Lordos Hotels (Holdings) Public LTD

Annual / Quarterly Financial Statement • Apr 27, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME for the year ended 31 December 2015

	2015	2014
	€	€
Turnover	10.442.186	10.061.216
Cost of goods sold	(5.683.563)	(5.423.456)
Gross profit	4.758.623	4.637.760
Other income	11.247	74.541
Loss from investments	(10.771)	(5)
Selling expenses	(354.138)	(364.143)
Administrative expenses	(2.164.758)	(2.188.380)
Other operating expenses	(1.241.187)	(1.080.574)
Finance cost	(236.313)	(293.582)
Share in the results of associated companies	6.670	(11.233)
Results before taxation	769.373	774.384
Taxation	(154.016)	(143.005)
Net profit for the year	615.357	631.379
Other total income
Amounts not to be reclassified in the profit or loss in future periods:
Adjustment in fair value of land and buildings	-	1.441.325
(Debit)/credit of deferred taxation in revaluation of land and buildings	(10.801)	157.913
	(10.801)	1.599.238
Other total income / (expenses) for the year	(10.801)	1.599.238
Total income for the year	604.556	2.230.617
Net profit for the year attributable to:
Shareholders of parent company	579.466	583.109
Minority interest	35.891	48.270
Net profit for the year	615.357	631.379
Total income attributable to:
Shareholders of parent company	569.406	1.962.186
Minority interest	35.150	268.431
Total income	604.556	2.230.617
Net profit per share attributable to shareholders of parent company
(cent)	1.66	1.67
Total income per share attributable to shareholders of parent company
(cent)	1.63	5.60

Lordos Hotels (Holdings) Public Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2015

	2015	2014
	€	€
ASSETS
Non-current assets
Property, plant and equipment	80.735.066	81.210.460
Intangible assets	6.966	4.606
Investment in associated company	6.042.789	6.088.706
Financial assets at fair value through profit and loss	12.739	23.510
Loans receivable	1.217.335	1.230.546
	88.014.895	88.557.828
Current assets
Stock	211.223	197.567
Trade and other receivables	1.091.673	1.201.443
Receivables from affiliates	6.267	4.198
Cash at bank and in hand	11.588	17.308
	1.320.751	1.420.516
TOTAL ASSETS	89.335.646	89.978.344
EQUITY AND LIABILITIES
Equity and reserves
Share capital	11.903.113	11.903.113
Other reserves	52.601.964	52.612.024
Accumulated profit	4.118.699	3.889.324
	68.623.776	68.404.461
Minority interest	3.982.840	4.003.690
Total equity	72.606.616	72.408.151
Non-current liabilities
Borrowing	2.039.704	2.540.741
Deferred tax liabilities	10.159.166	10.130.346
	12.198.870	12.671.087
Current liabilities
Trade and other creditors	2.052.289	2.111.963
Amounts payable to affiliates	157.813	148.182
Bank overdrafts	1.439.057	1.607.404
Borrowing	866.488	1.020.998
Current tax liabilities	14.513	10.559
	4.530.160	4.899.106
Total liabilities	16.729.030	17.570.193
TOTAL NET POSITION AND LIABILITIES	89.335.646	89.978.344

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2015

	2015	2014
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Results before taxation	769.373	774.384
Adjustment for:
Depreciation of property, plant and equipment	1.126.744	1.088.976
Amortization of intangible assets	5.290	2.754
Share in (profit)/loss from affiliated company	(6.670)	11.233
Loss of fair value in financial assets at fair value through profit and loss	10.771	5
Write-off of stock	6.982	8.126
(Reversal of provision for bad debts)/Provision for bad debts	(2.000)	62.766
Debit interest	218.490	280.833
Amortization of loans receivable	(10.029)	(51.900)
Cash flow from operations prior to changes in working capital	2.118.951	2.177.177
Increase in stock	(20.638)	(4.904)
Decrease / (increase) in trade and other receivables	109.701	(453.295)
Decrease in trade and other creditors	(50.043)	(257.986)
Cash flow from operations	2.157.971	1.460.992
Tax paid	(145.456)	(165.967)
Net cash flow from operations	2.012.515	1.295.025
CASH FLOW FROM INVESTING ACTIVITIES
Payment for purchase of intangible assets	(7.650)	(4.955)
Payment for purchase of property, plant and equipment	(651.350)	(346.287)
Collection of dividends from associated company	66.000	69.000
Collection of repayments of loans receivable	23.240	18.260
Net cash flow for investing activities	(569.760)	(263.982)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of loans	(905.547)	(963.950)
Collections from new loans	250.000	-
Payment of interest	(218.490)	(280.833)
Payment of dividends	(323.925)	-
Payment of defense contribution on dividends payable by shareholders	(26.166)	-
Payment of dividends to minority interest	(56.000)	(44.000)
Net cash flow for financing activities	(1.280.128)	(1.288.783)
Net increase / (decrease) in cash and cash equivalents	162.627	(257.740)
Cash and cash equivalents at beginning of year	(1.590.096)	(1.332.356)
Cash and cash equivalents at the end of year	(1.427.469)	(1.590.096)

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION for the year ended 31 December 2015

Equity attributable to the shareholders of the Company

	Share capital €	Other reserves €	Accumulated profits €	Total €	Minority interest €	Total €
Balance at 1 January 2014	11.903.113	51.232.947	3.306.215	66.442.275	3.779.259	70.221.534
Net profit for the year	-	-	583.109	583.109	48.270	631.379
Other total income for the year	-	1.379.077	-	1.379.077	220.161	1.599.238
Dividends	-	-	-	-	(44.000)	(44.000)
Balance at 31 December 2014 / 1 January 2015	11.903.113	52.612.024	3.889.324	68.404.461	4.003.690	72.408.151
Net profit for the year	-	-	579.466	579.466	35.891	615.357
Other total income for the year	-	(10.060)	-	(10.060)	(741)	(10.801)
Dividends Defense contribution on	-	-	(323.925)	(323.925)	(56.000)	(379.925)
dividends payable by the shareholders		-	(26.166)	(26.166)	-	(26.166)
Balance at 31 December 2015	11.903.113	52.601.964	4.118.699	68.623.776	3.982.840	72.606.616