Mallouppas & Papacostas Public CO LTD

Management Reports • Apr 25, 2019

Consolidated Statement of profit and loss account for the year ended 31 December 2018

	2018	2017
	€	€
Income	42.103.089	38.511.015
Cost of sales	(24.653.611)	(23.062.976)
Gross profit	17.449.478	15.448.039
Sales and promotion costs	(12.614.062)	(11.911.860)
Administrative costs	(2.942.366)	(2.499.973)
Other income	395.321	288.213
Other losses – net	(94.846)	(72.328)
Operating profit	2.193.525	1.252.091
Finance costs	(398.111)	(367.538)
Profit before taxation	1.795.414	884.553
Tax charge	(267.773)	(162.086)
Profit for the year	1.527.641	722.467
Attributable to:
Group's shareholders	1.529.735	724.610
Minority interest	(2.094)	(2.143)
	1.527.641	722.467
Earnings per share attributable to the Group's shareholders (cents
per share)	3.54	1.68

Consolidated statement of total income for the year ended 31 December 2018

	2018	2017
	€	€
Profit for the year	1.527.641	722.467
Other total income:
Items not to be reclassified to profit and loss
Gain on revaluation of land and buildings after taxation	170.420	337.465
Items that may be subsequently transferred to profit and loss
Change in the fair value of financial assets available for sale	-	13.832
Transfer to profit and loss due to impairment of financial assets
available for sale	-	3.631
Exchange differences	(4,123)	846
Items that may be subsequently reclassified to profit and loss	(4.123)	18.309
Total profit for the year	1.639.938	1.078.241
Attributable to:
Group's shareholders	1.696.032	1.080.384
Minority Interest	(2.094)	(2.143)
	1.693.938	1.078.241

Consolidated balance sheet as at 31 December 2018

	2018	2017
	€	€
Assets
Non-current assets
Property, plant and equipment	12.685.739	8.513.035
Investment property	18.521.758	18.636.811
Intangible assets	45.018	46.011
Financial assets available for sale	-	122.373
Financial assets at fair value through profit and loss	140,429	-
	31.392.944	27.318.230
Current assets
Inventories – finished goods	5.651.202	4.967.672
Inventories – immovable property for trading	2.186.123	2.183.122
Advance payments	1.714.055	1.360.587
Trade receivables	281.148	242.847
Financial assets at depreciated cost	136.523	-
Other receivables	-	157,311
Cash and bank deposits	954.529	1.152.256
	10.923.580	10.063.795
Total assets	42.316.524	37.382.025
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	2.171.977	2.094.867
Losses retained	(1.108.097)	(2.681.688)
	21.303.210	19.652.509
Minority interest	340.636	342.730
Total equity	21.643.846	19.995.239
Liabilities
Non-current liabilities
Borrowings	7.290.767	4.598.522
Deferred tax liabilities	1.147.327	1.059.646
	8.438.094	5.658.167
Current liabilities
Trade and other creditors	6.806.210	5.658.451
Contractual liabilities	55.885	-
Current tax liabilities	21.223	47.546
Borrowings	5.351.266	6.022.621
	12.234.584	11.728.618
Total liabilities	20.672.678	17.386.786
Total equity and liabilities	42.316.524	37.382.025

