other financial assets

Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, or available-for-sale financial assets, as appropriate. When financial assets are recognised initially, they are measured at fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs.

The Company determines the classification of its financial assets on initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year end. The Company classifies its financial assets as fair value through profit or loss and loans and receivables. The Company does not hold financial assets classified as held-to-maturity and available-for-sale.

3.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Investments and other financial assets - continued

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss includes financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss.

Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments or a financial guarantee contract. Gains or losses on investments held for trading are recognised in the statement of comprehensive income.

The Company assesses whether embedded derivatives are required to be separated from host contracts when the Company first becomes party to the contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.

Receivables

Receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable.

Receivables are recognized and carried at cost.

Fair value

The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments where there is no active market, fair value is determined using valuation techniques include using. recent arm's length market transactions; reference to the current market value of another instrument which is substantially the same; discounted cash flow analysis or other valuation models.

Impairment of financial assets

The Company assesses at each reporting date whether a financial asset or group of financial assets is impaired.

Assets carried at amortised cost

If there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss shall be recognised in the statement of comprehensive income.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent reversal of an impairment loss is recognized in the statement of comprehensive income.

In relation to trade receivables, a provision for impairment is made when there is objective evidence (such as the probability of insolvency or significant financial difficulties of the debtor) that the Company will not be able to collect all of the amounts due under the original terms of the carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectible

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

3.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Cash and cash equivalents

Cash and cash equivalents are composed of cash at bank and short term deposits.

For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts.

Trade and settlement date accounting

All "regular way" purchases and sales of financial assets are recognised on the "trade date," that is, the date the Company commits to purchase or sell the asset. Regular way purchases and sales are purchases and sales of financial assets that require delivery of assets within the fime generally established by regulation or convention in the market place.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the obligation can be made.

Contingent liabilities and contingent assets are not recognised. A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is disclosed where an inflow of economic benefits is probable.

Borrowing costs

Borrowing costs are recognised as an expense in the period in which they are incurred.

Emplovee benefits

The Company contributes towards the State pension in accordance with local legislation. Short-term employee benefit obligations are measured on undiscounted basis and recognised as an expense in the statement of comprehensive income in the period they are incurred.

Events after the reporting date

Events after the reporting date are those events, favourable, that occur between the reporting date and the date when the financial statements are authorised for issue. Adjusting events require the Company to adjust the amounts recognised in its financial statements while non-adjusting events do not require any adjustments to the amounts recognised in the financial statements.

3.3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

In preparing the financial statements, the directors are required to make judgments, estimates and assumptions that affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the financial statements. These estimates are reviewed on a regular basis and if a change is needed, it is accounted in the period the changes become known.

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

3.3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The most significant judgements and estimates are as follows:

Revaluation of property, plant and equipment and investment properties

The Company carries its investment properties at fair value, with changes in fair value being recognised in the statement of comprehensive income. In addition, it measures land and buildings at revalued amounts with changes in fair value being recognised in other comprehensive income. This is based on market valuations performed by independent professional architects every two years. The last market valuation was performed on July 2011. As at 31 October 2012 an assessment of the fair value of investment properties consisting of land and building was performed to reflect market conditions at the period end date. No changes in fair value have been recognised.

In the opinion of the management, except for the acounting estimates, assumptions and judgments made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1 (revised)-' Presentation of Financial Statements'.

4. INVESTMENT INCOME

	Six months to	Six months to
	31 October 2012 31 October 2011
	FUR	EUR
Dividends	49,037	67.695
Interest income	21,552	19,751
Ground rents	17,027	17,821
	87,616	105,267

FINANCE COSTS 5.

