Lordos Hotels (Holdings) Public LTD

Quarterly Report • Sep 30, 2020

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME For the half year ended 30 June 2020

	30 June	30 June
	2020	2019
	€	€
Turnover	1.638.666	4.873.142
Cost of goods sold	(1.169.370)	(2.893.536)
Gross profit	469.296	1.979.606
Other income	-	1.000
Marketing cost	(113.613)	(203.156)
Administrative expenses	(1.530.251)	(1.228.698)
Other operating expenses	(714.972)	(585.930)
Finance cost	(80.349)	(8.992)
Share in the results of associated company	-	68.921
Profit from investments	8	157
Profit/(loss) before taxation	(1.969.881)	22.908
Taxation	(25.505)	25.087
Profit/(loss) for the period	(1.995.386)	47.995
(Loss)/profit for the period attributable to:
Shareholders of parent company	(1.811.858)	99.607
Non-controlling interest	(183.528)	(51.612)
Profit for the year	(1.995.386)	47.995
(Loss)/profit per share attributable to the shareholders of the parent
company (cents)	(8.52)	354.20
Other comprehensive income/(expenses) for the period
Amounts not to be recognized in the profit or (loss) in future periods:
Deferred tax adjustment	24.946	(25.934)
	24.946	(25.934)
Other comprehensive income/(expenses) for the period	24.946	(25.934)
Comprehensive (expenses)/ income for the period	(1.970.440)	22.061
Comprehensive expenses/(income) attributable to:
Shareholders of parent company	(1.795.523)	78.860
Non-controlling interest	(174.917)	(56.799)
Comprehensive income for the year	(1.970.440)	22.061
Comprehensive (expenses)/income per share attributable to the
shareholders of the parent company (cents)	(8.63)	770.59

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2020

	30 June	31 December
	2020	2019
	€	€
ASSETS
Non-current assets
Property, plant and equipment	118.005.104	116.749.023
Intangible assets	157.615	20.577
Financial assets at fair value through profit and loss	7.816	7.808
Loans receivable	1.126.521	1.126.151
	119.297.056	117.903.929
Current assets
Inventories	394.602	311.111
Trade and other receivables	781.496	872.618
Receivables from affiliates	25.668	6.711
Cash at bank and in hand	19.692	1.237.004
	1.221.458	2.427.444
TOTAL ASSETS	120.518.514	120.331.373
EQUITY AND LIABILITIES
Equity and reserves
Share capital	11.903.113	11.903.113
Other reserves	60.956.306	60.763.783
Revenue reserve	8.583.928	10.395.786
	81.443.347	83.062.682
Non-controlling interest	15.588.722	16.397.933
Total equity	97.032.069	99.460.615
Non-current liabilities
Borrowing	4.726.065	111.213
Provisions	145.341	145.341
Deferred tax liabilities	14.783.690	14.719.264
	19.655.096	16.180.716
Current liabilities
Trade and other creditors	2.087.645	2.392.357
Amounts payable to affiliates	28.631	70.474
Bank overdrafts	1.188.546	1.731.965
Borrowing	384.963	309.101
Current tax liabilities	141.564	186.145
	3.831.349	4.690.042
Total liabilities	23.486.445	20.870.758
TOTAL EQUITY AND LIABILITIES	120.518.514	120.331.373

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

for the half year ended 30 June 2020

	30 June	30 June
	2020	2019
	€	€
Cash flow from operating activities
Profit before taxation	(1.969.881)	22.908
Adjustment for:
Depreciation of land, property and equipment	1.007.503	593.204
Instalments for intangible assets	11.207	5.861
Profit from disposal of assets	-	(1.000)
Finance cost	82.016	8.992
Share in loss/(profit) of associated companies	-	(68.921)
Increase in the fair value of loans receivable	-	-
Gains of fair values in financial assets at fair value through profit and loss	(8)	(157)
Operating profit / (loss) before changes in working capital	(869.163)	560.887
Increase in inventories	(83.492)	(95.627)
Decrease in trade and other claims	91.122	51.588
Increase in receivables from affiliates	(18.957)	(10.037)
(Decrease)/increase in trade and other creditors	(448.352)	1.100.559
Payment of taxation	(45.140)	-
Increase in payables to affiliates	(41.843)	57.857
Net cash flow from operating activities	(1.415.825)	1.665.227
Cash flow from investing activities
Additions to land, property and equipment	(2.2263.583)	(366.613)
Additions to intangible assets	(700)	(7.330)
Acquisition of new share in associated company's capital	-	(832.034)
Proceeds from disposal of assets	-	1.000
Payment of minority dividends	(416.840)	-
Proceeds from dividends from associated company	-	71.492
Net cash flow for investing activities	(2.681.123)	(1.133.485)
Cash flow from financing activities
Repayment of loans	(31.556)	(92.681)
Inflow from new loans	3.496.914	-
Interest paid	(42.303)	(6.144)
Net cash flow for financing activities	3.423.055	(98.825)
Net increase / (decrease) in cash and cash equivalents	(673.893)	432.917
Cash and cash equivalents as at 1 January	(494.961)	1.167.331
Cash and cash equivalents as at 30 June	(1.168.854)	1.600.248

Lordos Hotels (Holdings) Public Limited

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION

forthe half year ended 30 June 2020

	Equity attributable to the shareholders of the parent company
	Difference from
		Fair	Share		conversion of		Non
	Share	value	premium	Accumulated	share capital		controlling	Total
	capital	reserve	reserve	profits	into Euro	Total	interest	equity
	€	€	€	€	€	€	€	€
1 January 2019	11.903.113	59.982.465	685.675	9.180.220	60.226	81.811.699	4.355.200	86.166.899
Profit for the first half of 2019	-	-	-	99.607	-	99.607	(51.612)	47.995
Revaluation of land and buildings		(19.066)		-		(19.066)	150	(18.916)
Deferred taxation	-	19.066	-	-	-	19.066	(150)	18.916
Non-controlling interest	-	(31)	-	-	-	(31)	31	-
30 June 2019	11.903.113	59.982.465	685.675	9.279.827	60.226	81.911.275	4.303.619	86.214.894
Profit for the second half of 2019	-	-	-	2.280.804	-	2.280.804	365.978	2.646.782
Other total income for the year		35.417		-		35.417	3.419	38.836
Revaluation of land and property	-	19.066	-	-	-	19.066	(150)	18.916
Deferred taxation	-	(19.035)	-	-	-	(19.035)	119	(18.916)
Dividends	-	-	-	(1.050.275)	-	(1.050.275)	-	(1.050.275)
Change in ownership rights
Redemption of subsidiary in non-controlling
shares	-	-	-	-	-	-	11.765.929	11.765.929
Defence contribution in deemed	-	-		(114.570)		(114.570)	(40.981)	(155.551)
distribution of dividend
31 December 2019	11.903.113	60.017.882	685.675	10.395.786	60.226	83.062.682	16.397.933	99.460.615
Profit for the first half of 2020	-	-	-	(1.811.858)	-	(1.811.858)	(183.528)	(1.995.386)
				-		-	-	-
Other comprehensive income		192.523		-		192.523	(192.523)	-
Non-controlling dividends	-	-	-	-	-	-	(433.160)	(433.160)
30 June 2020	11.903.113	60.210.405	685.675	8.583.928	60.226	81.443.347	15.588.722	97.032.069