Lanitis Golf Public Co Ltd

Interim / Quarterly Report • Sep 18, 2020

INTERIM CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 01 JANUARY 2020 TO 30 JUNE 2020

INTERIM CONDENSED UNAUDITED FINANCIAL STATEMENTS INTENIM OONDENOM 01 JANUARY 2020 TO 30 JUNE 2020

CONTENTS

PAGE

Board of Directors and other officers	1
Explanatory statement	2
Declaration of the members of the Board of Directors and the company officials responsible for the preparation of the unaudited financial statements	8
Unaudited statement of profit and loss and other comprehensive income	प
Unaudited statement of financial position	6
Unaudited statement of changes in equity	6
Unaudited cash flow statement	T
Notes to the unaudited financial statements	8 - 14

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Platon E. Lanitis (Chairman) Marios E. Lanitis Costas Charitou Demetris Solomonides Kevin Valenzia Mark Gasan Alec Mizzl Matthew Portelli
Company Secretary:	P & D Secretarial Services Limited
Independent Auditors:	Deloitte Limited Certified Public Accountants and Registered Auditors Maximos Plaza, Tower 1, 3rd Floor 213 Arch. Makariou III Avenue 3030 Limassol
Legal Advisers:	Charalambous, Kountouris & Co LLC
Registered office:	10 Georgiou Gennadiou Street Agathangelos Court 3041. Limassol
Sankers:	Bank of Cyprus Public Company Ltd Hellenic Bank Public Company Ltd Eurobank EFG Cyprus Ltd
Registration number:	HE198800

EXPLANATORY STATEMENT FOR THE PERIOD FROM 01 JANUARY 2020 TO 30 JUNE 2020

The Board of Directors of Lanilled (the "Company") presents to the members the explanetory The Board of Directors of Earlies Confider of the Company for the period ended 30 June 2020.

Incorporation

incolpulation
The Company Lantls Golf Public Co Limited (the "Company") was incorporated in Cyptus on 18 Apr Company CP4 Ann Company The Company Lanus Golf Fubition of the Oypres Companies Law, Gan. 113. On 26 February 2014, Ite Company was converted from a provated in the Oyplany to a public libely company under the Cyphus Companies Law, was Canvelled from a private interest interest of the Cyprus Stock Exchange ("CSE").

Principal activities and nature of operations of the Company

The principal activities of the Company and the development of a special lelsure and residential got course polyection of the Same The principal counties of the Continent and conditions, was approved on 14 November 2012. On 26 I he application of the town plaints building permit for the construction of its golf development project. During the year, the Company carried out no trading activities.

Review of current position, future developments and performance of the Company's business

Review of current position, Nation and the villages of Testimator in Association in Association in Association of Association The Company is the Girler of the shopping conter. My Mall Limassol, the Fasouri Waterpark and the forthorning development of the Casino.

The Company alms to develop a fully integrated golf and real estate crevelopment project on its land. One of the maint goals of the master plan is to create a contemporary designed, integrated issure and reader commonly project compr that in the master plan is to cruits a semonomating golf course, a golf club, spa and sports center and commercial and retail facilities, such as restaurants and shops.

The loss attributable to the shareholders for the first six morths of 2020, is €33.450 (corresponding process is under I ross attibuted of the Sharent, bas no income relating to its business activities since the development of the releat development. The consultancy fees, financing and other expenses related to the development of the project, are development. The Statement of Financial Position, under Property, Plant and Equipment.

On 15 January 2015, the Company obtained the approval from the CSE to trade its shares on the Emerging Companies On To January 2015, the Oshpany obtained at 20 January 2015 and the CSE will underlake the observance of the above Registry In the Central Depositary/ Registry of CSE.

The Board of Directors does not expect major changes in the principal activities of the Company in the foresseable future.

By order of the Board of Directors,

Platon E. Lanills

Chairman

Limassol, 18 September 2020

DECLARATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

In කරන්නකයක සමී Africa 143 දී) ප්‍රදේශයක කෙම බලයේදියා ප්‍රාදනය පිහිදී පිහිදෙල පෙනු හිට සංගෝපයකි. මෙහෙත්පත අධිකාන්තයකි පිටින් විසින් සිදුවාදය පිහිටු පිහිටපු පිහිටපු පිළිබඳ ව 网站

(0) The Researchal statements of the Campany which are procented on pages 4 to 14:

() ham bean sengared in accertance site the application interestional financial Research Blandsels as adopted by
the European Union and Sta provisions of Action (4) of the li

