Malawi Properties Investment Company Limited

Ticker code MPICO Industry Real Estate Operations Old Mutual House
Robert Mugabe Crescent
P. O. Box 30549
Lilongwe 3, Malawi
ISIN MW000A1C5MD6 Sector Services
Initial Listing 12 November 2007 Financial Year End 31 December
Website www.mpicomw.com Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Rental income 1,016,236 1,138,608 1,279,473 1,551,838 2,005,275
Increase in fair value of investment properties 2,863,462 2,049,631 2,641,301 1,501,110 1,937,866
Other income 316,251 228,743 284,881 273,117 553,340
Total  income 4,195,949 3,416,982 4,205,655 3,326,065 4,496,481
Total expenditure -515,402 -450,506 -2,046,952 -695,450 -1,398,760
Profit before income tax expense 3,680,547 2,966,476 2,158,703 2,630,615 3,097,721
Income tax expense -1,132,640 -934,814 -683,351 -672,480 -898,575
Profit after tax 2,547,907 2,031,662 1,475,352 1,958,135 2,199,146
Basic earnings per share  (MK) 1.97 1.51 0.97 1.44 1.71
Equity and liabilities
Shareholders' equity
Equity attributable to owners of the parent 7,104,108 8,837,595 9,955,313 16,076,582 16,318,108
Minority interest 953,582 1,177,057 1,467,617 1,671,024 1,753,796
Total equity 8,057,690 10,014,652 11,422,930 17,747,606 18,071,904
Liabilities 
Non-current liabilities 3,668,636 4,679,150 5,572,972 6,815,581 18,862,978
Current  liabilities 495,982 1,118,802 3,066,668 1,364,752 2,439,114
Bank overdraft 31,224 1,103,198 307,846 501,976 544,712
Total liabilities 4,195,842 6,901,150 8,947,486 8,682,309 21,846,804
Total equity and liabilities 12,253,532 16,915,802 20,370,416 26,429,915 39,918,708
Assets
Non-current assets 10,000,051 15,518,013 19,364,657 24,366,933 36,074,099
Current assets 2,253,481 1,397,789 1,005,759 2,062,982 3,844,609
Total assets 12,253,532 16,915,802 20,370,416 26,429,915 39,918,708

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Rental income 1,016,236 1,138,608 1,279,473 1,551,838 2,005,275
Increase in fair value of investment properties 2,863,462 2,049,631 2,641,301 1,501,110 1,937,866
Other income 316,251 228,743 284,881 273,117 553,340
Total  income 4,195,949 3,416,982 4,205,655 3,326,065 4,496,481
           
Total expenditure -515,402 -450,506 -2,046,952 -695,450 -1,398,760
           
Profit before income tax expense 3,680,547 2,966,476 2,158,703 2,630,615 3,097,721
Income tax expense -1,132,640 -934,814 -683,351 -672,480 -898,575
Profit after tax 2,547,907 2,031,662 1,475,352 1,958,135 2,199,146
Distributable reserves 415,801 512,698 -501,476 699,740 824,095
Non-distributable reserves 1,850,433 1,220,789 1,619,194 957,888 1,138,649
Amount attributable to members of the company 2,266,234 1,733,487 1,117,718 1,657,628 1,962,744
Amount attributable to minority interest 281,673 298,175 357,634 300,507 236,402
2,547,907 2,031,662 1,475,352 1,958,135 2,199,146
Basic earnings per share  (MK) 1.97 1.51 0.97 1.44 1.71
           
Analysed as:
      -Distributable (MK) 0.36 0.45 -0.44 0.61 0.72
      -Non-distributable (MK) 1.61 1.06 1.41 0.83 0.99
Number of shares used for calculation 1,149,023,730 1,149,023,730 1,149,023,730 1,149,023,730 1,149,023,730

