Approval of Consolidated Audited Financial Statements for the Financial Year ended 31 December 2019

Jun 30, 2020 | Official Notices

Approval of Consolidated Audited Financial Statements

During the meeting of the Board of Directors of Tum Finance plc (the “Company”) held today, 30 June, 2020, the Board of Directors of the Company approved the consolidated audited financial statements of the Company for the financial period ended 31 December 2019. The audited financial statements are attached herewith and are also available for viewing on the Company’s website at http://tumfinance.com/nvestor-relations/.

Furthermore it is hereby announced that the board of directors of Easysell Limited (C 9778), the guarantor of the €20,000,000 3.75% Secured Bonds 2029 issued by the Company in terms of a prospectus dated 3 June 2019 (the “Guarantor”), has approved the audited financial statements of the Guarantor for the financial year ended 31 December 2019. The audited financial statements of the Guarantor are also available for viewing on the webpage referred to above in accordance with Listing Rule 5.61.

Explanation of Variance in terms of Listing Rule 5.16.24

For the purposes of Listing rule 5.16.24, it is hereby announced, with respect of the Tum Finance Group (comprising the Company, its wholly owned subsidiary Tum Operations Ltd (C 91301) and, in turn, its two subsidiaries, that is the Guarantor and Center Parc Holdings Ltd (C 72342), together hereinafter referred to as the “Group”), that the Group’s financial forecast for the year ended 31 December 2019, as disclosed on page 44 of the financial analysis summary (“FAS”) found in Annex 4 to the Securities Note forming part of the said prospectus dated 3 June 2019, shows a profit before tax of €15,079,000, whilst the consolidated financial statements for the period ended 31 December 2019 shows a profit before tax of €10,043,000. This represents a decrease of 33% in profit before tax, resulting mostly from a lower change in fair value of investment property and revenue attributable to different reporting periods and, to a lesser extent, from a delay in project completion, as explained in further detail below:

i. the Group’s financial forecast as presented in the FAS represents a full year of operations whilst the consolidated financial statements presents the results as from when

Read the official announcement here.

Tum Operations Ltd acquired its subsidiaries, being April 2019. This resulted in a lower change in fair value of investment property amounting to €4,856,000 being reported in the period covered by the consolidated financial statements;

ii. the investment property projects being undertaken during 2019 experienced a degree of delay in completion, which resulted in a one-time loss of revenue of €540,000.

Information to the Market

Further to the company announcements published on 17 March, 2020 (TMF04) and 28 April, 2020 (TMF05), the Board of Directors of the Company reiterates that it is regularly assessing the impact of COVID-19 on the operations and performance of its Group companies and their respective operations relative to the Retail Hub and Zentrum Business Centre (Qormi). The Board remains vigilant of any directives which may be issued from time to time by the Public Health Regulation Department and Superintendence of Public Health. Following a suspension of operations in response to past directives, which have since been lifted, as from the beginning of June, 2020, rents payable by tenants to the Guarantor and Center Parc Holdings Ltd have returned to pre-COVID 19 levels.

The Board of Directors of the Company shall provide further information and updates to the market in respect of the subject matter of this announcement, as and when appropriate.

Annual General Meeting of Tum Finance plc

It is hereby announced that the annual general meeting of the Company will be held on 14 July, 2020 at 09:30.