Consolidated statement of cash flows for the year ended 31 December 2018

	2018	2017
	€	€
Cash flow from operating activities
Profit before taxation	1.795.414	884.553
Adjustments for:
Depreciation of property, plant and equipment	1.146.811	1.056.728
Loss / (Profit) from sale and write-offs of property, plant and equipment	652	(27.908)
Depreciation of intangible assets	13.761	15.919
Loss from write-off of financial assets available for sale	-	3.631
(Profit) / Loss from sale and write-offs of intangible assets	(2,313)	-
Fair value (Gain) on financial assets at fair value through profit and loss	(18,057)	-
Fair value losses of investment property	117,222	98.838
Income from dividends	(9.500)	(9.250)
Credit interest calculated with the effective interest method	(67)	(17)
Debit interest	398.111	367.538
Exchange differences	(2.658)	(2.233)
	3.439.376	2.387.799
Changes in working capital
Inventories	(686.531)	(102.171)
Other receivables	-	(50.581)
Trade receivables	(38,301)	178,445
Advance payments	(353,468)	(141,382)
Financial assets at depreciated cost	20,788	-
Trade and other creditors	1,146.711	865.371
Contractual liabilities	55,885	-
Cash from operating activities	3.584.460	3.137.481
Tax paid	(231.932)	(187.598)
Special defence contribution for deemed dividend distribution paid	(45,331)	-
Net cash from operating activities	3.307.197	2.949.883
Cash flow from investing activities
Purchase of property, plant and equipment	(5.124.452)	(1.472.625)
Proceeds from sale of property, plant and equipment	220	160.947
Purchase of investment property	(2.169)	(1.088)
Purchase of intangible assets	(30.455)	(21.198)
Proceeds from sale and write-offs of intangible assets	19.999	-
Interest received	67	17
Cash received	9.500	9.250
Net cash for investing activities	(5.127.290)	(1.324.697)
Cash flow from financing activities
Proceeds from bank loan	5.014.580	1.155.535
Repayments of bank loans	(1.930.038)	(1.748.153)
Interest paid	(398.111)	(367.538)
Net cash from / (for) financing activities	2.686.431	(960.156)
Net increase in cash and cash equivalents and bank overdrafts	866.338	665.030
Cash and cash equivalents and bank overdrafts at beginning of year	(3.266.701)	(3.931.731)
Cash and cash equivalents and bank overdrafts at end of year	(2.400.363)	(3,266,701)

Consolidated statement of changes in equity for the year ended 31 December 2018

	tri bu b le he 's ha ho lde At G S ta to t ro up re rs
	ha S re			f fer fro Di en ce m	ha S re	he Ot r	Ea ing rn s	l To ta	Mi rit no y	l To ta
	ita l ca p	ion f co nv ers o	mi pre um	( ) 2 res erv es	ain d ( ) 1 ret e		int st ere
		l in ita to ca p eu ro	( ) 2 res erv e
	€	€	€	€	€	€	€	€
lan Ba 1 Ja 20 17 at ce as nu ary	14 .69 1.6 94	74 .33 5	5.4 73 .30 1	1.7 39 .09 3	( ) 2.4 06 .29 8	18 .57 2.1 25	34 4.8 73	18 .91 6.9 98
l los To ta s
fo he Lo r t ss ye ar	-	-	-	-	72 4.6 10	72 4.6 10	( ) 2.1 43	72 2.4 67
Ot he l in r t ota co me
nd d bu ldi La i an ng s:
G ain lua tio fte tio r ta on re va n – a xa n	-	-	-	33 7.4 65	-	33 7.4 65	-	33 7.4 65
l a la b le fo le: Fin cia ai ts an sse av r s a
lue Fa ir v in a ga	-	-		13 .83 2	-	13 .83 2	-	13 .83 2
ha fo r im irm fer fit d los C t – tr to rge pa en an s pr o an s	-	-	-	3.6 31	-	3.6 31	-	3.6 31
ha di f fer fo he Exc r t ng e en ce s ye ar	-	-		84 6	-	84 6	-	84 6
l los fo he To 20 17 ta r t s ye ar	-	-	-	35 5.7 74	72 4.6 10	1.0 80 .38 4	( ) 2.1 43	1.0 78 .24 1
lan 31 be r 2 01 Ba D 7 at ce as ec em	14 .69 1.6 94	74 .33 5	5.4 73 .30 1	2.0 94 .86 7	( ) 2.6 81 .68 8	19 .65 2.5 09	34 2.7 30	19 .99 5.2 39
Im f t he in itia l im lem ion f IF RS 9 o n 1 ct tat pa o p en o
Jan 20 18 ua ry	-	-	-	( ) 89 .16 7	89 .18 7	-	-	-
ba lan Ad jus d 1 J 20 18 te at ce as an ua ry	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
nd d bu ldi La i an ng s:
G ain lua tio fte 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 d fen bu fo r d d div ide nd Sp ia i tio ntr ec e ce co n ee me
dis bu tri tio n	-	-	-	-	( ) 45 .30 1	( ) 45 .30 1	-	( ) 45 .30 1
l los fo r 2 01 8 To 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

• 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.