Quarterly Report • Sep 27, 2019
Quarterly Report
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The board of directors of the public company "The Mall of Cyprus Mc Plc" (the "Company"), on the 26 September 2019, approved the unaudited condensed interim financial statements for the period from 1 January 2019 to 30 June 2019 (the "Six-month report").
Copies of the Six-month report can be obtained from the registered office of the Company at the Mall of Cyprus 3, Vergina str., Strovolos, Nicosia, Cyprus or by sending an email request to [email protected] without any charge. The Six-month report will be sent to all the shareholders of the Company.
The Mall of Cyprus (MC) Plc
TTRAGO SERVICES LIMITED
Montrago Services Limited Secretary
Date: 27 September 2019
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019
| Board of Directors and other officers | |
|---|---|
| Management Report | $2 - 4$ |
| Declaration of the members of the Board of Directors and the company officials responsible for the preparation of the financial statements |
5 |
| Condensed interim statement of comprehensive income | 6 |
| Condensed interim statement of financial position | 7. |
| Condensed interim statement of changes in equity | 8 |
| Condensed interim statement of cashflows | 9 |
| Notes to the condensed interim financial statements | $10 - 17$ |
PAGE
Board of Directors:
Company Secretary:
Takis Christodoulou John George Mavrokordatos George Mouskides
Martin Olivier
Montrago Services Limited
Arch. Makariou III, 195 Neocleous House 3030 Limassol Cyprus
Registered office:
3 Verginas Street
The Mall of Cyprus Strovolos 2025, Nicosia Cyprus
The Board of Directors of The Mall of Cyprus (MC) Plc (the "Company") presents its Management Report together with the unaudited condensed interim financial statements of the Company for the period from 1 January 2019 to 30 June 2019.
The principal activity of the Company, which is unchanged from the previous period, is the leasing/granting of rights of use of space of its property, the Shacolas Emporium Park which includes a Shopping Mall, an IKEA store and other building developments for retail/commercial purposes.
There were no changes in the Company structure during the period from 1 January 2019 to 30 June 2019. The Company does not intend to proceed with any acquisitions or mergers. As of 30 June 2019 and the date of this report, there have been certain amendments in the composition of the main shareholders of the Company. Such changes are stated in note 20 to the condensed interim financial statements.
Nuring the period ended 30 June 2019 the Company had a slight increase in revenue earned. The net profit after tax for the period attributable to the shareholders of the Company amounted to €3.429,962 (period ended 30 June 2018: €3.534.902). On 30 June 2019 the total assets of the Company were €210.029.344 (31 December 2018: €200.479.030) and the net assets of the Company were €89.356.084 (31 December 2018: €85.926.122).
The financial position, development and performance of the Company as presented in these unaudited condensed interim financial statements are considered satisfactory.
The principal risks and uncertainties faced by the Company are disclosed in Note 1 of the condensed interim financial statements.
The Cypriot economy has recorded positive growth in 2018 and 2019 after overcoming the economic recession of recent years. The overall economic outlook of the economy remains favorable, however there are still downside risks emanating from the still high levels of non-performing loans, the public debt ration as well as possible deterioration of the external environment for Cyprus. This operating environment has a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of the current economic situation are difficult to preditc and management's current expectations and estimates could differ from actual results.
The Company's activities expose it to a variety of financial risks: market risk (including fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk.
The Company's risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance. Risk management is carried out by a central treasury department under policies approved by the Board of Directors. Management identifies, evaluates and hedges financial risks in close co-operation with the Company's operating units. The Board provides written and/or oral principles for overall risk management, as well as written and/or oral policies covering specific areas, such as interest rate risk, credit risk, and investment of excess liquidity.
The Company's interest rate risk arises from long term borrowings. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings at fixed rates expose the Company to fair value interest rate risk.
As at 30 June 2019, the Company's liabilities which bore variable interest rates amounted to €95.028.480. The Company's management monitors the interest rate fluctuations on a continuous basis and acts accordingly. The Company does not apply hedge accounting for cash flow interest rate risk.
