Woolworth (Cyprus) Properties PLC

Earnings Release • Nov 29, 2012

WOOLWORTH (CYPRUS) PROPERTIES PLC

Unaudited Condensed Consolidated Statement of Comprehensive Income for the period ended 30 September 2012

PAYMENT OF INTERIM DIVIDEND €2.625.000

	2012 9 months Euro '000	2011 9 months Euro '000
Rights for the use of space and other income	15.289	15.246
Net profit after tax attributable to shareholders	2.372	3.780
Earnings per share $€0,34$ cents	Cents	Cents
Basic earnings per share for the period	2,1	3,3

NOTES:

• 1. 1. The Unaudited Condensed Consolidated Statement of Comprehensive Income has been prepared in accordance with the set of accounting standards applicable for the preparation of the Annual Financial Report of the Group and includes:
• The subsidiary companies of Woolworth (Cyprus) Properties Plc, which are owners of investment properties,
• ITTL Trade Tourist and Leisure Park Plc, on the land of which the Shacolas Emporium Park has been developed, which includes "The Mall of Cyprus" and the widely known furniture and home equipment store IKEA.
• Woolworth Commercial Centre Ltd, owner of land in Engomi where "The Mall of Engomi" is operating and
• The associated company Akinita Lakkos Mikelli Ltd.

The accounts also include the 100% shareholding in Chrysochou Merchants Limited, which owns 11,73% of the share capital of Cyprus Limni Resorts & GolfCourses Plc, and the shareholding of 49,65% in Arsinoe Investments Co. Ltd, which owns 70,6% of the share capital of Cyprus Limni Resorts & GolfCourses Plc, owner of a large plot of land at Limni, Polis Chrysochou area.

• 1. The profit after tax attributable to shareholders for the period ended 30 September 2012, reached €2.372.000, compared to €3.780.000 in the corresponding period of 2011.
• Despite the economic crisis, the revenues of the Group remain at the same levels.
• The operating and administrative expenses were reduced by $£168.000$ or to 6,6% compared to last year, as a result of the measures taken for reducing and maintaining them.
• The profits from operations reached €13.870.000 from €13.606.000.
• The financing expenses reached $€11.051.000$ from $€10.051.000$ in the corresponding period last year, mainly due to the increased bank lending rates.
• The results in the corresponding period of the previous year included a share of profit from the associated company Akinita Lakkos Mikelli Ltd of €516.000 which was non-recurring, while this year's profits include a profit of €216.000 from the sale of available-for-sale financial assets, which is also non-recurring.

• There was no provision for the change in the fair value of the investment properties.

• The Board of Directors has approved the payment of interim dividend of €2.625.000, deriving from the accumulated profits of the financial year 2010, which corresponds to 2,31 cents of the euro per share, or to 6,79% of the nominal value of the share. The dividend will be paid to the beneficiaries on 28 December 2012.

The date designated to determine the beneficiaries of the interim dividend is the $7^th$ December 2012, thus, investors that will purchase shares by the end of the meeting of the Cyprus Stock Exchange on 7/12/2012, will be beneficiaries of the interim dividend. Furthermore, investors that will acquire shares through over the counter transfer on the designated date will also be beneficiaries of the interim dividend. The ex-dividend date is set to be the 10^th December 2012.

4. Despite the continuous economic crisis, the Group presents stable revenues and as a result the profitability is expected to be satisfactory for the year 2012.

• 1. The Net Book Value per share of the Group, on 30 September 2012, reached €1,76. Adding back the provision for deferred tax, which is only a contingent liability, the Net Book Value rises to $E$ 2,01.
• 1. Copies of the Indicative Unaudited Condensed Consolidated Statement of Comprehensive Income are available at the Company's Shares Department, Shacola's House, Athalassa, 3rd floor, tel. 22740000, and on the Group's website on the internet at www.woolworth.com.cy. These results will be published in daily circulated newspapers.

Woolworth (Cyprus) Properties Plc.

Nicosia, 28 November 2012