	Six months to	Six months to
	31 October 2012 31 October 2011
	EUR	EUR
Interest on bank overdrafts	2,146	987

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

6. EXPENSES BY NATURE

	Six months to	Six months to
	31 October 2012	31 October 2011
	EUR	FUR
Staff costs (note 7a)	18,513	19,188
Auditors remuneration	4,136	3,523
Depreciation of property, plant and equipment (note 12)	2,190	2,190
Loss (gain) on exchange	382	(165)
Custodian fees	3,484	3,484
Other expenses	24,207	24,576
Total administrative expenses	52,912	52.796

7. EMPLOYEE INFORMATION

a) Staff costs

The total employment costs were as follows:

	Six months to	Six months to
	31 October 2012 31 October 2011
	EUR	EUR
Salaries	17,609	18,297
Social security costs	904	891
	18,513	19,188

b) Staff numbers

The average number of persons employed by the Company during the period was as follows:

	Six months to 31 October 2012 31 October 2011 Number	Six months to Number
Administration	2	2

8. INCOME TAX EXPENSE

Major components of income tax expense for the periods ended 31 October 2012 and 2011 are:

	Six months to 31 October 2012	Six months to 31 October 2011
	DOR	EUR
Statement of comprehensive income
Current income tax charge	24.753	30.847
Deferred tax charge (note 18)	436	275
Income tax expense	25,189	31.122

The income tax on profit((loss) differs from the theoretical income tax expense that would apply on the Company's profit'((loss) before tax using the applicable tax rate in Malta of 35% as follows:

	Six months to 31 October 2012 I BUR	Six months to 31 October 2011 FUR
Profit/(loss) before tax	329,372	(211,445)
Theoretical tax expense at 35%	115,280	(74.006)
Tax effect of: - income subject to lower tax rate - (gains) losses not subject to tax - expenses not deductible for tax purposes - investment income not subject to further tax	(4,310) (103,893) 19,161 (1,049)	(3,950) 92,025 18,714 (1,662)
Income tax expense	25,189	31.122

9. PROFIT/(LOSS) PER SHARE

The profit((loss) per share of 18.27 cents (2011: 14.57 cents) is calculated on the loss after taxation attributable to the ordinary shareholders, divided by the average number of ordinary shares in issue and ranking for dividend during the period.

	Six months to	Six months to
	31 October 2012	31 October 2011
	FUR	EUR
Profit (loss) for the period	304,183	(242,567)
	31 October 2012 Number	31 October 2011 Number
Average number of ordinary shares in issue	1,665,176	1,665,176
	Six months to	Six months to
	31 October 2012	31 October 2011
	cents	cents
Profit/(loss) per share	18.27	(14.57)

10. DIVIDENDS PAID AND PROPOSED

	STA HOMETS TO:	I SHIPMIN VIC
	31 October 2012 31 October 2011
	TUR	BIR
Declared and paid dividends

11. INVESTMENT PROPERTIES

Land and buildings EUR	Ground City capitalisation CITIR	Total િતિમ
1,809,447	540.082	2,349,529
	79.557	79,557
1.809,447	619.639	2.429,086
	(68)	(68)
1,809,447	619.571	2,429,018

Investment properties are carried at their fair value of land and building is based on market valuations performed by independent professional architects every two years with the last valuation performed in July 2011. As at 31 October 2012 an assessment of the fair value of investment properties consisting of land and building was performed to reflect market conditions at the period end date. No changes in fair value have been recognised.

There is no rental income from land and buildings. Ground rent income relates to the ground rent capitalised.

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

12. PROPERTY, PLANT AND EQUIPMENT

	Leasehold buildings and improvements BOR	Fixtures fittings & equipment Cloic	Total TMUR
Cost or valuation
At 1 May 2011	102,481	35,479	137.960
Additions
At 30 April 2012	102,481	35,479	137,960
Additions
At 31 October 2012	102,481	35,479	137,960
Depreciation
At I May 2011	4,788	35.479	40,267
Charge for the year	4,380		4,380
At 30 April 2012	9,168	35,479	44,647
Charge for the period	2.190		2,190
At 30 October 2012	11,358	35,479	46,837
Net book value
At 30 October 2012	91,123		91,123
At 30 April 2012	93,313		93.313

Leasehold buildings were acquired in the financial year ended 30 April 1993 at a cost of EUR34,097. Subsequently these leasehold buildings were revalued in July 2011 at EUR97,693, based on market valuations performed by independent professional architects. As at 30 April 2012, the carrying amount does not differ materially from that which would be determined using fair value. The remaining life of the lease is 41 years.