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposure to tenants, including outstanding receivables and committed transactions.
For banks and financial institutions, only those that are highly rated by the Board of Directors are accepted. Management assesses the credit quality of the users of space, taking into account its financial position, past experience and other factors.
At 30 June 2019, Company's credit risk arises from trade receivables amounting to €2.246.887, other receivables amounting to €92.885, and bank balances amounting to €1.554.564 The amount of provisions for impairment of receivables was €488,638 as of 30 June 2019 (31 December 2018: €488,638). The individually impaired receivables mainly relate to tenants, which are in an unexpectedly difficult economic situation.
Management monitors the current liquidity position of the Company based on expected cash flows and expected revenue receipts. On a long-term basis, liquidity risk is defined based on the expected future cash flows at the time of entering into new credit facilities or leases and based on budgeted forecasts. Management believes that it is successful in managing the Company's liquidity risk.
As at 30 June 2019, the Company substantially completed the project for the expansion of the Mall of Cyprus by about an additional area of circa 5.500m2 on the first and ground floor, the use of which is for retail, entertainment and cultural purposes in order to meet the demands of its customers/visitors and also increase the variety of offerings at the mall. With the expansion, about an additional 200 parking places were created as well. Full completion of the works, is projected to be achieved by the end of calendar year 2019.
The Company's results for the period are set out on page 6. The profit for the period is retained.
There were no changes in the share capital of the Company.
There were no changes in the Company's Board of Directors during the period.
The Company did not operate through any branches during the period.
Any significant events that occured after the end of the reporting period are described in note 20 to the financial statements.
The members of the Board of Directors did not control directly or indirectly any part of the share capital of the Company, at 30 June 2019 and as at the date of this report.
Except from the balance and transactions disclosed in Note 17 of the financial statements, there were no other significant contracts with the Company or related companies, in which a Director or related parties has a significant interest.
main sugressionsers
The following shareholders of the Company held directly or indirectly over 5% of the Company's issued share capital:
| 30 June 2019 Percentage of shareholding |
26 September 2019 Percentage of shareholding |
|
|---|---|---|
| % | % | |
| Direct shareholder: Atterbury Cyprus Limited |
99.67 | 99.67 |
| Indirect shareholders (through their indirect holdings in Atterbury |
||
| Cyprus Limited): RMH Property Holdco 2 (Pty) Ltd (South Africa) |
48,59 | 36,44 |
| Business Venture Investments No | 24,29 | |
| 1360 (Pty) Ltd (South Africa) Atterbury Onroerend Goed Houdster Europa Cooperatief U.A (Netherlands) |
48,59 | 36.44 |
By order of the Board of Directors,
Montrago Services Limited
Secretary
Secretary
Nicosia, 26 September 2019
In accordance with Article 10 sections (3c) and (7) of the 'Fransparency Requirements (Traded Securities in Regulated Markets) Law 2007 (N 190 (1)/2007) ("the Law") we, the members of the Board of Directors and other offic
(a) The financial statements of the Company which are presented on pages 6 to 17:
(i) have been prepared in accordance with the applicable International Financial Reporting Standards as adopted by
the European Union and the provisions of Article 10, section (4) of the law, and
(ii) provide a true and fair view of the particulars of assets and liabilities, the financial position and profit or loss of the Company included in the financial statements as a whole and
b) The management report provides a fair view of the developments and the performance as well as the financial position of the Company as a whole, together with a description of the main risks and uncertainties which they face.