ලි] පත්වන ය මුදල ඇත් දිය ප්‍රාදේශයෙන පරිගයකින් ප්‍රදේශීය, වන බැහැතිය, සිංහ බාහිරක්ෂ සහ පැවැති පදනමාන කාර දක්වන යැප

ੇ ] Traced of Chineston Expirences provides of provides of the developments and the policentes as un
es the Shandson of the Company as a सांग्लर, દિલ્લારીનું સ્વિત a champio

a

Marchers of the Scend of Directors;

8 . 11 .6	20. Dien
Pizzer E. Leath (Erics mark	Production
Marios E. Lestic	Property
Costas Clouder	Of and of
Cometris Solomonides	PROCES
Kevin Velerin	Colors
Hors Coron	Difference
Mathow Pars	Partier
Maz Keel	LERCETT

Risapensible for sinciling the Rinnerslate Philoisterial

ියන් සියන 股票 Finundal Cortistian Damas Parrylatou

发动机场直播

Linussol, 15 Suplamber 2020

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME

FOR THE PERIOD FROM 01 JANUARY 2020 TO 30 JUNE 2020

	Note	Six months period ended 30/06/2020 C	Six months period ended 30/06/2019 C
		(360.208)	(1211938)
Administration expensas		(360,208)	(121.939)
Operating loss		(3,242)	(55.228)
Net finance costs	A	(363.450)	(177.167)
Loss before tax
119X Loss for the period		(363.450)	(177.167)
Other comprehensive income Total comprehensive loss for the period		(368 450)	(177-167)
Basic and diluted loss per share attributable to equity holders of the parent (cent)	5	(13.16)	(7.69)

UNAUDITED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2020

	Note	Car 11 11 13 13 13 11 11 1 pariod ended 30/06/2020 12	Auction 311272019 (
ASSETS
Non-current assets Property, plant and equipment Investment property	6 7	7.094.687 70.914.576 78.005.603	6.249.431 70.911 .576 77 201 007
Current assets Receivables Cash and cash equivalents	8	250-703 204.057 454.760	1822335 85,352 247.797
TOTAL ASSETS		78,480,423	77.448.772
EQUITY AND LIABILITIES
Equity Share capital Share premium Retained earnings	0	4.722.453 25,730,893 38.720.060	4.275.019 19.113,435 39,083,-10
Total aquily		09.173.416 62.471.965
Non-current lisbilities Borrowings Trade and other payables Daferred tax liabilities	10 12 11	2,476,842 6.984.947 0.464.989	405,577 5.988.947 6.394.519
Current llabilities Trade and other payables Borrowings	12 10	977.65 B 822.018	5.098.146 3.488.094 BERPIZAD
Total liabilities		9. 277 7077	14.976759
TOTAL EQUITY AND LIABILITIES		70.460.423	77.448.724

On 18 September 2020 the Board of Directors of Lanlife Golf Public Co Limited authorised these financial statesmas
for leasue.

ﺳﺘﺎﻥ 이름 0 파출판사 Director

Director

5

UNAUDITED STATEMENT OF CHANGES IN EQUITY ONAODTTED OD FROM 01 JANUARY 2020 TO 30 JUNE 2020

	Share capital (3	Share premlum (3	Retained earnings 6	Total ਹ
Balance at 1 January 2019	4.275.019	19.113.436	398978	62.760.833
Comprehensive Income			288.668	1288.6831
Net loss for the year Balance at 31 December 2019/ 1 January 2020	4.275.018	19.113.436	39.083.510	62.471.985
Balance at 1 January 2019	4.275.019	19.113.436	20,2724 78	82.760.633
Comprehensive Income			477.187	(177.167)
Net loss for the period ended 30 June 2019 Balance at 30 June 2019	4.275.019	19.113.436	39.195.011	62.583.466
Balance at 1 January 2020 Issue of ordinary share capital	4.275.019 447 444	19.113.436 6.617 - 57	39.0881-10	62.471.965 7.064.901
Comprehensive Income Net loss for the period ended 30 June 2020			(363.450)	(363.450)
Balance at 30 June 2020	4.722.483	25 780 8 %	38.720.060	69.173.416

lanitis golf public co limited

UNAUDITED CASH FLOW STATEMENT UNAUDITED CASH T LOW 017 THE 220 TO 30 JUNE 2020

	Note	Six months period ended 30/06/2070 (3	Six months period ended 30/08/2019 C
CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax		(363.450)	(177.167)
Adjustments for: Depreciation of property, plant and equipment Interest expense	S 11	1.093 39242	264 55.728
		(359.110)	(121.675)
Changes in working capital: Increase in receivables Decrease in trade and other payables		(68.338) (4.679.700)	(19.734) 450.955
Cash used in operations		(5.107.148)	(592.364)
CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment	6	(805.754)	(185 776)
Net cash used in investing activities		(805 754)	(185.776)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital Proceeds from borrowings		7.064.901 (1.010.052) (3,247)	533 000
Interest paid Net cash generated from financing activities		GIDST (BOT	533.000
Net (decrease)/increase in cash and cash equivalents		138.705 65.357	(245.140) 373.304
Cash and cash equivalents at beginning of the year		204.0-71	128.164