Had leasehold buildings not been included in the financial statements at revaluation less accumulated depreciation, the carrying amount at 31 October 2012, based on cost less accumulated depreciation charged on cost, would have been EUR22,453 (30 April 2012: EUR23,021).

Fully depreciated fixtures, fittings and equipment are still in use.

13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets at fair value through profit or loss include financial assets designated upon initial recognition as at fair value through profit or loss. This designation results in more relevant information because this group of financial assets is managed and its performance is evaluated on a fair value basis.

The table below analyses the nature of the financial assets:

	31 October 2012	30 April 2012
	ETUR	EOR
Equity securities	1,232,678	1,000.262
Bonds	249,542	248.963
Managed funds	1,320,571	1.166,841
	2.802.791	2,416,066
Fair values a
	31 October 2012	30 April 2012

	2,802,791	2,416,066
Unquoted	30,214	31.022
Quoted on the Malta Stock Exchange	2,772,577	2,385,044
Local	EUR	EUR

Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair values are observable, either directly or indirectly

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

	Total	Level 1	Level 2
	EUR	EUR	EUR
Fair value as at 31 October 2012	2,802,791	2,772,577	30,214
Fair value as at 30 April 2012	2,416,066	2,385,044	31,022

13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS - continued

b. Acquisition costs

31 October 2012 FUR	30 April 2012 EUR
3,054,246	2.964,336
16,894	16,894
3.071,140	2,981,230

Fair value movements: C.

	Six months to 31 October 2012	Six months to 3 October 2011
	BUR	EUR
Local
Quoted on the Malta Stock Exchange	297,623	(262,929)
Unquoted	(809)
	296.814	(262.929)

The management of the Company's investments is regulated by the Company's Investment Policy as laid down in the Company's memorandum and articles of association.

14. RECEIVABLES

	31 October 2012 COR	30 April 2012 EUR
Ground rent receivable (note i)	26,321	25,408
Dividends receivable	411	22,313
Accrued income	8.398	4,713
Other receivables	10,706	10.706
	45,836	63,140

i. Ground rents are received annually and are non-interest bearing. Ground rents receivable are past due but not impaired. The ageing analysis is as follows:

		Past due but not impaired
lotal		< rear	1-2 vears	2-5 years	>5 years
31 October 2012	26,321	5.319	9.856	4.168	6,978
30 April 2012	25.408	10.763	3.896	2.972	7.777

15. CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows comprise the following statement of financial position amounts:

	31 October 2012	30 April 2012
	MUR	POR
Cash at bank	1,687.998	2,022.032
Bank overdraft (note 19)	(17,840)	(305,812)
	1,670,158	1.716,220

16. SHARE CAPITAL

	31 October 2012 IJIJR	30 April 2012 EUR
Authorised 4,000,000 ordinary shares of EUR0.582343 each	2,329,372	2,329,372
Issued, called up and fully paid 1,665,176 ordinary shares of EUR0.582343 each	969,704	969.704

RESERVES 17.

Share premium

The share premium account represents the excess over the nominal value of proceeds from the issue of shares in the Company's capital at a value above nominal value. This reserve is not available for distribution.

Revaluation reserve

This reserve arises from the revaluation of leasehold property. This reserve is not available for distribution.

Other reserves

Other reserves represent unrealised gains on investment properties, and increase in fair values of financial assets that are not available for distribution.

Retained earnings

In accordance with the Company's articles of association, unclaimed dividends shall be forfeited in favour of the Company after the lapse of twelve years. Unclaimed dividends that have been forfeited are being transferred to retained earnings.

18. DEFERRED TAX LIABILITY

The liability for deferred tax for the periodiyear is analysed as follows:

	31 October 2012 EUR	30 April 2012 EUR
At beginning of the periodiyear	318,825	310.201
Charged to statement of comprehensive income (note 8)	436	8.624
At end of period/year	319,261	318.825

Deferred income taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% and capital gains tax of 12%. Deferred income tax as at period end relates to the following:

	31 October 2012	30 April 2012
	માં મુખ	EUR
Revaluation of leasehold property	8.909	9,018
Revaluation of investment properties	309,092	309,100
Interest receivable	1,260	707
	319,261	318,825

19. INTEREST-BEARING BORROWINGS

At the period end, the Company had a bank overdraft facility amounting to EUR704,640 (April 2012: EUR704,640) for the purposes of working capital finance, including portfolio investment, and small autonomous disbursements. The bank finance is secured by a cash pledge of EUR704,640 held with the same bank.