Members of the Board of Directors:
Takls Christodoulou
John George Mavrokordatos
George Mouskides
Martin Olivier
والمستوين والمحامل والمتحدث
Responsible for drafting the financial statements:
Antonia Constantinou - Financial Controller Nicosia, 26 September 2019
the company of the state of
| Six months ended 30 June ended 30 June 2019 |
Six months 2018 |
||
|---|---|---|---|
| Note | € | € | |
| Rights for use of space and other income | 4 | 5.901.537 | 5.496.289 |
| Other income Administration expenses |
5 | 153,092 (621.803) |
295.469 (700.552) |
| Operating profit | 5.432.826 | 5.091.206 | |
| Net finance costs | 6 | (1.615.727) | (1.598.758) |
| Profit before income tax | 3.817.099 | 3.492.448 | |
| Income tax (expense) / credit | 7 | (387.137) | 42.454 |
| Profit and total comprehensive income for the period | 3.429.962 | 3.534.902 | |
| Earnings per share attributable to the Company's shareholders (cents per share): |
|||
| Basic and fully dilluted | 8 | 3,43 | 3,53 |
| ASSETS | Note | 30 June 2019 € |
31 December 2018 (audited) € |
|---|---|---|---|
| Non-current assets Property, plant and equipment Investment property Trade receivables and other financial assets at amortised cost |
9 9 10 |
430.055 204.443.691 609.235 205.482.981 |
160.840 195.850.000 125.000 196.135.840 |
| Current assets Trade receivables and other financial assets at amortised cost Prepayments Cash and cash equivalents |
10 11 |
2.591,373 400.426 1.554.564 4,546.363 |
1.670.408 1.205.474 1.467.308 4.343.190 200.479.030 |
| TOTAL ASSETS | 210.029.344 | ||
| EQUITY AND LIABILITIES Equity Share capital Retained earnings Total equity |
12 | 50.000.000 39.356.084 89.356.084 |
50,000.000 35.926.122 85.926.122 |
| Non-current liabilities Borrowings Trade and other payables Deferred tax liabilities |
13 15 14 |
83,717,583 2.322.622 18.445.687 104.485.892 |
78.960.281 2.343.273 18.402.330 99.705.884 |
| Current liabilities Trade and other payables Borrowings Current tax liabilities |
15 13 16 |
4.499.900 11.310.897 376.571 16.187.368 |
4.379.011 10.425.398 42.615 14.847.024 |
| Total liabilities TOTAL EQUITY AND LIABILITIES |
120.673.260 210.029.344 |
114.552.908 200.479.030 |
On 26 September 2019 the Board of Directors of The Mall of Cyprus (MC) Plc authorised these financial statements for issue.
. . . . . . . . . . . . . . . George Mouskides Director
John George Mavrokordatos Director
| Share capital € |
Retained earnings € |
Total € |
|
|---|---|---|---|
| Balance at 1 January 2018 | 50.000.000 | 23.247.025 | 73.247.025 |
| Comprehensive income Profit for the period |
3.534.902 | 3.534.902 | |
| Balance at 30 June 2018 | 50.000.000 | 26,781.927 | 76.781.927 |
| Balance at 1 January 2019 | 50.000.000 | 35.926.122 | 85.926.122 |
| Comprehensive income Net profit for the period |
3,429,962 | 3,429,962 | |
| Balance at 30 June 2019 | 50,000,000 | 39.356.084 | 89.356.084 |
Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at 17% will be payable on such deemed dividends to the extent that the ultimate shareholders are both Cyprus tax resident and Cyprus domiciled. 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.
