Cyprus Trading Corporation Public LTD

Quarterly Report • Apr 10, 2023

Cyprus Trading Corporation Plc

Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2021

CYPRUS TRADING CORPORATION PLC CONDENSED CONSOLIDATED STATEMENT OF TOTAL INCOME For the six months ended on 30 June 2021

CONDENSED CONSOLIDATED STATEMENT OF TOTAL INCOME For the six months ended on 30 June 2021
	Six months ended 30 June
	2021	2020
	€	€
Continuing Operations
Turnover Cost of sales	144.799.352 (113.180.900)	137.010.432 (110.211.798)
Gross profit	31.618.452	26.798.634
Other operating income	2.792.392	1.978.277
Selling and administrative expenses	(24.283.269)	(23.720.483)
Operating profit before depreciation	10.127.575	5.056.428
Depreciation	(2.193.761)	(2.134.221)
Depreciation of right-of-use assets	(3.306.391)	(3.444.519)
Operating profit	4.627.423	(522.312)
Net finance costs	(2.372.309)	(3.263.196)
Finance cost of lease laibilities	(1.362.206)	(1.186.871)
Share of profit/(loss) from associate companies	-	22.495
Non-recurring expenses	(72.572)	-
Profit/(Loss) before tax	820.336	(4.949.884)
Tax expense	(389.895)	(212.639)
Profit/(Loss) after tax from continuing operations	430.441	(5.162.523)
Discontinued operations
Loss after tax from discontinued operations	(694.756)	(578.315)
Profit/(loss) for the year	(264.315)	(5.740.838)
Profit/(loss) attibutable to:
Owners of the company	(367.324)	(3.765.882)
Non-controlling interests	103.009	(1.974.956)
Profit/(loss) for the year	(264.315)	(5.740.838)
Earnings/(losses) per share
Basi and fully diluted earnings/(losses) per share of €0,85
corresponding to the owners of the company
Continuing operations	0,11	(3,62)
Discontinued operations	(0,50) (0,39)	(0,42) (4,04)

CYPRUS TRADING CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CYPRUS TRADING CORPORATION PLC CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2021
	30 June 2021	31 December 2020
	€	€
Assets
Property, plant and equipment	77.399.579	79.117.262
Intangible assets	13.744.601	13.588.199
Investment property	3.522.353	3.522.353
Investments in associate companies	9.479.969	9.479.969
Investments measured at fair value through other comprehensive income	14.461.762	14.461.762
Contract Asset	40.000.000	40.000.000
Finance leases	273.326	530.776
Right of use assets	77.393.576	63.101.844
Loans Receivable	47.801.308	47.210.196
Restricted bank deposits	5.000.000	5.000.000
Total non-current assets	289.076.474	276.012.361
Inventories	58.489.463	49.115.901
Finance leases	334.502	232.872
Trade and other receivables	28.097.467	28.300.763
Loans receivable	685.922	685.923
Cash and cash equivalents	7.290.293	3.011.877
Total current assets	94.897.647	81.347.337
Assets held for sale	- 94.897.647	- 81.347.337
Total assets	383.974.120	357.359.698
Equity
Share capital	79.261.147	79.261.147
Share premium	4.255.873	4.255.873
Own shares reserve	(113.817)	(113.817)
Fair value reserves	24.093.083	24.093.083
Accumulated losses	(74.310.352)	(73.943.030)
Difference from the coversion of share capital to euro	401.035	401.035
Total equity attributable to the owners of the company	33.586.967	33.954.291
Non controlling interests	9.617.051	11.964.042
Total equity	43.204.018	45.918.333
Liabilities
Borrowings	80.067.265	62.720.327
Deferred tax liability	4.745.087	4.745.087
Lease liabilities	76.825.348	63.152.276
Trade and other payables	5.895	-
Total non-current liabilities	161.643.594	130.617.689
Borrowings	78.751.732	87.394.109
Trade and other payables	92.437.125	87.030.972
Short term portion of lease liabilities	4.533.110	3.088.552
Current tax liabilities	3.404.541	3.310.044
Total current liabilities	179.126.508	180.823.676
Liabilities related to assets held for sale	-	-
	179.126.508	180.823.676
Total liabilities	340.770.102	311.441.366
Total equity and liabilities	383.974.120	357.359.698

