Claridge Public LTD — Earnings Release 2013

Feb 28, 2014

Claridge Public Limited

INDICATIVE RESULT FOR THE YEAR ENDED 31 DECEMBER 2013

	31.12.2013 €'000	31.12.2012 €'000
$S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ and $S2$ Sales		16.871
Loss before taxation	(2.898)	(5.294)
Taxation Loss after taxation	(546) (3.445)	(264) (5.558)
Loss per share (cent per share)	(3, 19)	(5, 14)

EXPLANATORY STATEMENT

The Board of Directors of Claridge Public Limited at its meeting which was held on the 27^th February 2014 approved the above consolidated indicative result for the year ended 31 December 2013. The consolidated indicative result has been prepared in accordance with the Accounting Principles and the International Financial Reporting Standards, which were applied for the preparation of the annual financial statements for the year 2012 and the Accounting Standards which were applied as of the 1^st January 2013, as these were presented in the interim financial statements for the six months' period ended 30 June 2013.

The Group of Claridge Public Limited includes its wholly subsidiary company Amathus Vacation Ownership Ltd and its associate company Leisure Holdings $S.A.$

Sales of the Group

The sales of the Group from operations for the year 2013 amounts to $\epsilon$ 11,52 million, compared to $€16,87$ million of the last year, showing a decrease of $\epsilon$ 5,35 million. The significant decrease of Group sales compared to 2012 is due to the fact that the main activities of the Group which are the provision of hotel services and selling properties through its wholly subsidiary company, Amathus Vacation Ownership Ltd, are affected negatively after the decisions of the Eurogroup and the continuation of the global financial crisis.

In detail, the sales of the wholly subsidiary company decreased by $63,63$ million compared to last year, while the sales of Amathus Beach Hotel Paphos decreased by $E1,72$ million compared to 2012 due to the significant decrease of the hotel's occupancy.

Loss before taxation

The loss of the Group before taxation for the year 2013 amounted to $\epsilon$ 2,90 million against a loss of $65,30$ million for the relevant period of last year, showing a decrease of $\epsilon$ 2,40 million. The decrease of Group losses is attributed to the following reasons:

• 1. The decreased loss of its wholly subsidiary company Amathus Vacation Ownership Ltd, by $E2,10$ million compared to the loss of the previous year. The main reason is that during 2012 a number of residential units were sold below cost in an effort to improve its working capital.
• 1. The decrease of our share of loss after tax from our associated company Leisure Holdings S.A, owner of Amathus Beach Hotel in Rhodes by $\hat{e}34\overline{1}$ thousand compared to last year, mainly due to the increase of sales of the hotel.

The loss of Amathus Beach Hotel before tax increased by $634$ thousand compared to 2012 despite the significant decrease of sales. This is attributed to the increased savings of the direct operating expenses in relation to sales, such as payroll, energy costs and sales and marketing expenses.

Group taxation

The taxation charge for the year 2013 amounts to $€547$ thousand, compared to €364 thousand in 2012, due the increase of deferred taxation, which is affected by the increase of the corporation tax rates from 10% in 2012 to 12,5% in 2013.

Developments/Prospects

The Management of the Company, taking into consideration all data available, believes that it is too early to make any estimate as to the expected results of the Group for the year 2014, because the nature of the business of the Group is directly affected by many external factors which are rapidly shaped in the new economic environment which was created by the economic crisis.

Notes:

• The indicative results of the consolidated results of the Group have not been audited by a) the external auditors of the Company.
• The current indicative results and the explanatory statement for the financial year b) ended 31 December 2013 will be published in the daily newspapers "Fileleftheros" and "Simerini" on the 1^st March 2014.
• The indicative result will not be sent to the shareholders, but anyone who wishes to $\mathbf{c}$ receive a copy may apply to the office of the Secretary of the Company, at 10 George Gennadiou Street, Agathangelos Court, Office 303, 3041 Limassol, or he may send a facsimile to 25-362001 or to the electronic address pmc@pkdlaw.com to this effect.