| Note | Six months ended 30 June ended 30 June 2019 € |
Six months 2018 € |
|
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES Profit before income tax Adjustments for: |
3.817.099 | 3.492.448 | |
| Depreciation of property, plant and equipment Interest expense |
9 6 |
21.489 1.615.727 |
11.775 1.598.758 |
| 5.454.315 | 5.102.981 | ||
| Changes in working capital: Changes in working capital |
(505.796) | (762.900) | |
| Cash generated from operations Income tax paid |
4.948.519 | 4.340.081 (73.992) |
|
| Net cash generated from operating activities | 4.948.519 | 4.266.089 | |
| CASH FLOWS FROM INVESTING ACTIVITIES (Purchases)/ Disposals of property, plant and equipment Purchases of investment property |
9 9 |
(290, 704) (8.230.727) |
111.760 (5.731.215) |
| Net cash used in investing activities | (8.521.431) | (5.619.455) | |
| CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank borrowings Repayment of bank borrowings Repayments of borrowings to related parties Proceeds from loans from related parties Interest paid Defence tax paid on deemed dividend distribution |
13 13 13 13 |
5.804.244 (2.373.552) (62.560) 1.905.912 (1.589.742) (3.080) |
13.769.098 (1.933.870) (9.288.288) 569.241 (1.320.614) |
| Net cash generated from financing activities | 3.681.222 | 1.795.567 | |
| Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period/year |
11 | 108.310 362.401 |
442.201 1.621.925 |
| Cash and cash equivalents at end of the period/year | 11 | 470.711 | 2.064.126 |
The unaudited condensed interim financial statements consist of the financial statements of The Mall of Cvorus (MC) Plc. The condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2018.
The condensed interim financial statements for the six months ended on 30 June 2019, have not been audited by the external auditors of the Company.
The Cyprus economy has recorded positive growth in 2018 and 2019 after overcoming the economic recession of recent years. The overall economic outlook of the Company remains favorable, however there are still downside risks emanating from the still high levels of non-performing loans, the public debt ratio, as well as possible deterioration of the external environment of Cyprus. This operating environment has a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of current economic situation are difficult to predict and management's current expectations and estimates could differ from actual results.
The principal accounting policies applied in the preparation of these condensed interim financial statements are consistent to those used in the audited financial statements for the year ended 31 December 2018, unless otherwise dated in relation to the application of the new IFRS's as from 1 January 2019.
The condensed interim financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), including International Accounting Standards (IAS) 34 "Interim Financial Reporting" and the requirements of the Cyprus Companies Law, Cap.113 and the Cyprus Stock Exchange Laws and Regulations.
During the current period the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2019. This adoption did not have a material effect on the accounting policies of the Company.
IFRS 16 "Leases" (issued on 13 January 2016 and effective for annual periods beginning on or after 1 January 2019) sets out the principles for the recognition, measurement, presentation and disclosure of leases. While IFRS 16 brings significant changes to lessee accounting, it substantially carries forward the lessor accounting requirements. As such, management does not expect that the new standard would have had a significant impact on its operations.
| Six months | Six months | |
|---|---|---|
| ended 30 ended 30 June | ||
| June 2019 | 2018 | |
| € | € | |
| Rights for the use of space | 5.601.758 | 5.177.919 |
| Lease income | 299.779 | 318,370 |
| 5.901.537 | 5.496.289 |
| Six months | Six months | |
|---|---|---|
| ended 30 June ended 30 June | ||
| 2019 | 2018 | |
| € | € | |
| Other income | 153.092 | 295.469 |
| 153.092 | 295.469 |
| Six months ended 30 June ended 30 June |
Six months |
|---|---|
| 2019 | 2018 |
| € | € |
| Interest expense attributed to: Bank borrowings |
1.486.476 | 1.441.164 |
|---|---|---|
| Bank overdraft interest | 16.514 | |
| Loans from related parties (note 17.2) | 112.737 | 152.002 |
| Interest on overdue taxation | 5.592 | |
| Total interest expense | 1.615.727 | 1.598.758 |
| Six months | Six months | |
|---|---|---|
| ended 30 June ended 30 June | ||
| 2019 | 2018 | |
| € | € | |
| Corporation tax | 337.035 | 284.556 |
| Corporation tax - underprovision of prior years' taxes | 70.637 | |
| Defence contribution - current period | 6.745 | 7.163 |
| Deferred tax - origination of temporary differences/(credit) (Note 14) | 43.357 | (404.810) |
| Income tax expense/(credit) for the period | 387.137 | (42.454) |
The basic and fully diluted earnings per share are calculated by dividing the profit attributable to the Company's shareholders by the weighted average number of issued shares during the year.