CYPRUS TRADING CORPORATION PLC

CYPRUS TRADING CORPORATION PLC CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2021
				Attributable to the company's owners
		Difference from						Minority Interest	Total equity
	Share Capital	conversion of share	Share premium	Own shares reserve	Fair value reserve	Accumulated losses	Total
		capital to euro
	€	€	€	€	€	€	€	€	€
Six months ended 30 June 2020
	79.261.147	401.035	4.255.873	(113.817)	25.223.989	(83.325.244)	25.702.983	8.288.730	33.991.713
As at 1 January 2020
Comprehensive total expenses for the period
Loss for the period	-	-	-	-	-	(3.765.882)	(3.765.882)	103.009	(3.662.873)
Comprehensive total expenses for the period	-	-	-	-	-	(3.765.882)	(3.765.882)	103.009	(3.662.873)
Transactions with the company's owners
Contributions from and distributions to the company's
owners
Dividends paid by subsidiary companies	-	-	-	-	-	-	-	(1.960.000)	(1.960.000)

CYPRUS TRADING CORPORATION PLC CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CYPRUS TRADING CORPORATION PLC CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2021
		Attributable to the company's owners
	Share Capital	Difference from conversion of share capital to euro	Share premium	Own shares reserve	Fair value reserve	Accumulated losses	Total	Minority Interest	Total equity
	€	€	€	€	€	€	€	€	€
Six months ended 30 June 2021
As at 1 January 2021	79.261.147	401.035	4.255.873	(113.817)	24.093.083	(73.943.030)	33.954.291	11.964.042	45.918.333
Comprehensive total expenses for the period			-	-	-	(367.324)	(367.324)	103.009	(264.315)
Loss for the period	-	-			-	(367.324)	(367.324)	103.009	(264.315)
Comprehensive total expenses for the period	-	-	-	-
Transactions with the company's owners Contributions from and distributions to the
company's owners Dividends paid by subsidiary companies								(2.450.000)	(2.450.000)
As at 30 June 2021	- 79.261.147	- 401.035	- 4.255.873	- (113.817)	- 24.093.083	- (74.310.354)	- 33.586.967	9.617.051	43.204.018

CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2021

	Six months ended 30 June
	2021	2020
	€	€
Cash flows from operating activities
Profit from operations before working capital changes	9.565.326	4.706.142
Increase in inventories	(9.373.562)	(3.447.482)
Decrease in trade and other receivables	203.296	1.074.411
Increase in trade and other payables	5.417.202	5.256.521
Cash generated from operating activities	5.812.263	7.589.592
Interest paid	(3.388.909)	(4.706.908)
Tax paid	(295.398)	(238.715)
Net cash from operating activities	2.127.956	2.643.969
Cash flows from investing activities
Payments for acquisition of property, plant and equipment	(2.442.893)	(1.529.027)
Payments for acquisition of intangible assets	(304.283)	-
Payments for acquisition of investment property	-	(9.111)
Movement in assets held for sale	-	(241.354)
Proceeds from sale of property, plant and equipment	1.909.617	857.482
Interest received	32.891	135.899
Net cash from investing activities	(804.667)	(786.111)
Cash flows from financing activities
New borrowings	12.533.752	17.712.325
Repayment of borrowings	(3.829.193)	(13.859.676)
Loans granted to related parties	(1.404.701)	(819.370)
Repayment of loans from related companies	1.797.298	574.603
Payments for lease liabilities	(3.844.892)	(3.380.900)
Installments of finance leases	155.826	197.506
Dividends paid to non-controliing interests	(2.450.000)	(1.960.000)
Net Cash for financing activities	2.958.090	(1.535.512)
	4.281.376	322.344
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year	3.011.877	2.210.245