Cash and cash equivalents at end of the year

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS NOTES TO THE OONDLIANUARY 2020 TO 30 JUNE 2020

1. Incorporation and principal activities

Country of Incorporation

The Company Lanitis Golf Public Co Limited (the "Company") was incorporated In Cyprus on 18 April 2007 at a limited The Company Lantis Golf Public Co Limited (the "Company") was in Cyplus on Topines on Topinal J. P. P.
Hability company under the Cypus Companies Law, Cap. 113. On 28 Februar Hablity only under the provisons of the Cypus Company in a Cyprus Company incentry Corn paries (recorporacies (recorporacios (recorporacios (recorporaci was converted from a pivate limited liable in the Chams Christian (CSC). Its registered (CSC). Its registered (CSC). Its registered of CCS"). Its registered office (CSS and ( ( 2 San 1 ( 2 and is listed on the Emerging Court, 3041, Limage ( ( 2 = 1) ( 1 = 1 ) ( 1 = 1 ) ( Gennadiou Street, Agathangelos Court, 3041, Limassol.

Principal activities

The principal activities of the Company are the development of a special leisure and residential golf course project.
On 26 in the filiant produceine nemit with tems and con The principal activities of the Company are the conditions, was approved on 1 lovember 2012 , 1 26
The application of the chiend withing permit within nemit for construction The application of the town planning permit for construction of its golf development project. During
July 2019, the Company has as andres a builting permit for construction o July 2019, the Oompany carried out no trading activities.

2. Unaudited financial statements

audited by the external auditors of the Company.

3. Significant accounting policles

The intentimed the statements for the six months ended 30 June 2020 have been prepared in accordance The intentional Fleated on the six morne ended 30 June 2020 have been program of the mail of the mail of the mail of the with International Reporting Standards (IFRSs), MAS 34 "Internal Para Marial Astamation Proposes of Services of Services Artested Systems
European Union Listerial Persones of European Union (EU) and the requirements of the Cyprus Companies Euro Cap. Free Well of investment property.
been prepared under the historical cost convention as modified by

Seat proportion of the preparation of the interim condensed financial salatements for the six months for the six months The accounting policies adopted for the intensed inhalta saltonial financial stationship for the learneris for the med 30 June 2020 are consistent with the propalition in an include all hoursel on the internetion and schourds.
year anded 31 December 2011 These internation with the auther year and 31 Decamber 2019. These internetis on homically with the authed for end states in and statements
required for the same in 2010. The interim and ened in conjunsed fin required for the annual financial statements and should be read in confident with the used and the reasonted in Euro.

the be paration of the financial statements in conformity with IFRSs requires the use of oerain onlice accounting the Company's accounting The preparation of the finances in contomity with in the process of appling the company's accounting estimates and requires management the fifect the reported amounts of assess and ibelilies and lies.
policies and requires the use of assumplions that the reported and the rep ocalices. It also requires the use of the manal statements or described and the manus of evenues and
of contingent assess and liabilities at the financial statements and the polision a selection of the financial statements and the reported and the reported and the more of enterest.
Portugent assels and liablities at the financise estimates expenses during the reporting period. Although these cosmities and active
events and actions, actual results may ultimately differ from those estimates.

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS NOTES TO THE OONDERSULATION 1 JANUARY 2020 TO 30 JUNE 2020

4. Finance costs

Six months period ended 30/06/2020	Six months period ended 30/06/2019
17	은
I	55,228
3,2492
3,244	55 228

1. Basic and dilluted loss per share attributable to equity holders of the parent

	Six months period ended 30/06/2020	SIX months period ended 30/06/2019
Loss attributable to shareholders (€) Weighted average number of ordinary shares in issue during the period	(363.450)	(177.167)
	2.761.674	2.500.011
Basic and diluted loss per share attributable to equity holders of the parent (cent)	113.161	17.09)

