Mallouppas & Papacostas Public CO LTD

Annual Report • Jun 30, 2020

Consolidated statement of profit and loss account for the year ended 31 December 2019

	2019	2018
	€	€
Income	44.502.105	42.103.089
Cost of sales	(26.364.686)	(24.653.611)
Gross profit	18.137.419	17.449.478
Sales and promotion costs	(14.077.305)	(12.614.062)
Administrative costs	(2.834.036)	(2.942.366)
Other income	536.322	395.321
Other profits / (losses) – net	529.915	(94.846)
Operating profit	2.292.315	2.193.525
Finance costs	(760.938)	(398.111)
Profit before taxation	1.531.377	1.795.414
Tax charge	(352.417)	(267.773)
Profit for the year	1.178.960	1.527.641
Attributable to:
Group's shareholders	1.181.109	1.529.735
Minority interest	(2.149)	(2.094)
	1.178.960	1.527.641
Earnings per share attributable to the Group's shareholders (cents
per share)	2.73	3.54

Consolidated statement of total income for the year ended 31 December 2019

	2019	2018
	€	€
Profit for the year	1.178.960	1.527.641
Other total income:
Items not to be reclassified to profit and loss
Gain on revaluation of land and buildings after taxation	5.310	170.420
Items that may be subsequently transferred to profit and loss
Exchange differences	1.288	(4,123)
Items that may be subsequently reclassified to profit and loss	1.288	(4.123)
Other total income for the year after taxation	6.598	166.297
Total profit for the year	1.185.558	1.639.938
Attributable to:
Group's shareholders	1.187.707	1.696.032
Minority Interest	(2.149)	(2.094)
	1.185.558	1.693.938

Consolidated balance sheet as at 31 December 2019

€ € Assets Non-current assets Property, plant and equipment 11.707.210 12.685.739 Assets with right of use 9.738.886 - Investment property 16.393.930 18.521.758 Intangible assets 34.088 45.018 Financial assets at fair value through profit and loss 133.599 140.429 38.007.713 31.392.944 Current assets Inventories – finished goods 5.661.793 5.651.202 Inventories – immovable property for trading 4.907.927 2.186.123 Other non-financial assets 1.232.664 1.714.055 Trade receivables 259.100 281.148 Financial assets at depreciated cost 120.219 136.523 Tax receivable 14.703 - Cash and bank deposits 1.858.153 954.529 14.054.559 10.923.580 Total assets 52.062.272 42.316.524 Equity and Liabilities Capital and reserves attributable to the Group's shareholders Share capital 14.691.694 14.691.694 Difference from conversion of share capital into Euro 74.335 74.335 Share premium reserve 5.473.301 5.473.301 Other reserves 2.178.575 2.171.977 Profits / (losses) retained 73.012 (1.108.097) 22.490.917 21.303.210 Minority interest 338.487 340.636 Total equity 22.829.404 21.643.846 Liabilities Non-current liabilities Borrowings 6.702.427 7.290.767 Lease obligations 7.099.393 - Deferred tax liabilities 1.488.830 1.147.327 15.290.650 8.438.094 Current liabilities Trade and other creditors 7.274.245 6.806.210 Contractual liabilities 72.720 55.885 Current tax liabilities - 21.223 Lease obligations 2.648.594 - Borrowings 3.946.659 5.351.266 13.942.218 12.234.584 Total liabilities 29.232.868 20.672.678 Total equity and liabilities 52.062.272 42.316.524	2019	2018

