Woolworth (Cyprus) Properties PLC

Earnings Release • Apr 10, 2023

Interim Condensed Consolidated Primary Statements for the period ended 30 June 2021

Woolworth (Cyprus) Properties Plc Interim Condensed Consolidated Statement of Profit and Loss Account

	Six months ended 30 June 2021 €	Six months ended 30 June 2020 €
Rights for use of space and other income Other (losses)/ income - net General overheads and administrative expenses	504,136 (19,841) (606,563)	494,091 700 (615,186)
Loss from operations	(122,268)	(120,395)
Finance cost Finance income	(459,273) 581,702	(1,265,351) -
Profit/(loss) before tax Tax charge	161 (10,073)	(1,385,746) (8,017)
Net loss for the period attributable to the shareholders of the company	(9,912)	(1,393,763)
Loss per share attributable to the Company's shareholders (cents per share)	cents	cents
Basic and diluted	(0.0)	(0.65)

Woolworth (Cyprus) Properties Plc Interim Condensed Consolidated Balance Sheet

	30 June	31 December
	2021	2020
Assets	€	€
Non-Current Assets
Property, plant and equipment	91,327	111,798
Investment property	17,345,111	17,345,111
Investments in associated companies	9,479,958	9,479,958
Financial assets at fair value through profit and loss	1,763	1,763
Financial assets at amortised cost - borrowings	31,105,549	31,278,460
Financial assets at amortised cost – deferred compensation from
parent company	27,500,000	27,500,000
Blocked bank deposits	5,000,000	5,000,000
	90,523,706	90,717,090
Current Assets Other non-financial assets	71,786	58,459
Financial assets at amortised cost	1,346,547	1,259,729
Trade receivables	1,840	2,690
Cash and cash equivalents	86,401	161,534
	1,506,574	1,482.502
Total Assets	92,030,280	92,199,592
Equity
Capital and reserves attributable to the Company's
shareholders
Share capital	72,738,220	72,738,220
Difference from conversion of share capital into Euro	197,184	197,184
Share premium reserve	25,018,383	25,018,383
Own shares	(154,437)	(154,437)
Capital reserve	23,000,000	23,000,000
Fair value reserve Retained earnings	(13,847,451) (55,232,662)	(13,847,451) (55,222,751)
Total equity	51,719,237	51,729,148
Liabilities
Non-current Liabilities
Borrowings	11,008,260	11,195,385
Deferred tax liabilities	1,712,021	1,712,021
	12,720,281	12,907,406
Current Liabilities
Creditors and accruals	3,031,868	3,275,369
Current tax liabilities	1,671,840	1,735,587
Borrowings	12,262,923	11,927,948
Provision for compensation for early termination of contract	7,000,000	7,000,000
Guarantees and credit commitments	3,624,131	3,624,134
Total Non-current Liabilities	27,590,762	27,563,038
Total Liabilities	40,311,043	40,470,444
Total Equity and Liabilities	92,030,280	92,199,592

Woolworth (Cyprus) Properties Plc Interim Condensed Consolidated Statement of Changes in Equity

Six-month period ended 30 June 2020	Share Capital €	Difference from conversion of capital into Euro €	Equity €	Share premium reserve €	Capital Reserve €	Fair value reserve €	Retained Earnings €	Capital and reserves attributable to the Group's shareholders €
Balance as at 1 January 2020	72,738,820	197,184	(154,437)	25,018,383	-	1,515,846	(67,511.342)	31,803,854
Total income Loss for the period	-	-	-	-	-	-	(1,393,763)	(1,393,763)
Total income for the period	-	-	-	-	-	-	(1,393,763)	(1,393,763)
Transactions with owners Transfer to retained losses	-	-	-	-	-	-	-	-
Total transactions with owners	-	-	-	-	-	-	-	-
Balance as at 30 June 2020	72,738,820	197,184	(154,437)	25,018,383	-	1,515,846	(68,905,105)	30,410,091
Six-month period ended 30 June 2021 Balance as at 31 January 2021	72,738,820	197,184	(154,437)	25,018,383	23,000,000	(13,847,451)	(55,222,750)	51,729,148
Total income Loss for the period	-	-	-	-	-	-	(9,912)	(9,912)
Total income for the period	72,738,820	197,184	(154,437)	25,018,383	23,000,000	(13,847,451)	(55,232,662)	51,719,237

Woolworth (Cyprus) Properties Plc Interim Condensed Consolidated Statement of Cash Flows For the period ended 30 June 2020

	30 June 2021 €	30 June 2020 €
Cash flow (for)/from operations before changes in working capital	(107,315)	(96,911)
Changes in working capital	(342,709)	52,599
Cash from operations	(450,024)	(44,312)
Tax paid	(63,747)	(46,075)
Net cash (for)/from operations	(513,771)	(90,387)
Cash flow for investing activities
Additions to investment property	-	(9,111)
Net movement in non-current assets	-	(20,803)
Net cash for investing activities	-	(29,914)
Cash flow from financing activities
Net borrowings	463,944	87,312
Interest paid	-	(7,777)
Net cash from financing activities	463,944	79,535
Net decrease in cash and cash equivalents and bank
overdrafts	(49,827)	(40,766)
Cash and cash equivalents and bank overdrafts at beginning the of the period	(449,306)	(538,894)
Cash and cash equivalents and bank overdrafts at end of the period	(499.132)	(579,660)