6. Property, prant and equipment	machinery (5	Plant and Computer Hardware 13	Golf Development expenses C	1 6 16 - 1 C
Rost Balance at 1 January 2019 Additions	5,276	1.254	1.039.632	5.246.687 5.251.963 1.040.886
Balance at 31 December 2019/ 1 January 2020 Additions	5.276 5.630	1,254 7.169	792.964	6.286.319 6.292.849 805.754
Balance at 30 June 2020	10-105	8.414		7.079.283 7.098.603
Depreciation Balance at 1 January 2019 Charge for the year	2.639 문가원	251		2.639 779
Balance at 31 December 2019/ 1 January 2020 Charge for the period	3.167 264	259 834		3.418 1.098
Balance at 30 June 2020	3.481	1.085		4.516
Net book amount
Balance at 30 June 2020	7 475	7.374		7.079,283_7.094.087
Balance at 31 December 2019	2.109	1.008		6.286.319 6.289.431

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

7. Invastment property

	Unaudited 30/06/2070 12	Audited 2019
Balance at 1 January Balance at 1 January	70.911.576	70.911.576
Balance at the end of the period		70.911.576 70.911.576

Fair value hierarchy

The Company is the owner of land of about 1.400 decares near the villages of Teachers in Limassal and the entinenting The Company is the Shopping center, My Mall Limassol, and the Fascult Websited may be forther may be The land is located that to the shopping contine to develop a fully integrated golf and real estate development project on the site of its existing citrus plantations. One of the master plan is to create a contemptary designed, integrated leisure and residential community project that includes institus wills and experiments, and the restourants bestgred, megration leader and rouber and sports center and commercial and relail facilities, such as restaurants and shops.

The land owned by the Company was temporarily categorised as Investment propenty and when the Inni decision will The land owned by the Company was temporant and sale (investopy), which part to be held for own used where occupied (property, plant and equipment) and which part to be held for rental income userownor occupied (property), it will be transferred to the relevant categories according to their use.

8. Receivables	Unaudited 30/06/2020 12	Audited 2019
Receivables from refated parties (Note 13.2) Other receivables Refundable VAT	154.089 3 30 5 96.303	104.911 77.454
	250 70K	182 Cas

The fair values of receivables due within one year approximate to thelr carrying amounts as presented above.

9. Share capital	Unaudited 10/03/2019 0 Number of shares	Unaudited 10/05/2020 1	Audited 2019 Number of shares	Audited 2019 gp
Authorised Ordinary shares of €1,71 each	3.000.000	5 80000	3.000 000	5.7 30.000
Issued and fully paid Balance at 1 January	2.761.674	4.722.463	2.500.011	4.275.019
Balance at 31 December	2781674	4777668	2.500.011	47767089

On 15 January 2020 the Company announced important changes to its shareholding. These changes are the result of On 15 Jaluary 2020 the Ourchase Agreement datat on 05 July 2019, under which MCY Development Ltd has the Completion of the Share I the Company owned by Latin's Farm Ltd for the total one one in an an annine of the Company, The purchased all the Shares of the Outpany of the issued share capital of the issued shapes of the Company. The Company of the company. Itt else of Edge of Edge of Edge of Edge result of this transabler, MCT Development Ltd is owned by Lantis Firm Ltd at 50% and by AMOL Enterprises Ltd also at 50%.

In addition, as per the terms of the above shareholders transaction the vast majority of the locked only only closes on clotmont in addition, as per the terms of the above sharements ware were capitalized with the issue and allotment of 261.663 full paid shares to its majority shareholder, MCY Development Limited.

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS NOTES TO THE OONDERSON 1 JANUARY 2020 TO 30 JUNE 2020

10, Borrowings	Unauditad 30/06/2020 (3	Audited 20119 ਵ
Current borrowings Bank loans Loans from related companies (Note 13.3) Loan from parent company (Note 13.4)	2.476.042	1251351 516.384 1.717.749
	2.476.042	3.486.094
Non-current borrowings Bank loans Loan from parent company (Note 13.4)
Tota	2.476.042	3.486.094
Maturity of non-current borrowings:
	20919 C	2018 e 3.486.094

On 15 January 2020 bank loan was settled from Lanitis Farm Ltd. On 28 May 2020 loans due to related companies and the On 15 January 2020 bath loan was sokies from the may ment) were capitalised.