Consolidated statement of cash flows for the year ended 31 December 2019

	2019	2018
	€	€
Cash flow from operating activities
Profit before taxation	1.531.377	1.795.414
Adjustments for:
Depreciation of property, plant and equipment	1.441.823	1.146.811
Depreciation of assets with right of use	2.765.026	-
Depreciation of intangible assets	13.991	13.761
Reversal of losses from impairment of financial assets	(870)	-
Loss / (gain) on sale and write-offs of property, plant and equipment	55.420	652
(Gain) / loss on sale and write-offs of intangible assets	939	(2,313)
Fair value (gain) on financial assets at fair value through profit and loss	6.830	(18.057)
Fair value (gains) / losses on investment property	(593.975)	117.222
Income from dividends	(9.500)	(9.500)
Other profits	(760)	-
Credit interest calculated with the effective interest method	-	(67)
Debit interest	760.938	398.111
Exchange differences	1.631	(2.658)
	5.972.870	3.439.376
Changes in working capital
Inventories	(10.591)	(686.531)
Trade receivables	22.918	(38.301)
Other non-financial assets	257.025	(353.468)
Financial assets at depreciated cost	16.304	20.788
Trade and other creditors	(118.195)	1.146.711
Contractual liabilities	16.835	55.885
Cash from operating activities	6.157.166	3.584.460
Tax paid	(41.531)	(231.932)
Special defence contribution for deemed dividend distribution paid	-	(45.331)
Net cash from operating activities	6.115.635	3.307.197
Cash flow for investing activities
Purchase of property, plant and equipment	(704.419)	(5.124.452)
Proceeds from sale of property, plant and equipment	185.705	220
Purchase of investment property	-	(2.169)
Purchase of intangible assets	(4.186)	(30.454)
Proceeds from sale and write-offs of intangible assets	186	19.999
Interest received	-	67
Dividends received	9.500	9.500
Net cash for investing activities	(513.214)	(5.127.290)
Cash flow from financing activities
Proceeds from bank loan	3.000.000	5.014.580
Repayments of bank loans	(4.623.938)	(1.930.038)
Interest paid	(760.938)	(398.111)
Proceeds from directors	586.037	-
Repayments of principal on lease obligations	(2.530.799)	-
Net cash (for) / from financing activities	(4.329.638)	2.686.431
Net increase in cash and cash equivalents and bank overdrafts	1.272.783	866.338
Cash and cash equivalents and bank overdrafts at beginning of year	(2.400.363)	(3.266.701)
Cash and cash equivalents and bank overdrafts at end of year	(1.127.580)	(2.400.363)

Mallouppas & Papacostas Public Co Limited Consolidated statement of changes in equity for the year ended 31 December 2019

tri bu b le he 's ha ho lde At G S ta to t ro up re rs
	S ha re ita l ca p	Di f fer fro en ce m ion f co nv ers o	S ha re mi pre um	Ot he r ( ) 2 res erv es	ing Ea rn s ain d ( ) 1 ret e	l To ta	Mi rit no y int st ere	l To ta
	€	l in ita to ca p eu ro €	( ) 2 res erv e €	€	€	€	€	€
lan Ba 1 Ja 20 18 at ce as nu ary	14 .69 1.6 94	74 .33 5	5.4 73 .30 1	2.0 05 .68 0	( ) 2.5 92 .50 1	19 .65 2.5 09	34 2.7 30	19 .99 5.2 39
l p fit To ta ro
fit fo he Pro r t ye ar	-	-	-	-	1.5 29 .73 5	1.5 29 .73 5	( ) 2.0 94	1.5 27 .64 1
Ot he l in r t ota co me
d a d bu l din La i n n gs :
lua fte G ain tio tio r ta on re va n – a xa n	-	-	-	17 0.4 20	-	17 0.4 20	-	17 0.4 20
ha di f fer fo he Exc r t ng e en ce s ye ar	-	-	-	( ) 4.1 23	-	( ) 4.1 23	-	( ) 4.1 23
l de fen bu fo de d div de d Sp ia i tio i ntr ec ce co n r em e n
dis tri bu tio n	-	-	-	-	( ) 45 .30 1	( ) 45 .30 1	-	( ) 45 .33 1
l los fo To r 2 01 8 ta s	-	-	-	16 6.2 97	1.4 84 .40 4	1.6 50 .70 1	( ) 2.0 94	1.6 48 .60 7
lan be Ba 31 D r 2 01 8 at ce as ec em	14 .69 1.6 94	74 .33 5	5.4 73 .30 1	2.1 71 .97 7	( ) 1.1 08 .09 7	21 .30 3.2 10	34 0.6 36	21 .64 3.8 46
l p fit To ta ro
fit fo he Pro r t ye ar	-	-	-	-	81 .10 9 1.1	81 .10 9 1.1	( ) 2.1 49	76 .96 0 1.1
Ot he l in r t ota co me
nd d bu i ldi La an ng s:
lua fte G ain tio tio r ta on re va n – a xa n	-	-	-	5.3 10	-	5.3 10	-	5.3 10
ha di f fer fo he Exc r t ng e en ce s ye ar	-	-	-	1.2 88	-	1.2 88	-	1.2 88
l p fit fo To r 2 01 9 ta ro	-	-	-	6.5 98	1.1 81 .10 9	1.1 87 .70 7	( ) 2.1 49	1.1 85 .55 8
lan be Ba 31 D r 2 01 9 at ce as ec em	14 .69 1.6 94	74 .33 5	5.4 73 .30 1	2.1 78 .57 5	73 .01 2	22 .49 0.9 17	33 8.4 87	22 .82 9.4 04

• 1. Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 15% will be payable on such deemed dividends to the extent that the shareholders, at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The percentage of the special contribution for defence increased to 17% for profits for the tax years 2009 and to 20% for profits for the tax years 2010 and 2011 and was then reduced to 17% for profits for the years 2012 onwards. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.
• 2.The share premium reserve and the other reserves are not available for distribution in the form of dividend.