Lordos Hotels (Holdings) Public LTD

Annual Report • May 20, 2021

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2020
	2020	2019
	€	€
ASSETS
Non-current assets
Property, plant and equipment	107.878.178	116.749.023
Intangible assets	14.815	20.577
Financial assets at fair value through profit and loss	7.816	7.808
Deferred tax assets	312.571	-
Loans receivable	1.135.443	1.126.521
Total non-current assets	109.346.823	117.903.929
Current assets
Stock	326.540	311.111
Trade and other receivables	1.166.546	872.618
Receivables from affiliates	-	6.711
Cash and cash equivalents	202.141	1.237.004
Total current assets	1.694.227	2.427.444
TOTAL ASSETS	111.041.050	120.331.373
EQUITY AND LIABILITIES
Equity
Share capital	11.903.113	11.903.113
Other reserves	53.376.969	60.763.783
Revenue reserve	7.659.567	10.395.786
Equity attributable to the Company's shareholders	72.939.649	83.062.682
Minority interest	14.608.792	16.397.933
Total equity	87.548.441	99.460.615
Non-current liabilities
Borrowings	5.353.659	1.316.111
Provisions	224.233	145.341
Deferred tax liabilities	13.591.689	14.719.264
Total non-current liabilities	19.169.581	16.180.716
Current liabilities
Trade and other creditors	2.028.122	2.392.367
Amounts payable to affiliates	80.328	70.424
Bank overdrafts	1.496.508	1.731.965
Borrowings	719.224	309.101
Current tax liabilities	16.846	186.145
Total current liabilities	4.323.028	4.690.042
Total liabilities	23.492.609	20.870.758
TOTAL EQUITY AND LIABILITIES	111.041.050	120.331.373

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME for the year ended 31 December 2020

	2020	2019
	€	€
Income	5.773.923	14.009.328
Cost of sales	(5.044.797)	(8.135.755)
Gross profit	729.126	5.873.573
Gain on bargain purchase	-	174.316
Other income	51.572	177.453
Sales and promotion expenses	(334.792)	(637.366)
Administrative expenses	(3.414.217)	(2.773.924)
Increase/(impairment) in the value of financial assets (IRFS9)	33.003	(44.122)
Operating profit/(loss)	(2.935.308)	2.769.930
Finance income	12.931	115.758
Finance cost	(195.111)	(65.990)
Net finance income / (cost)	(182.180)	49.768
Operating profit/(loss) after net finance income / (cost)	(3.117.488)	2.819.698
Share of gain in investment presented with the net position method	-	250.318
(Loss)/Profit before taxation	(3.117.488)	3.070.016
Taxation	242.008	(375.239)
(Loss)/Profit for the year	(2.875.480)	2.694.777
(Loss)/Profit for the year attributable to:
Shareholders of holding company	(2.408.623)	2.380.411
Minority interest	(466.857)	314.366
(Loss)/Profit for the year	(2.875.480)	2.694.777
Net earnings/(loss) per share attributable to shareholders of holding
company (cents)	(6.88)	6.80

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2020

€ € CASH FLOW FROM OPERATING ACTIVITIES (Loss)/Profit before taxation (3.117.488) 3.070.016 Adjustments for: Depreciation of property, plant and equipment 1.882.931 1.186.293 Amortisation of intangible assets 12.393 12.521 Share in profit from associated company - (250.314) Fair value gains in financial assets at fair value through profit and loss (8) - Bargain purchase gain - 174.316 Fair value remeasurement gain of any preexisting relationship in the acquiring undertaking in a merger of undertakings - 106.743 Provision for bad debts 4.851 165.844 Credit interest (195.111) (65.990) Debit interest 12.931 9.015 Amortisation of loans receivable (8.922) (8.675) (1.408.423) 4.399.769 Cash flow from operations prior to changes in working capital Increase in stock (15.429) (23.421) Increase in trade and other receivables (including dues from affiliates) (286.217) (165.087) Increase / (decrease) in trade and other creditors (including dues to affiliates and persons) (374.381) 1.522.445 Cash flow (for)/from operations (2.084.450) 5.733.706 Tax paid (287.205) (445.591) Net cash flow (for)/from operations (2.371.655) 5.288.115 CASH FLOW FROM INVESTING ACTIVITIES Payment for purchase of intangible assets (6.631) (18.784) Payment for purchase of property, plant and equipment (2.470.001) (582.861) Payment for redemption of shares in subsidiary company - (3.985.986) Payment for purchase of shares in associated company - (832.034) Dividend proceeds from associated company - 71.492 Loans granted - (19.180) Interest received 4.009 9.015 Net cash flow from investing activities (2.472.623) (5.358.338) CASH FLOW FROM FINANCING ACTIVITIES Repayment of loans (50.361) (347.790) Proceeds from new loans 4.487.908 - Payment of leases (14.400) - Payment of interest (69.950) (42.713) Payment of dividends - (1.050.275) Payment of dividends to minority interest (310.325) (151.291) Net cash flow from/(for) financing activities 4.042.872 (1.592.069) Net decrease in cash and cash equivalents (801.406) (1.662.282) Cash and cash equivalents at beginning of year (494.961) 1.167.331 Cash and cash equivalents at end of year (1.296.367) (494.961)	2020	2019

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2020

Equity attributable to the shareholders of the Company

	Share capital €	Other reserves €	Revenue reserve €	Total €	Minority interest €	Total €
Balance at 31 December 2018 / 1 January 2019	11.903.113	60.728.366	9.180.220	81.811.699	4.355.200	86.166.899
Total income
Net profit for the year	-	-	2.380.411	2.380.411	314.366	2.694.777
Other total income for the year	-	35.417	-	35.417	3.419	38.836
Changes in ownership rights Acquisition of subsidiary with minority shares	-	-	-	-	11.765.929	11.765.929
Transactions with shareholders
Special contribution for defence
in deemed dividend distribution Dividends	-	-	(114.570) (1.050.275)	(114.570) (1.050.275)	(40.981) -	(155.551) (1.050.275)
Balance at 31 December 2019 / 1 January 2020	11.903.113	60.763.783	10.395.786	83.062.682	16.397.933	99.460.615
Total income
Net loss for the year	-	-	(2.408.623)	(2.408.623)	(466.857)	(2.875.480)
Other total expenses for the year	-	(7.386.814)	-	(7.386.814)	(906.567)	(8.293.381)
Transactions with shareholders Special contribution for defence
in deemed dividend distribution			(327.596)	(327.596)	(105.392)	(432.988)
Dividends	-	-	-	-	(310.325)	(310.325)
Balance at 31 December 2020	11.903.113	53.376.969	7.659.567	72.939.649	14.608.792	87.548.441