2.476.042

2.476.042 __ 3.486.094

The weighted average effective interest rates at the reporting date were as follows:

	Unaudited 30/06/2020	Audited 2019
	09	% 3,50
Bank loans	0	4,00
I oan from parent company

11. Deferred tax

Within one year

Between one and five years

Deferred tax is calculated in full on all temporary differences under the liability method using the applicable tax relaing to the fair value gain of Defered tax is calculated in the case of tex liasting neality nellou asing to the fair and the fair and the fair and the fair and the fair and of any and The applicable corporation tax rate in the case of tax Ibsess is 12,3%. The delemed to for value. It fall value

	Unaudited 30/06/2020	Audited 2019
	5.988.947	5.988.947
Balance at 1 January Balance at 31 December	5.988.947	5,988.947

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

12. Trade and other payables

	Unaudited	Audited
	30/06/2020	2019
	(5	ਵ
Social insurance and other taxes	15:30	6.728
Payables to parent (Note 13.5)		405 572
Other payables	96.677	601.709
Accruals	6.131	17.253
Payables to related companies (Note 13.5)	703,880	4.470.456
	372 07 8	5.501.718
Less non-current payables		(405.572)
Current portion	822.018	5.096.146

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

13. Related party balances and transactions

On 15 January 2020, MCY Development Limited has purchased all the shares of the Company owned by Lanitis Farm Limited. As a result MCY Development Limited now owns the 99,99% of the issued share capital of the Company. The share capital of MCY Development Limited is owned by Lanitis Farm Limited at 50% and by AMOL Enterprises Limited also at 50%.

The related party balances and transactions are as follows:

13.1 Related parties transactions

		Six months	Six months
		period ended	period ended
		30/06/2020	30/06/2019
	Nature of transactions	(1)	€
Lanitis E.C. Holdings Limited	Management fees	(12.000)
Lanitis Farm Limited	Rent Expense	(12.174)
Lanitis Farm Limited	Interest Expense		(27.268)
		(24.174)	(27.268)
13.2 Receivables from related parties
		Unaudited	Audited
		30/06/2020	2019
Name		(1)	€
Lanitis Farm Limited		6.168
MCY Development Limited		144.921	104.911
		151.089	104.911

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

13. Related party balances and transactions (continued)

13.3 Loans from Related Parties (Note 10)

	Audited
30/06/2020	2019
ਵ
2.476.042
	516.384
	516.384
	Unaudited 2.476.042

The loan payable to Lanitis Farm Limited does not bear interest.

The loan payable due to Cybarco Development Limited was capitalised on 28 May 2020.

13.4 Shareholders' loan account (Note 10)

	Unaudited	Audited
	30/06/2020	2019
Lanitis Farm Limited		1.717.749
		1 717 749

The loan payable was be capitalised on 28 May 2020.

13.5 Payables to related parties (Note 12)

		Unaudited	Audited
		30/06/2020	2019
Name	Nature of transactions	€	ਵ
Lanitis E.C. Holdings Limited (i)	Loan		2.905.784
Cybarco Limited	Current account	20.000	30.000
Cybarco Development Limited (ii)	Loan	6:33 (266	1.500.000
Carobmill Restaurants Limited	Current account		876
Heaven's Garden Waterpark Limited	Current account	214	143
Lanitis E.C. Holdings Limited	Current account		33.653
Lanitis Farm Limited	Current account		405.572
		703 330	4.876.028

(i) As per the agreement concluded on 15 January 2020 the loan payable to Lanitis E.C. Holdings was capitalised on 28 May 2020.

(ii) The loan payable to Cybarco Development Ltd is interest free. As per the agreement concluded on 15 January 2020 amount of €671.090 was capitalised on 28 May 2020.

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS NOTES TO THE OONDERSUARY 2020 TO 30 JUNE 2020

14. Shareholders holding more than 5% of share capital

jurinerelievel and the became capital as at 31 December 2019 and 31 December 2018 were as follows:

	2020 8	30 June 31 December 2019 P
NCV Davelonment Ltd	99,99

15. Significant agreements with management

At the end of the year, no significant agreements existed between the Company and its Management.

16. Contingent liabilities

The Company had no contingent liabilities as at 30 June 2020.

17. Commitments

Arramount of €5 million is payable to the Town Planning and housing Department of the Ministry of interior in the period
in the County of the daysland be gelf ensort project An amount of e5 million is payable to the Town Frienting and read of the Company.
of 10 years for the permit to develop the golf resort project for the Company.

In accordance with the resolution taken by the Ministry Cabinet of the Republic of Cyprus on 22 June 2011, the Company
and any and instalments of €0 5 million each, until fu In accordance with the resolution taken by the Ministry Cabiner of the repairies of the above noted to million.
needs to pay annual instalments of €0.5 million each, until fu

The Company has already settled the liabilities for the years 2013 to 2019.

The Company has no further capital or other commitments as at 30 June 2020.

18. Events after the reporting period

you a suma in
There were no material events after the reporting period, which have a bearing on the financial statements.