| Six months | Six months | |
|---|---|---|
| ended 30 June ended 30 June | ||
| 2019 | 2018 | |
| Profit attributable to shareholders $(\epsilon)$ | 3.429.962 | 3.534.902 |
| Weighted average number of issued shares (Note12) | 100.000.000 | 100.000.000 |
| Basic and fully diluted earnings per share (cents) | 3.43 | 3.53 |
| Investment Property, plant property and equipment € |
Total € |
||
|---|---|---|---|
| Net book amount 1 January 2019 Additions Depreciation charge |
195.850.000 8.593.691 |
160.840 290.704 (21.489) |
196.010.840 8.884.395 (21.489) |
| Balance at 30 June 2019 | 204.443.691 | 430.055 | 204.873.746 |
Pledges and liens on the Company's assets are presented in Note 13.
Additions during the period, relate to the Company's expansion plan at "The Mall of Cyprus". Investment property is carried at fair value. Certain amounts in relation to additions in Investment Property had not been settled by 30 June and were settled during the ensuing month.
| Trade receivables Less: loss allowance for trade receivables |
30 June 2019 € 2.735.525 (488, 638) |
31 December 2018 € 1.689.899 (488.638) |
|---|---|---|
| Trade receivables - net Accrued income Other financial assets at amortised cost |
2.246.887 251.601 702.120 |
1.201.261 77.602 516.545 |
| Less non-current financial assets at amortised cost | 3.200.608 (609.235) |
1.795.408 (125,000) |
| Current portion | 2.591.373 | 1.670.408 |
The fair values of trade receivables and other financial assets at amortised cost due within one year approximate to their carrying amounts.
Cash balances are analysed as follows:
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | ||
| Bank balances and cash in hand | 1.554.564 | 1.467.308 |
| 1,554,564 | .467.308 |
Cash and cash equivalents include the following for the purposes of the condensed interim statement of cash flows:
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | ||
| Cash and bank balances | 1.554.564 | 1.467.308 |
| Bank overdrafts (Note 13) | (1.083.853) | (1.104.907) |
| 470.711 | 362,401 |
| Number of shares in issue | Share capital | Total |
|---|---|---|
| At 1 July 2018/31 December | |||
|---|---|---|---|
| 2018 and at 30 June 2019 | 100.000.000 | 50.000.000 | 50.000.000 |
| 100.000.000 | 50.000.000 | 50.000.000 |
The total authorised number of shares is 171.000.000 shares (31 December 2018: 171.000.000 shares) with a nominal value of €0,50 per share.
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | € | |
| Current borrowings | ||
| Bank overdrafts (Note 11) | 1.083.853 | 1.104.907 |
| Bank loans | 4.081.829 | 5.131.365 |
| Loans from related party (Note 17.2) | 3.722.912 | 1.862.329 |
| Loan from parent entity (Note 17.2) | 2.422,303 | 2.326.797 |
| 11.310.897 | 10.425.398 | |
| Non-current borrowings | ||
| Bank loans | 80.577.285 | 75.885.641 |
| Loans from ultimate shareholder | 3.140.298 | 3.074.640 |
| 83.717.583 | 78.960.281 | |
| Total | 95.028.480 | 89,385,679 |
(a) Borrowings from parent entity:
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | € | |
| At beginning of period | 2.326.797 | 10.627.246 |
| Borrowings advanced | 43.553 | 360,447 |
| Borrowings repaid | (8.838.288) | |
| Interest charged (Note 6) | 51.953 | 177.392 |
| Balance at 30 June/31 December | 2.422.303 | 2.326.797 |
(b) Borrowings from related party:
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | € | |
| At beginning of period | 1.862.329 | 1.114.303 |
| Borrowings advanced | 1.862.359 | 1.159.000 |
| Borrowings assigned from related party | $\blacksquare$ | 40.017 |
| Borrowings repaid | (62.560) | (500.000) |
| Interest charged (Note 6) | 60.784 | 49.009 |
| Balance at 30 June/31 December | 3.722.912 | 1.862.329 |
On 31 August 2017, the Company had secured borrowings from related party Atterbury Europe B.V. The loan is unsecured, bears interest at the rate of 4,5% and is repayable within 4 years from the date of the initial advance (at 31 August 2017).