Interest is charged at the rate of 1.25% per annum over the banks' base rate. The average rates of interest on the Company's borrowings were as follows:

	31 October 2012 0/0	10/0
Bank overdraft	3.7	3.7

20. PAYABLES

	31 October 2012	30 April 2012
	ી જેવી જિ	EUR
Ground rent's payables (note i)	80,565	77.336
Accruals and deferred income	20.008	10,778
Other payables	58.109	64,231
	158,682	152,345

Ground rents are paid annually and are non-interest bearing. Ground rents are settled upon receipt of claim.

21. NET ASSET VALUE PER ORDINARY SHARE

The net asset value per share is calculated by dividing the net asset value by the number of ordinary shares in issue. During the period under review, the net asset value per share has increased from EUR3.776 to EUR3.962.

22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's principal financial liabilities are composed of interest-bearing borrowings and payables. The main purpose of these financial liabilities is to raise finance for the Company's operations. The Company has various financial assets such as financial assets at fair value through profit and loss, receivables and cash at bank, which arise directly from its operations.

The Company did not enter into derivative transactions. It is, and has been throughout the year, the Company's policy that no trading in derivatives shall be undertaken.

The main risks arising from the Company's financial instruments are credit risk, liquidity risk and market risk (which is composed of foreign exchange currency risk, interest rate risk and equity price risk). The board of directors reviews and agrees policies for managing each of these risks which are summarised below.

Credit risk

Credit risk is the risk that counterparty will not meet its obligation under a financial instrument leading to a financial loss, The Company is exposed to credit risk from its operating activities primarily from investments classified as fair value through profit or loss, receivables and deposits with banks.

The Company trades only with recognised, creditworthy third parties. Credit risk relating to financial assets is addressed through careful selection of the issuers of securities bought by the Company. The Company obtains expert technical advice from its stockbrokers and monitors the markets for changes in the credit status of companies in which securities are held.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in notes 14 and 16. The directors are of the opinion that these amounts are recoverable in full. Cash at bank are placed with quality financial institutions. Other than ground rents receivable, mentioned in the following paragraph, none of the financial assets are neither past due nor impaired. Therefore, the Company has no significant concentration of credit risk.

No provisions have been made against ground rent receivables since the Company is entitled to enforce these amounts on the basis of contracts on which the property giving rise to the ground rents is available as a security.

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued

Credit risk - continued

The Company's exposure to concentration of risk as at 30 April 2012, arising from financial instruments exceeding 10% of the Net Asset Value of the Company with the same counterparty, amounted to EUR1,089,695 (16.5% of NAV), EUR1,667,558 (25.3% of NAV), and EUR1,1320,571 (20.0% of NAV), As at 30 April 2012 these exposures amounted to 1,334,904 (21.2% of NAV), EURL,293,750 (20.6% of NAV), and EUR1, 166,840 (18.6% of NAV).

Liquidity risk

Liquidity risk is the risk that the Company will be unable to meet its payment obligations when they fall due. The Company montors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of its financial liabilities and projected cash flows from operations.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of interest-bearing borrowings and payables.

Market risk

Market risk is the risk that the fair value of financial assets will fluctuate due to changes in the market variables such as exchange rates, interest rates and equity prices.

Foreign exchange currency risk

The Company has sterling denominated cash in bank and transactional currency exposures arising from its US dollar denominated financial assets at fair value through profit or loss. The Company monitors movements in the currencies in which these assets are held although they do not significantly affect the Company's statement of financial position.

Interest rate risk

The bank overdrafts are subject to rates of interest determined by the banks, which may be revised at the banks' discretion depending on movements in banks' base rates. The Company's favourable bank balances earn interest at rates determined by the banks. In view of the Company's marginal net cash and cash equivalents, the amount of interest rates risk is not considered to be significant.

