Company Announcements on the Local Stock Exchange
Middlesea Insurance plc Middlesea Insurance plc has reached an agreement with Corporacion Mapfre S.A., the leading Spanish life and non-life insurance group, to acquire their 38.97% holding in Progress Assicurazioni S.p.A which is an unlisted non-life insurance company based in Palermo and operating in Sicily and Southern Italy. This acquisition is equivalent to 584,597,110 shares of a nominal value of EUR0.01 each, which are fully paid up. Middlesea Insurance plc also announced that as at 1st May 2005, Mr. John Camilleri ceased to be one of the directors. Simonds Farsons Cisk plc On Wednesday 27th April 2005, the board of directors of Simonds Farsons Cisk met and approved the financial statements of the company as at year ended 31st January 2005 and resolved to lay the same for the approval of the shareholders at the forthcoming AGM of the Company to be held on 30th June 2005. The BOD has also resolved to recommend the distribution, out of tax exempt profits, of a final net dividend of 2c05 on all ordinary shares of 12c5 each to be paid by not later than 1st July 2005. The BOD has established 8th June as the ex-div date. Results for the financial year ending 31st January 2005 The Group Company Net Profit Lm624,000 Lm717,000 Earnings per Share 2c4 2c8 International Hotels Investments plc At a meeting held on the 27th April 2005, the Board of Directors of IHI plc approved the Preliminary Statement of Annual Results for 2004. Loss before taxation from the year from 2003 to 2004 increased from EUR7,377,015 to EUR 11,345,029. Loss per share from 2003 to 2004 fell Lm0.10 to Lm0.07. Bank of Valletta plc On the 28th of April 2005, the Board Of Directors of Bank of Valletta plc approved the Group and Bank’s interim financial statements for the six months ending 31st March 2005. An interim dividend of 7c5 per share gross of tax has been declared in respect of the six months ending 31st March 2005. All shareholders on the Company’s register at the Central Securities Depository of the Malta Stock Exchange, following trading on the 5th May 2005, will be paid the interim dividend on the 30th May 2005. The Bank of Valletta Group has recorded a net profit before tax of Lm10.1 million for the six months ending 31st March 2005, an increase of 26.2% over the net profit before tax of Lm8 million registered for the six months ending 31st March 2004. The Group has achieved an annualized return of 15.4% on average shareholders’ funds whereas for the six months ending 31st March 2004 it stood at 12.6%. Earning per share increased from 9.8cents to 12.3 cents when comparing March 2004 to March 2005. Operating income amounted to Lm30.8 million, an increase of 13.5% over March 2004. This comprised interest margin of Lm20.1 million, an increase of 8.9% over March 2004, and non-interest income of Lm10.7 million, an increase of 23.5%. The faster rate of growth in non-interest income reflects the Group’s drive towards diversification of its sources of revenue. The main contributors to this growth were sales of investment products, credit cards and trade finance. Non-interest income was also boosted by a strong performance on trading profits. Operating profit for the six months totalled Lm9 million, an increase of 30% on the Lm6.9 million recorded to March 2004. The Group’s share of profit from its associated companies, which are engaged in the business of life assurance and general insurance, remained stable at Lm1.1 million. An interim dividend of 7.5 cents per share gross of tax has been declared by the Board of Directors in respect of the six months ended 31 March 2005. This represents an increase of 25% on the March 2004 dividend of 6.0 cents per share.