(c) Bank Borrowings
The Company has three loan facilities with banking institutions amounting to €100.750.000
The first one bears interest at the Business Bank rate plus a margin of 0,95% which was amended on 13 February 2018 to 3 months Euribor plus 3,65% and is repayble on 30 May 2030. The total balance on this facility at 30 June 2019 was €58.411.248.
The second facility represents a loan of €10.000.000 which has been secured in the past and which was increased to €18,000,000 in February 2017 for the purposes of the mall expansion. On 21 September 2017, the loan was reapproved and the loan advances begun along with the start of the mall expansion. The funds would be obtained in tranches once the constructor certificates are issued by the contractor. Up to 30 June 2019, the Company had drawn €17.954.650. The loan bears interest at the business Bank rate plus margin 1,20% which was amended on 13 February 2018 to 3 months Euribor plus 3,90% and is repayable on 30 May 2032. The total balance on this facility at 30 June 2019 was €18.174.276.
On 15 March 2018, the Company secured another facility amounting to €8.750.000 which bears interest at the rate of 3 months Euribor plus 3,75% and is repayable on 12 March 2032. The total balance on this facility at 30 June 2019 was €8,073,590.
The bank loans are secured as follows:
(i) By 1st mortgage on the Company's land and buildings for €74,000,000 (31 December 2018: €74,000,000).
(ii) By 2nd mortgage on the Company's land and buildings for €12.000.000 (31 December 2018: €12.000.000).
(iii) By the assignment of €86,000,000 from the rights of use of space in the Shacolas Emporium Park.
(iv) By corporate guarantees from parent company for the amount of €108.500.000 (31 December 2018: $(108.500.000).$
(v) By corporate guarantee from The Mall of Engoml (ME) Pic for the amount of €96.500.000 (31 December 2018: €96.500.000).
(vi) By floating charge of €86.000.000 on the assets of The Mall of Cyprus (MC) Plc.
(vii) Atterbury Cyprus Limited guaranteed the loans of the Company for the amount of €10.500.000.
The Company has the following undrawn borrowing facilities with respect to bank loans:
| 30 June 2019 | 31 December 2018 |
|---|---|
| 45.350 Loan available from bank |
5.804.244 |
In addition, the Company has secured a bank overdraft facility of up to €2 million as of 30 June 2019 (31 December 2018: €2 million). Bank overdraft balances are presented in Note 11.
The gross movement on the deferred taxation account is as follows:
| 30 June 2019 | 31 December 2018 | |
|---|---|---|
| At beginning of period/year | 18.402.330 | 17.253.394 |
| Charge included in profit or loss (Note 7) | 43.357 | 1.148.936 |
| At end of period/year | 18.445.687 | 18.402.330 |
| Difference between depreciation and wear and tear allowance € |
Fair value gains on investment properties € |
Total € |
|
|---|---|---|---|
| Balance at 1 January 2018 Charged/(credited) to: |
5.585.853 | 11.667.541 | 17.253.394 |
| Statement of profit or loss and other comprehensive income (Note 7) |
315.912 | 833.024 | 1.148.936 |
| Balance at 31 December 2018/1 January 2019 | 5,901.765 | 12.500.565 | 18,402,330 |
| Charged/(credited) to: Statement of profit or loss and other comprehensive income |
|||
| (Note 7) Balance at 30 June 2019 |
168.357 6.070.122 |
(125.000) 12.375.565 |
43.357 18.445.687 |
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | € | |
| Trade payables | 762.925 | 332.264 |
| Retentions | 686.054 | 893.428 |
| Other payables | 2.347.198 | 2.150.923 |
| Operating lease advances | 1.753.901 | 1.706.113 |
| Accruals | 598.692 | 750.609 |
| Cash guarantee | 46.500 | 46.500 |
| Deferred income | 627.252 | 830.844 |
| Payables to related parties (Note 17.1) | 11.603 | |
| 6.822.522 | 6.722.284 | |
| Less non-current payables | (2.322.622) | (2.343.273) |
| Current portion | 4.499.900 | 4.379.011 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| € | € | |
| Corporation tax | 376.571 | 42.615 |
| 376.571 | 42.615 |
As at the date of issue of these condensed interim financial statements the main shareholder of the Company is Atterbury Cyprus Limited, registered in Cyprus, which owns 99,67% of the Company's share capital.
