Leptos Calypso Hotels Public LTD

Quarterly Report • Aug 31, 2015

Condensed interim consolidated financial statements for the six months ended 30 June 2015

Contents

		Page

Condensed interim consolidated financial statements 1 - 4

Condensed interim consolidated income statement for the six months ended 30 June 2015

	Six months ended
	30 June 2015	30 June 2014
	€	€
Revenue Cost of sales	9.168.081 (8.689.490)	7.615.290 (7.646.908)
Gross profit/(loss) Other gains/(losses) Selling and marketing costs Administrative expenses	_ 478.591 35.422 (285.716) (1.364.890) _	_ (31.618) (114) (319.099) (1.258.643) _
Operating loss Finance costs Share of profit of associate	(1.136.593) (2.630.779) - ____	(1.609.474) (2.997.988) 68.265 ____
Loss before income tax Income tax	(3.767.372) (35.000)	(4.539.197) (25.000)
Loss for the six months period	____ (3.802.372)	____ (4.564.197)
Attributable to:	==========	==========
Equity holders of the Company Non-controlling interest	(3.650.173) (152.199) ____	(4.291.079) (273.118) ____
	(3.802.372)	(4.564.197)
Loss per share attributable to equity holders of the Company during the year (cents per share)	==========	==========
- Basic	(2,83) ==========	(3,33) ==========

Condensed interim consolidated balance sheet as at 30 June 2015

	30 June 2015 €	31 December 2014 €
Assets
Non-current assets
Property, plant and equipment	123.394.791	124.401.856
Investment property	14.997.409	14.997.409
Available-for-sale financial assets	19.395.863	18.762.766
Operating lease prepayments	3.794.505 _____	4.246.450 _____
	161.582.568 _____	162.408.481 _____
Current assets
Inventories	804.215	634.458
Trade and other receivables	4.121.643	2.668.736
Cash and cash equivalents	1.756.346	3.846.500
Non-current assets classified as held-for-sale	27.645.968 _____	27.645.968 _____
	34.328.172	34.795.662
Total assets	_____ 195.910.740	_____ 197.204.143
	===========	===========
Equity and liabilities
Capital and reserves attributable to equity holders
of the Company
Share capital	43.856.392	43.856.392
Share premium	2.870.968	2.870.968
Other reserves Accumulated losses	70.263.867 (55.514.935)	69.792.712 (52.026.704)
	_____	_____
	61.476.292	64.493.368
Non-controlling interest	2.421.888	2.574.087
Total equity	_____ 63.898.180	_____ 67.067.455
Non-current liabilities	_____	_____
Borrowings	32.953.789	31.500.551
Deferred income tax liabilities	16.121.452	16.086.460
Trade and other payables	1.185.018	1.009.729
	_____ 50.260.259	_____ 48.596.740
Current liabilities	_____	_____
Trade and other payables	17.476.200	17.101.738
Current income tax liabilities	54.977	11.353
Borrowings	59.254.716	59.460.449
Deferred tax liabilities and other liabilities directly
associated with non-current assets classified as
held-for-sale	4.966.408	4.966.408
	_____ 81.752.301	_____ 81.539.948
Total liabilities	_____ 132.012.560	_____ 130.136.688
Total equity and liabilities	_____ 195.910.740	_____ 197.204.143
	===========	===========

Condensed interim consolidated statement of changes in equity for the six months ended 30 June 2015

	Attributable to equity holders of the Company
	Share capital €	Share premium €	Other reserves €	Accumulated losses €	Non controlling interest €	Total €
Balance at 1 January 2014	43.856.392	2.870.968	87.720.310	(64.376.811)	8.043.546	78.114.405
Total loss Loss for the six month period	_____ -	____ -	_____ -	_____ (4.291.079)	_____ (273.118)	_____ (4.564.197)
Other comprehensive income/(loss) Land and buildings: Depreciation transfer net of tax Share of deferred tax adjustment in associate	_____ - -	____ - -	_____ (166.569) 6.994	_____ 166.569 -	_____ - -	_____ - 6.994
Total other comprehensive income	_____ -	____ -	_____ (159.575)	_____ 166.569	_____ -	_____ 6.994
Total loss for the six month period	_____ -	____ -	_____ (159.575)	_____ (4.124.510)	_____ (273.118)	_____ (4.557.203)
Balance at 30 June 2014	_____ 43.856.392 ===========	____ 2.870.968 ==========	_____ 87.560.735 ===========	_____ (68.501.321) ===========	_____ 7.770.428 ===========	_____ 73.557.202 ===========
Balance at 1 January 2015	43.856.392	2.870.968	69.792.712	(52.026.704)	2.574.087	67.067.455
Total loss Loss for the six month period	_____ -	____ -	_____ -	_____ (3.650.173)	____ (152.199)	_____ (3.802.372)
Other comprehensive income/(loss) Land and buildings: Depreciation transfer net of tax Available for sale financial assets: Fair value gains	_____ - -	____ - -	_____ (161.942) 633.097	_____ 161.942 -	_____ - -	_____ - 633.097
Total other comprehensive income	_____ -	____ -	_____ 471.155	_____ 161.942	_____ -	_____ 633.097
Total loss for the six month period	_____ -	____ -	_____ 471.155	_____ (3.488.231)	_____ (152.199)	_____ (3.169.275)
Balance at 30 June 2015	_____ 43.856.392 ===========	____ 2.870.968 ==========	_____ 70.263.867 ===========	_____ (55.514.935) ===========	_____ 2.421.888 ===========	_____ 63.898.180 ===========

Condensed interim consolidated cash flow statement for the six months ended 30 June 2015

	Six months ended
	30 June 2015	30 June 2014
	€	€
Cash flows from operating activities Loss before income tax Adjustments for:	(3.767.372)	(4.539.197)
Depreciation of property, plant and equipment Amortisation of operating lease prepayments Share of loss of associate	1.164.639 455.634 -	1.183.743 455.634 (68.265)
Interest expense Foreign exchange loss on financing activities	2.244.392 386.387 ____	2.945.150 52.838 ____
Changes in working capital:	483.680	29.903
Inventories Trade and other receivables Trade and other payables	(169.757) (1.453.773) 463.544	(233.117) (1.857) 4.274.701
Cash generated from operations	____ (676.306)	____ 4.069.630
Cash flows from investing activities Purchases of property, plant and equipment	____ (157.574)	____ (470.843)
Net cash used in investing activities	____ (157.574)	____ (470.843)
Cash flows from financing activities	____	____
Repayment of bank borrowings Interest paid	(2.288.847) (115.686) ____	(2.438.258) (115.208) ____
Net cash used in financing activities	(2.404.533) ____	(2.553.466) ____
Net (decrease)/increase in cash, cash equivalents and bank overdrafts Cash, cash equivalents and bank overdrafts at	(3.238.413)	1.045.321
beginning of year	(1.219.071) ____	(3.483.406) ____
Cash, cash equivalents and bank overdrafts at end of year	(4.457.484) ==========	(2.438.085) ==========