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Rental income 682,695 869,143 902,638 1,102,637 1,391,672
Increase in fair value of investment properties - 1,501,110 - 1,937,866 -
Other income 70,795 202,322 176,620 376,720 463,906
Total  income 753,490 2,572,575 1,079,258 3,417,223 1,855,578
Total expenditure -342,346 -353,104 -414,389 -984,371 -661,672
Profit before income tax expense 411,144 2,219,471 664,869 2,432,852 1,193,906
Income tax expense -104,032 -568,448 -138,798 -759,777 -291,891
Profit after tax 307,112 1,651,023 526,071 1,673,075 902,015
Distributable reserves 231,020 468,720 374,585 449,510 661,242
Non-distributable reserves - 957,888 - 1,138,649 -
Amount attributable to members of the company 231,020 1,426,608 374,585 1,588,159 661,242
Amount attributable to minority interest 76,092 224,415 151,486 84,916 240,773
307,112 1,651,023 526,071 1,673,075 902,015
Basic earnings per share  (tambala) 20.1 124.2 32.6 138.2 57.5
Analysed as:
      -Distributable (tambala) 20.1 40.8 32.6 39.1 57.5
      -Non-distributable (tambala) - 83.4 - 99.1 -
Number of shares used for calculation 1,149,023,726 1,149,023,727 1,149,023,728 1,149,023,729 1,149,023,730

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Equity and liabilities          
Shareholders' equity
Ordinary share capital 57,451 57,451 57,451 57,451 57,451
Distributable reserves 1,323,040 1,852,493 1,638,144 2,337,884 3,161,979
Non-distributable reserves 5,723,617 6,927,651 8,259,718 13,681,247 13,098,678
Equity attributable to owners of the parent 7,104,108 8,837,595 9,955,313 16,076,582 16,318,108
Minority interest 953,582 1,177,057 1,467,617 1,671,024 1,753,796
Total equity 8,057,690 10,014,652 11,422,930 17,747,606 18,071,904
           
Liabilities 
Non-current liabilities 3,668,636 4,679,150 5,572,972 6,815,581 18,862,978
Current  liabilities 495,982 1,118,802 3,066,668 1,364,752 2,439,114
Bank overdraft 31,224 1,103,198 307,846 501,976 544,712
Total liabilities 4,195,842 6,901,150 8,947,486 8,682,309 21,846,804
           
Total equity and liabilities 12,253,532 16,915,802 20,370,416 26,429,915 39,918,708
           
Assets
Non-current assets
Investment properties 8,664,683 11,442,006 13,929,402 15,385,085 17,414,738
Other assets 1,335,368 4,076,007 5,435,255 8,981,848 18,659,361
Total non-current assets 10,000,051 15,518,013 19,364,657 24,366,933 36,074,099
           
Current assets
Receivables 2,205,826 1,343,097 969,865 1,745,099 3,083,359
Funds at call and on deposit 31,910 10,600 1,110 1,104 376,085
Cash and bank balances 15,745 44,092 34,784 316,779 385,165
Total current assets 2,253,481 1,397,789 1,005,759 2,062,982 3,844,609
           
Total assets 12,253,532 16,915,802 20,370,416 26,429,915 39,918,708

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Equity and liabilities          
Shareholders' equity
Ordinary share capital 57,451 57,451 57,451 57,451 57,451
Distributable reserves 1,869,164 2,337,884 2,570,471 3,161,979 3,461,132
Non-distributable reserves 8,259,718 13,681,247 14,211,963 13,098,678 13,098,678
Equity attributable to owners of the parent 10,186,333 16,076,582 16,839,885 16,318,108 16,617,261
Minority interest 1,511,809 1,671,024 1,775,835 1,753,796 1,994,573
Total equity 11,698,142 17,747,606 18,615,720 18,071,904 18,611,834
           
Liabilities 
Non-current liabilities 6,167,867 6,815,581 9,858,342 18,862,978 18,967,408
Current  liabilities 3,086,251 1,364,752 1,317,921 2,439,114 2,255,805
Bank overdraft 526,747 501,976 514,734 544,712 454,656
Total liabilities 9,780,865 8,682,309 11,690,997 21,846,804 21,677,869
           
Total equity and liabilities 21,479,007 26,429,915 30,306,717 39,918,708 40,289,703
           
Assets          
Non-current assets
Investment properties 13,929,402 15,385,085 15,404,962 17,414,738 17,415,288
Other assets 6,374,214 8,981,848 12,537,440 18,659,361 19,912,653
Total non-current assets 20,303,616 24,366,933 27,942,402 36,074,099 37,327,941
           