The Company's financial assets are not significantly influenced by changes in interest rates since most holdings are equity and managed funds.

Equity price risk

Equity price risk is the risk that the fair values of equities decrease as the result of changes in the levels of equity indices and the value of individual stocks.

The effect on the statement of comprehensive income (as a result of a change in the fair value of equity instruments held at fair value through profit or loss at 30 April) due to a reasonably possible change in the Malta Stock Exchange index, with all other variables held constant is as follows:

		Effect on profit
	Change in equity price 10	before tax EUR 000
31 October 2012	10/-10	297/(297)
30 April 2012	11/-11	427 (427)

NOTES TO THE INTERIM FINANCIAL STATEMENTS - continued

22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued

Fair values

At 31 October 2012 and 30 April 2012, the carrying amounts of financial assets at fair value through profit or loss, cash at bank, receivables, interest-bearing borrowings and payables approximated their fair values.

Capital management

The primary objective of the Company's capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust capital structure, the Company may adjust dividend payments to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the period ended 31 October 2012 and year ended 30 April 2012.

The Malta Financial Services Authority supervises the Company and, as such, the operations of the Company are subject to regulatory requirements. Such regulations not only prescribe approval and monitoring of activities, but also impose certain restrictive provisions. The Compliant with the regulatory requirements.

23. SHAREHOLDINGS AS AT 31 OCTOBER 2012

Substantial direct interests

Shareholder		Number of shares	Nominal value of shareholding THER	Percentage shareholding 0/0
Mercury Plc		581,508	338,637	34.9
Mr Ivan J Burridge (deceased)		109.860	63.976	6.6
One Sixth (Investments) Lumited		96.665	56.292	5.8
Dr Rene Frendo Randon		86,348	50,284	5.2
		874.381	209,189	52.5
Size of shareholding	Shareholders number	Shareholders percentage	Shares number	Shares percentage
1 - 500	83	34.0	18,530	1.1
501 - 1.000	38	15.6	29,265	1.8
1,001 - 5,000	83	34.0	188,133	113
5,001 and over	40	16.4	1,429,248	85.8
	244	100.0	1,665,176	100.0

24. RELATED PARTY TRANSACTIONS

The Company did not enter into any transactions with related parties.

26. CONTINGENT LIABILITY

The Company has received a notice from the Commissioner of Inland Revenue pursuant to the exemption order of 4 September 2010, in which notice it is allegedly indicated that a tax balance of EUR 155, 156 is due. According to the Company's records, the amount claimed is under dispute in its entirety.

27. ADDITIONAL INFORMATION

In terms of the Company's memorandum and articles of association, the instructions of the Board of Directors or its authorised representative, in particular those relating to, but not limited to, the Company's Investment Policy as laid down in the Company's memorandum and articles of association, shall be carried out by the Company's Custodian. The Custodian is entrusted with the safekeeping of all the Company's assets. No purchase, acquisition, transfer, sale or hypothecation of immovable property of the Company can take place without the consent of the Custodian. During the period, the Company's custodian remains to be HSBC Bank Malta plc.

SUPPLEMENTARY STATEMENTS

	Statement
Operating account	-
Investments	-
Analysis of company portfolio	III
Key figures and ratios	IV

SANTUMAS SHAREHOLDINGS PLC Supplementary Statements for the six-month period ended 31 October 2012

OPERATING ACCOUNT

	Six months to 31 October 2012 EUR	Six months to 31 October 2011 ETOR
INVESTMENT INCOME
Dividend income	49.037	67,695
Interest income	21,552	19,751
Ground rents	17,027	17,821
	87,616	105,267
ADMINISTRATION BARRENSES
Salaries and NI contributions	18,513	19,188
Bank charges		124
MFSA Collective Investment Scheme fees	2,500	2,500
Custodian fees	3,484	3,484
Malta Stock Exchange costs	51	18
Advertising and promotional expenses	4,522	1.054
Telecommunications	821	1,198
Water and electricity	760	878
Stationery and postages	708	1.070
Insurances	316	316
Professional and legal fees	5,422	7,520
Auditors' remuneration	4,136	3,523
Travelling expenses	3,584	3.474
Computer operating and leasing expenses	1,470	1.150
Annual registration fee	1,200	1,200
Sundry expenses	2,853	4,074
Depreciation of property, plant and equipment	2,190	2,190
Loss (gain) on exchange	382	(165)
	52.912	52,796
FINANCE COSTS	2,146	987
OPERATING PROFIT	32.558	51.484

