Approval of audited financial statements for the financial year ended 31 December, 2020

Apr 16, 2021 | Official Notices

Approval of Audited Financial Statements

During the meeting of the Board of Directors of Tum Finance plc (the “Company”) held today, 15 April, 2021, the Board of Directors of the Company approved the audited financial statements of the Company for the financial year ended 31 December, 2020. The audited financial statements are attached herewith and are also available for viewing on the Company’s website at http://tumfinance.com/index.php/investor-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, 2020. 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 to 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

Read the official announcement here.

the “Group”), the consolidated financial statements for the year ended 31 December, 2020 show a profit before tax of €6,396,121. This comprises a €4,855,047 revaluation of investment property held by the Group. If such revaluation were to be discounted, the Group’s profit before tax would amount to €1,541,074. When compared to the Group’s financial forecast for the year ended 31 December, 2020 as disclosed in the financial analysis summary (“FAS”) published on 31 August, 2020 (see company announcement TMF10), which shows a profit before tax of €1,937,000, this would result in a negative variance of 20.4%, and when compared to the Group’s financial forecast for the year ended 31 December, 2020 as disclosed in the FAS found in Annex 4 to the Securities Note forming part of the said prospectus dated 3 June 2019, which shows a profit before tax of €2,052,000, this would result in a negative variance of 24.9%. In both cases, such variance is attributable to the impact of COVID- 19 and related restrictions and limitations on the operation of the business of the Group, in respect of which reference may be made to the company announcements published by the Company since 17 March, 2020 (TMF04 et seq).