Current assets
Receivables 973,908 1,745,099 1,777,333 3,083,359 2,837,628
Funds at call and on deposit 198,812 1,104 15,229 376,085 1,858
Cash and bank balances 2,671 316,779 571,753 385,165 122,276
Total current assets 1,175,391 2,062,982 2,364,315 3,844,609 2,961,762
           
Total assets 21,479,007 26,429,915 30,306,717 39,918,708 40,289,703

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Cash flows from operating activities
Net cash inflow/(outflow) -144,993 1,252,196 872,088 -256,280 507,175
Return on investment and servicing of finance
Dividend received                   -                   -                   - -                    -
Interest received 118,830 196,875 220,795 239,659 513,043
Interest paid -9,613 -117 -2,549 -47 -257,828
Dividend paid - - - - -22,980
Dividend paid to outside shareholders -40,345 -70,355 -73,175 -31,900 -111,875
Dividend paid to shareholders, including tax -195,334 - - - -
Net cash flow from returns on investment and servicing of finance -126,462 126,403 145,071 207,712 120,360
Taxation paid -157,156 -327,432 -603,990 -78,283 -109,521
Net cash generated from (used in) operating activities -428,611 1,051,167 413,169 -126,851 518,014
Purchase of property, plant and equipment and additions to investment properties -118,413 -147,770 -26,387 -18,896 -82,035
Increase in capital work in progress -1,113,386 -2,676,617 -2,445,830 -3,543,084 -9,621,424
Proceeds on disposal of non-current assets 561,145 30,000 461,750 3,985 1,164
Movement in Nyumba Yanu receivable 18,219 7,671 - - -
Staff long-term loan movements -152 806 2,158 -24,777 2,948
Net cash used  in investing activities -652,587 -2,785,910 -2,008,309 -3,582,772 -9,699,347
Net cash flow before financing activities -1,081,198 -1,734,743 -1,595,140 -3,709,623 -9,181,333
           
Cash flow from financing activities
Borrowings 700,000 669,806 2,371,694 -666,154 7,363,465
Equity contributions - - 4,463,642 2,218,499
Net cash flow generated from (used in)  financing activities 700,000 669,806 2,371,694 3,797,488 9,581,964
           
Net cashflows for the year -381,198 -1,064,937 776,554 87,865 400,631
Cash and cash equivalents at the beginning of the year 397,629 16,431 -1,048,506 -271,958 -184,093
Cash and cash equivalents at the end of the year 16,431 -1,048,506 -271,952 -184,093 216,538

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-13 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Cash flows from operating activities
Net cash inflow/(outflow) 325,041 -581,321 1,237,308 -730,133 791,262
Return on investment and servicing of finance
Dividend received - -                    - -                    -
Interest received 53,786 185,873 163,136 349,907 325,537
Interest paid -47 - - -257,828 -294,019
Dividend paid - - -22,980                    -
Dividend paid to outside shareholders - -31,900 -111,875 - -63,300
Net cash flow from returns on investment and servicing of finance 53,739 153,973 51,261 69,099 -31,782
Taxation paid 5,794 -84,077 -61,742 -47,779 -221,687
Net cash generated from (used in) operating activities 384,574 -511,425 1,226,827 -708,813 537,793
Purchase of property, plant and equipment and additions to investment properties -12,525 -6,371 -21,962 -60,073 -1,026
Increase in capital work in progress -1,320,707 -2,222,377 -3,950,651 -5,670,773 -1,719,841
Proceeds on disposal of non-current assets 2,800 1,185 - 1,164 400,000
Staff long-term loan movements 751 -25,528 1,514 1,434 1,250
Net cash used  in investing activities -1,329,681 -2,253,091 -3,971,099 -5,728,248 -1,319,617
Net cash flow before financing activities -945,107 -2,764,516 -2,744,272 -6,437,061 -781,824
           
Cash flow from financing activities
Borrowings -1,090,648 424,494 3,000,607 4,362,858 234,764
Equity contributions 1,982,443 2,481,199 - 2,218,499 -
Net cash flow generated from (used in)  financing activities 891,795 2,905,693 3,000,607 6,581,357 234,764
           
Net cashflows for the year -53,312 141,177 256,335 144,296 -547,060
Cash and cash equivalents at the beginning of the year -271,952 -325,264 -184,087 72,248 216,538
Cash and cash equivalents at the end of the year -325,264 -184,087 72,248 216,538 -330,522