MIDI Plc

Regulatory Filings • Aug 21, 2019

The following is a Company Announcement issued by MIDI p.l.c. ("MIDI" or the "Company") pursuant to the Listing Rules issued by the Listing Authority.

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Addendum to Financial Analysis Summary

With reference Company Announcement MDI137, the Company announces that it has issued an Addendum to the Financial Analysis Summary dated 21 June 2019 prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd.

The Addendum to the Financial Analysis Summary is being attached to this Company Announcement and is also available for inspection at the Company's registered office and on the Company's website: http://www.midimalta.com/en/updatefas

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______________________ Catherine Formosa Company Secretary

21 August 2019

Addendum to the Financial Analysis Summary dated 21 June 2019 (the "FAS")

Following publication of the FAS, we wish to bring the following clarification to the attention of the general public:

Section 5 – Review of the Income Statement:

With regards to Section 5 of the FAS, the Company would like to clarify that as of 2018 it has adopted the requirements of the new standard IFRS 15 – Revenue from Contracts with Customers which has now come into force. The directors consider that this standard does not have a significant impact on neither the measurement nor recognition of the revenue of the Group. Hence, with regards to revenue recognition from sale of property, this revenue continues to be recognized in its income statement when significant risks and rewards of ownership of the property being sold are effectively transferred from the Company to the new owner. This means that while the Company may enter into a number of promise of sale agreements and receive the relative deposits, no such cash flows can be recognised as revenue until the deed of sale is published for each of the units.

Section 7 – Statement of Financial Position:

The 'Trade and other payables' within the non-current liabilities for FY2017 should read €26,217; as a result, the 'Total non-current liabilities' should read €88,249, 'Total liabilities' should read €151,789 while 'Total equity and liabilities' should read €238,409.

The amended Statement of Financial Position is being reproduced with the amended figures below:

	Actual	Actual	Actual	Forecasts
as at 31 December	2016	2017	2018	2019
	€'000	€'000	€'000	€'000
ASSETS
Property, plant and equipment	21,818	20,540	2,182	1,857
Investment property	21,728	21,728	37,078	37,078
Investment in joint ventures	1,963	28,244	29,593	30,993
Available-for-sale financial assets	730	514	508	508
Loans receivable from joint ventures	9,701	9,701	9,701	-
Deferred tax assets	263	3,107	1,273	1,274
Total non-current assets	56,203	83,834	80,335	71,710

Inventories - development	127,077	140,269	123,627	130,778
project
Trade and other receivables	3,191	3,936	3,155	2,900
Current tax asset	2,935	235	-	-
Term placements with banks	200	-	-	-
Cash and cash equivalents	14,173	10,135	13,496	8,988
Total current assets	147,577	154,575	140,278	142,666
Total assets	203,780	238,409	220,613	214,376
LIABILITIES
Borrowings	60,448	62,211	49,303	49,303
Trade and other payables	33,425	26,217	22,263	18,099
Total non-current liabilities	93,873	88,249	71,566	67,402
Borrowings	-	3,926	9,999	-
Trade and other payables	42,547	59,614	41,607	47,737
Total current liabilities	42,547	63,540	51,606	47,737
Total liabilities	136,420	151,789	123,172	115,139
EQUITY
Share capital	42,832	42,832	42,832	42,832
Share premium	15,879	15,879	15,879	15,879
Other reserves	2,160	2,094	1,287	1,287
Retained earnings	6,489	25,816	37,442	39,239
Total equity	67,360	86,621	97,440	99,237
Total equity and liabilities	203,780	238,409	220,612	214,376

Vincent E. Rizzo

Director

21 August 2019