INVESTMENTS

LOCAL QUOTED

Banks Bank of Valletta Plc HSBC Bank Malta Plc FIMBank Plc

Investment funds Amalgamated Investments Sicav Plc

Government Malta Government Stocks

Telecommunications Loqus Holdings Plc GO Plc

Breweries and beverages Simonds Farsons Cisk Plc

Insurance Middlesea Insurance Plc

Marina services Grand Harbour Marina Plc

Airlines and airports Malta Int. Airport Plc

Postal services MaltaPost Plc

LOCAL UNQUOTED

Investment funds The Malta Development Fund Limited

Insurance Citadel Insurance Plc

SANTUMAS SHAREHOLDINGS PLC Supplementary Statements for the six-month period ended 31 October 2012

ANALYSIS OF COMPANY PORTFOLIO

		31 October 2012		30 April 2012		30 April 2011
	Market	0/0	Market	0/0	Market	0/0
	value	of	value	of	value	of
	CICIR	total	EUR	total	EUR	total
FINANCIAL ASSETS
Included under
Financial assets at fair value through profit and loss
Banks	1,120,645	21.11	944.973	19.13	953,537	19.69
Investment funds	1,337,686	25.20	1,183,955	23.97	1,133,535	23.41
Government stocks	51.400	0.96	50.920	1.03
Telecommunication services	116,091	2.19	75,662	1.53	135.625	2.80
Breweries and beverages	79,691	1.50	62,031	1.27	62,352	1.29
Insurance	57,499	1.08	55,307	1.12	63.938	1.33
Marine Services	11,963	0.23	13,230	0.27	13.860	0.29
Airlines and airports	17,700	0.33	16.500	0.33	16.990	0.35
Postal services	10,116	0.19	13.488	0.27	14.700	0.30
Total financial assets	2,802,791	52.79	2,416.066	48.92	2,394,537	49.46
PROPERTY Included under Investment Properties and Property, plant and equipment
Development land	1,341,803	25.28	1.341.803	27.17	1,341,803	27.71
Land	411,040	7.74	411,040	8.32	411.040	8.49
Leasehold properties	56,604	1.07	56.604	1.15	56.604	1.17
Ground rents Office	619,571 76,987	11.67 1.45	619.639 93.313	12.55 1.89	540.082 97.693	11.15 2.02
Total property	2,506,005	47.21	2.522.399	51.08	2,447,222	50.54
TOTAL PORTFOLIO	5,308,796	100.00	4,938,465	100.00	4.841,759	100.00
				30 April 2012
			31 October 2012 0/0		0/0	30 April 2011 0/0
			of total		of total	of total
CEOGRAPHICAL DISTRIBUTION OF FINANCIAL ASSETS
Malta			100.00		100.00	100.00

KEY FIGURES AND RATIOS

	Six months to 31 October 2012	30 April 2012	30 April 2011
Average number of shares in issue	1,665,176	1,665,176	1,665,176
(Earnings (loss) per share (cents)	18.3	(17.5)	(3.40)
Return on capital employed (%)	4.61	(4.62)	(0.85)
Dividend cover (times)"			(0.73)
Dividend per EUR0.582343 ordinary share (cents)			4.60
Net asset value per share (EUR)®	3.96	3.78	રે તેરે

Notes

• 1 Actual number of shares in issue.
• Earnings per share are computed by dividing the profit/loss for the periodiyear by the average number of 2 shares in issue.
• 3 Return on capital employed is calculated by dividing the profit/loss for the period/year by the shareholders' funds at the end of the year.
• 4 Dividend cover is calculated by dividing the profit for the period'year by the dividends for the year.
• 5 Dividend per share is computed by dividing the dividend paid during for the periodiyear by the average number of shares in issue.
• 6 Net asset value per share is computed by dividing the net assets by the average number of shares in issue.