Woolworth (Cyprus) Properties PLC

Earnings Release • Aug 27, 2013

WOOLWORTH (CYPRUS) PROPERTIES PLC

Unaudited Condensed Consolidated Statement of Comprehensive Income for the period ended 30 June 2013

	2013 6 months	2012 6 months
	Euro'000	Euro'000
Rights for the use of space and other income	8.805	10.183
Profit from activities	7.697	9.271
Net profit after tax attributable to shareholders	282	1.535
Earnings per share $\epsilon$ 0,34 cents	Cents	Cents
Basic earnings per share for the period	0,2	1,3

NOTES

1. The Unaudited Condensed Consolidated Statement of Comprehensive Income of the Group of Woolworth (Cyprus) Properties Plc 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:

2. The subsidiary companies of Woolworth (Cyprus) Properties Plc, which are owners of investment properties.

3. 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.
4. Woolworth Commercial Centre Ltd, owner of land in Engomi where "The Mall of Engomi" is operating and
5. 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 Arsinge 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 June 2013, reached €282.000, compared to €1.535.000 in the corresponding period of 2012.
• The disastrous consequences of the decisions of the Eurogroup, continue to result in the decrease of retail $\bullet$ activities, which has affected the licensees/users of the properties of the Group. The Group proceeded with temporary concessions towards the licensees/users for 2013.
• The results for the six months period have been affected by non-recurring expenses of €265.513, due to the impairement of credit balances in Cyprus Popular Bank after the decision of the Eurogroup.

• Finance expenses have presented a decrease of about €500.000 compared to the corresponding period last $\bullet$ year, due to the decrease in bank lending rates.

• $\bullet$ There was no provision for the change in the fair value of the investment properties and other investments, as the corresponding period last year.

• 1. Due to the crisis in the economy and the banking sector which, as a result, has affected the property sector, it is most likely that there will be adjustments to the values of the properties and investments of the Group. The Management of the Group will proceed with the evaluation of these values at the end of the year. If there are any adjustments it is most likely that they will affect negatively the results of the year.
• 1. In August 2013, an agreement for leasing significant space on the 1^st floor of the Annex 4 building in Shacolas Emporium Park was signed, with an international organisation, which will contribute to the increase in the revenues of the Company from 2014 onwards.
• 1. The Net Book Value per share of the Group, on 30 June 2013, reached €1,78. Adding back the provision for deferred tax, which is only a contingent liability, the Net Book Value per share rises to €2,03.
• 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, 27 August 2013