Woolworth (Cyprus) Properties PLC

Earnings Release • Nov 27, 2013

WOOLWORTH (CYPRUS) PROPERTIES PLC

Unaudited Condensed Consolidated Statement of Comprehensive Income for the period ended 30 September 2013

	2013	2012
	9 months	9 months
	Euro '000	Euro '000
Rights for the use of space and other revenues	12.703	15.289
Profit from activities	10.322	13.870
Net (loss) / profit after tax attributable to shareholders	(708)	2.372
Earnings per share €0,34 cents	Cents	Cents
Basic (losses) / earnings per share for the period	(0,6)	2,1

NOTES

1. The Unaudited Condensed Consolidated Statement of Comprehensive Income of the Group of Woolworth (Cyprus) Properties Plc has been prepared in accordance with the set of accounting standards applicable for the preparation of the Annual Financial Report of the Group and includes:

2. The subsidiary companies of Woolworth (Cyprus) Properties Plc, which are owners of investment properties.

3. ITTL Trade Tourist and Leisure Park Plc, on the land of which the Shacolas Emporium Park has been developed, which includes "The Mall of Cyprus" and the widely known furniture and home equipment store IKEA.
4. Woolworth Commercial Centre Ltd, owner of land in Engomi where "The Mall of Engomi" is operating and
5. The associated company Akinita Lakkos Mikelli Ltd.

The accounts also include the 100% shareholding in Chrysochou Merchants Limited, which owns 11,73% of the share capital of Cyprus Limni Resorts & GolfCourses Plc, and the shareholding of 49,65% in Arsinoe Investments Co. Ltd. which owns 70.6% of the share capital of Cyprus Limni Resorts & GolfCourses Plc. owner of a large plot of land at Limni, Polis Chrysochou area.

• 1. The loss after tax attributable to the shareholders for the period ended 30 September 2013, reached €708.000, compared to profits of €2.372.000 in the corresponding period of 2012.
• The reduction in the rights for the use of space was caused because of the temporary concessions towards the licensees/users of space that the Group has moved to due to the disastrous consequences of the decisions of the Eurogroup which resulted in the decrease of retail activities, which, in turn, has affected the licensees/users of space of the immovable properties of the Group.

• General and administrative expenses increased due to the significant increase in the immovable property tax charged after the amendment of the legislation. The immovable property tax for 2013 will be increased by about €500.000.

• The results of the nine month period have been affected by non-recurring expenses of €265.513, due to the loss of credit amounts in Cyprus Popular Bank after the decision of the Eurogroup.

• Finance expenses have presented a decrease of about €600.000 compared to the corresponding period last year, due to the decrease in bank lending rates.
• Following the accounting standards for investment properties and investments, the Management of the Group will move with the evaluation of the values of the investment properties and investments at the end of the year.
• 1. Due to the economic crisis the Group moved with temporary concessions in the rights for the use of space/rent therefore, the results for the year 2013 are expected to be negative.
• 1. The Net Book Value per share of the Group, on 30 September 2013, reached €1,77. Adding back the provision for deferred tax, which is only a contingent liability, the Net Book Value per share rises to $\epsilon$ 2,02.
• 1. Copies of the Indicative Unaudited Condensed Consolidated Statement of Comprehensive Income are available at the Company's Shares Department, Shacola's House, Athalassa, 3rd floor, tel. 22740000, and on the Group's website on the internet at www.woolworth.com.cy. These results will be published in daily circulated newspapers.

Woolworth (Cyprus) Properties Plc.

Nicosia, 26 November 2013