Atterbury Cyprus Limited is controlled by Atterbury Europe BV, incorporated in the Netherlands which owns 97,5% of the company's shares.
The ultimate controlling party of the Company as at 30 June 2019 was Brightbridge Investments Ltd, registered in Cyprus, through its indirect 87,75% shareholding in Atterbury Cyprus Limited (the "Parent Company"). As of the date of issue of these condensed interim financial statements Brightbridge Investments Limited and RMB Holdings Limited, registered in South Africa, maintain an indirect shareholding of 36,44% each. Business Venture Investments Limited No1360 (Pty) Ltd, also registered in South Africa, indirectly holds 24,29% of the Company's issued share capital.
The following transactions were carried out with related parties:
| 31 December | |
|---|---|
| 30 June 2019 | 2018 |
| 11.603 | |
| 1.603 | |
The above balance bears no interest and is repayable on demand.
| 31 December | ||
|---|---|---|
| 30 June 2019 | 2018 | |
| Name | € | |
| Atterbury Cyprus Limited (i) - immediate parent | 2.422.304 | 2.326.797 |
| The Mall of Engomi (ME) Plc (ii) - fellow subsidiary | 3.722.912 | 1.862.329 |
| 6.145.216 | 4.189.126 |
(i) The amount payable to the immediate parent company, Atterbury Cyprus Limited, bears interest at 3 months' Euribor plus 3.65% and a 20% mark-up, i.e 4.38% (31 December 2018: 4.38%). It is unsecured and repayable on demand.
(ii) This amount payable bears interest at 3 months' Euribor plus 3,65%, and a 20% mark-up, i.e 4,38% (31 December 2018: 4.38%). No terms or conditions have been agreed for its repayment and security.
| Example 1 and the search of the search of the search of the search of the search of the search of the search o | ||
|---|---|---|
| six months | six months | |
| ended 30 June ended 30 June | ||
| 2019 | 2018 | |
| € | ||
| Purchase of services | 979.392 | 1.049.667 |
| 979.392 | i.049.667 |
The following guarantees were provided to the Company by its immediate parent and other related entities as security for its borrowings:
a) Atterbury Cyprus Limited guaranteed the bank loans of the Company for the amount of €108.500.000.
b) The Mall of Engomi (ME) Plc quaranteed the bank loans of the Company for the amount of €96.500.000.
c) Atterbury Cyprus Limited guaranteed the bank loans of the Company for the amount of €10.500.000.
The Company guarantees loans of Mall of Engomi (ME) Plc for the amount of €23.000.000. No liability or other form of obligations are expected to arise.
The Company had no contingent liabilities as at 30 June 2019 other than those mentioned in note 17.5.
The Company's capital commitments with respect to capital expenditure in respect of the expansion of the Mall of Cyprus, contracted for at the balance sheet date but not yet incurred, was circa $63.000.000$ (31 December 2018: €11.700.000).
During July 2019, the Group to which the Company is a part of, completed a restructuring plan, which has resulted in changes in the composition of the main shareholders, owning significant indirect ownership interests in the Company. The impact of the restructuring is stated in note 17.
Other than the above, there were no material events after the reporting period, which have a bearing on the understanding of the financial statements.
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