reports
- Pedro Fonseca
mic - Cleaning out
H119 has seen a respite from the drastic write-downs of financial assets of recent years (€0.3m against, for example, €3.9m in H218). Even so, mic remained mildly loss-making at the net level in the period, reducing equity at June 2019 to just €2.9m (€0.19 NAV per share). This is below 50% of total share capital, hence a statutory requirement to call a general meeting. Full 2018 results (net loss €4.9m) have also only just been reported, as correction of the company’s accounts for 20...
- Richard Finch
mic - Good for now
H118 results suggest continued progress in mic’s ‘remarkable change of course’ although, in the absence of management commentary/guidance, underlying performance and immediate financial prospects are necessarily hard to judge. Gross profit was c 20% ahead of H217, while EBT was broadly maintained year-on-year after adjusting for one-off restructuring gains, which flattered the comparative. Significantly, there was also further marked reduction in liabilities (€0.5m vs €0.8m at December...
- Richard Finch
mic - Fresh start
mic’s “remarkable change of course†looks to be proceeding well with greatly improved financials and a sharpened focus on three business areas with good potential. Newly reported unqualified accounts for 2017 show a return to profit which, however minimal (€0.1m at the net level), is welcome after the previous year’s substantial loss (c €30m), marked by significant write-downs. Restructuring is apparently largely completed, with management confident that its portfolio focus is “ver...
- Adrian Phillips
- Clean-up continues
The latest filings show an improved H117 and a strengthened balance sheet. Liquid funds of €175k in late September stand against target monthly fixed costs of €35k due to be reached in November 2017. The key driver for the share price will be the outcome of refinancing talks, described as being at an advanced stage. Given the scale of the difficulties mic encountered, we see potential for large-scale dilution of existing holders’ interests.
New beginning
The latest announcement appears to end the days of mic’s broader ambitions. The new management is committed to a simple strategy of extracting value for shareholders from three distinct and specific operating businesses. Further sharp cost-cutting initiatives should help to reduce operating losses, which are believed to be around €3m in 2016. Valuation is hampered by the lack of 2016 accounts and ongoing refinancing talks.
Refocusing in progress
mic is still in the midst of a major and, to some extent, painful refocusing process. It is to be hoped that the major unpleasant surprises are behind us but we are still some way short of having a firm basis for valuation. All of mic’s operating investments are at an early stage of development. Of three major high-potential business units only one has generated material revenue.
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