Lordos Hotels (Holdings) Public LTD

Annual / Quarterly Financial Statement • Jun 30, 2020

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME for the year ended 31 December 2019

€ Income 14.009.328 Cost of sales (8.135.755) Gross profit 5.873.573 Gain on bargain purchase 174.316 Other income 177.453 Sales and promotion expenses (637.366) Administrative expenses (2.773.924)		2019	2018
			€
			13.557.379
			(7.949.543)
			5.607.836
			-
			26.983
			(331.391)
			(2.346.144)
	Impairment in the value of financial assets (IRFS9)	(44.122)	(36.773)
Operating profit 2.769.930			2.920.511
Finance income 115.758			3.643
Finance cost (65.990)			(46.825)
Net finance income / (cost) 49.768			(43.182)
Operating profit after net finance income / (cost) 2.819.698			2.877.329
Share of gain in investment presented with the net position method 250.318			231.669
Profit before taxation 3.070.016			3.108.998
Taxation (375.239)			(365.108)
Profit for the year 2.694.777			2.743.890
Profit for the year attributable to:
Shareholders of holding company 2.380.411			2.596.687
Minority interest 314.366			147.203
Profit for the year 2.694.777			2.743.890
Net earnings per share attributable to shareholders of holding company
(cents) 6.80			7.42

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2019
	2019	2018
	€	€
ASSETS
Non-current assets
Property, plant and equipment	116.749.023	89.052.057
Intangible assets	20.577	17.224
Investment in associated company	-	7.028.484
Financial assets at fair value through profit and loss	7.808	7.733
Loans receivable	1.126.521	1.120.877
Total non-current assets	117.903.929	97.226.375
Current assets
Stock	311.111	287.690
Trade and other receivables	872.618	645.500
Receivables from affiliates	6.711	68.742
Loans receivable	-	16.148
Cash and cash equivalents	1.237.004	1.622.949
Total current assets	2.427.444	2.641.029
TOTAL ASSETS	120.331.373	99.867.404
EQUITY AND LIABILITIES
Equity
Share capital	11.903.113	11.903.113
Other reserves	60.763.783	60.728.366
Revenue reserve	10.395.786	9.180.220
Equity attributable to the Company's shareholders	83.062.682	81.811.699
Minority interest	16.397.933	4.355.200
Total equity	99.460.615	86.166.899
Non-current liabilities
Borrowings	1.316.111	111.213
Provisions	145.341	-
Deferred tax liabilities	14.719.264	11.613.619
Total non-current liabilities	16.180.716	11.724.832
Current liabilities
Trade and other creditors	2.392.367	1.246.607
Amounts payable to affiliates	70.424	84.587
Bank overdrafts	1.731.965	455.618
Borrowings	309.101	170.400
Current tax liabilities	186.145	18.461
Total current liabilities	4.690.042	1.975.673
Total liabilities	20.870.758	13.700.505
TOTAL EQUITY AND LIABILITIES	120.331.373	99.867.404

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2019

	2019	2018
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation	3.070.016	3.108.998
Adjustments for:
Depreciation of property, plant and equipment	1.186.293	1.168.052
Amortisation of intangible assets	12.521	10.463
Share in profit from associated company	(250.314)	(231.669)
Fair value gains in financial assets at fair value through profit and loss	-	(193)
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	165.844	36.773
Credit interest	(65.990)	(3.643)
Debit interest	9.015	46.825
Amortisation of loans receivable	(8.675)	(19.364)
	4.399.769	4.116.242
Cash flow from operations prior to changes in working capital
Increase in stock	(23.421)	(81.774)
(Increase) / decrease in trade and other receivables (including dues from		120.762
affiliates)	(165.087)	120.762
Increase / (decrease) in trade and other creditors (including dues to
affiliates)	1.522.445	(432.273)
Cash flow from operations	5.733.706	3.722.957
Tax paid	(445.591)	(422.775)
Net cash flow from operations	5.288.115	3.300.182
CASH FLOW FROM INVESTING ACTIVITIES
Payment for purchase of intangible assets	(18.784)	(24.025)
Payment for purchase of property, plant and equipment	(582.861)	(1.329.169)
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	135.000
Loans granted	(19.180)	-
Proceeds from repayment of loans receivable	-	69.306
Interest received	9.015	3.643
Net cash flow from investing activities	(5.358.338)	(1.145.245)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of loans	(347.790)	(1.422.920)
Payment of interest	(42.713)	(46.825)
Payment of dividends	(1.050.275)	(1.050.275)
Payment of dividends to minority interest	(151.291)	(135.000)
Net cash flow for financing activities	(1.592.069)	2.655.020
Net decrease in cash and cash equivalents	(1.662.282)	(500.083)
Cash and cash equivalents at beginning of year	1.167.331	1.667.414
Cash and cash equivalents at end of year	(494.961)	1.167.331

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION for the year ended 31 December 2019

Equity attributable to the shareholders of the Company

	Share capital €	Other reserves €	Revenue reserve €	Total €	Minority interest €	Total €
Balance at 31 December 2017 / 1 January 2018	11.903.113	56.257.080	7.633.808	75.794.001	4.274.469	80.068.470
Total income
Net profit for the year	-	-	2.596.687	2.596.687	147.203	2.743.890
Other total income for the year	-	4.471.286	-	4.471.286	68.528	4.539.814
Transactions with shareholders
Dividends	-	-	(1.050.275)	(1.050.275)	(135.000)	(1.185.275)
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	2.596.687	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			(114.570)	(114.570)	(40.981)	(155.551)
Dividends	-	-	(1.050.275)	(1.050.275)	-	(1.050.275)
Balance at 31 December 2019	11.903.113	60.763.783	10.396.786	83.062.682	16.397.933	99.460.615

Revenue reserve

The revenue reserve includes accumulated losses or profits of the Company