Woolworth (Cyprus) Properties PLC

Earnings Release • Apr 6, 2023

WOOLWORTH (CYPRUS) PROPERTIES PLC

Consolidated and Entity Primary Statements for the year ended 31 December 2020

Woolworth (Cyprus) Properties Plc Consolidated income statement for the year ended 31 December 2020

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	2020	2019
	€	€
Rights for use of space and other income	866.054	4.022.623
Other income	211.566	306.428
General overheads and administrative expenses	(1.668.176)	(2.014.247)
Other losses - net	(446.989)	(51.658)
Loss from disposal of investment properties against borrowings	(1.892.000)	(6.857.669)
Loss on disposal of investment in associate company against borrowings	-	(2.921.778)
Provision for corporate guarantees in related companies	(1.177.772)	(4.796.000)
Net impairment income from corporate guarantees in related companies in
relation to Olympia department store	3.326.638	-
Loss on write off financial assets at amortized cost	(353.468)	(566.662)
(Loss)/profit on fair value of investment properties	(1.394.000)	6.885.582
Loss from operations	(2.528.147)	(5.993.381)
Finance cost	(2.510.451)	(2.900.046)
Finance income	666.458	9.481
Share of (loss) / profit from associate companies after tax	(188.660)	361.085
Provision of compensation for early termination of a contract	(7.000.000)	-
Loss before taxation	(11.560.800)	(8.522.861)
Corporation and special defense tax	(308.385)	(491.240)
Deferred tax	8.794.479	209.079
Taxation	8.486.094	(282.161)
Net loss for the year attributable to the shareholders of the company
	(3.074.706)	(8.805.022)
Loss per share attributable to the shareholders of the Group (cents per share):	(1,44)	(4,12)

Woolworth (Cyprus) Properties Plc Consolidated statement of financial position as at 31 December 2020

	2020 €	2019 €
Assets
Non-current assets
Property, plant, and equipment
Investment property	111,798	146,352
Investments in associate companies	17,345,111	96,739,111
Financial assets at fair value through comprehensive income	9,479,958	9,668,618
Financial assets at amortized cost - borrowings	1,763	1,763
	31,278,460	1,363,175
Financial assets at amortized cost – deferred compensation from parent company	27,500,000	-
Blocked deposits	5,000,000	5,000,000
	90,717,090	112,919,019
Current assets
Inventory	-	1,194
Other non-financial assets	58,549	31,235
Financial assets at amortized cost	1,259,729	1,344,818
Trade receivables	2,690	359
Cash and cash equivalents	161,534	126,424
	1,482,502	1,504,030
Total assets	92,199,592	114,423,049
Equity and liabilities
Capital and reserves attributable to the Company's shareholders
Share capital
Difference from conversion of share capital into Euro	72,738,220	72,738,220
	197,184	197,184
Share premium	25,018,383	25,018,383
Treasury shares	(154,437)	(154,437)
Capital reserve	23,000,000	-
Fair value reserve	(13,847,451)	1,515,846
Accumulated losses	(55,222,751)	(67,511,342)
Total equity	51,729,148	31,803,854
Non-current liabilities
Borrowings
Deferred tax liabilities	11,195,385	43,858,879
	1,712,021	10,506,500
Current liabilities	12,907,406	54,365,379
Trade and other payables
Current income tax liabilities	3,275,369	3,054,213
Borrowings	1,735,587	1,615,883
Provision for compensation for early termination of contract	11,927,948	17,810,720
Guarantees and credit commitments	7,000,000	-
	3,624,134	5,773,000
Total liabilities	27,563,038	28,253,816
	40,470,444	82,619,195
Total equity and liabilities	92,199,592	114,423,049

Woolworth (Cyprus) Properties PlcConsolidated statement of changes in equity For the year ended 31 December 2020

	Sh Ca ita l are p	Dif fer en ce fro m ion of co nv ers sh ita l are ca p int o E uro	Tre asu ry sh are s	Sh are miu pre m	Ca ita l p res erv e	Fa ir v alu e res erv e	Ac lat ed cu mu los ses	Ca ita l an d p res erv es att rib uta ble to th e Co 's mp an y sh ho lde are rs
	€	€	€	€	€	€	€	€
Ba lan 1 J 20 19 at ce an ua ry	72 .73 8.2 20	197 .18 4	( 154 .43 7)	25 .01 8.3 83		8.1 22 .70 1	( 65 .25 3.6 75)	40 .66 8.3 76
To tal in co me
Los s fo r th e y ea r	-	-	-	-		-	( 8.8 05 .02 2)	( 8.8 05 .02 2)
To tal lo for th ss e y ea r	-	-	-	-		-	( 8.8 05 .02 2)	( 8.8 05 .02 2)
Tra ion ith act ns s w ow ne rs
Sp eci al d efe de ed div ide nd dis trib utio nse on em n	-	-	-	-		-	( 0) 59 .50	( 0) 59 .50
Tra nsf er f tain ed los rom re ses	-	-	-	-		( 6.6 06 .85 5)	6.6 06 .85 5	-
To tal tra act ion ith ns s w ow ne rs	-	-	-	-		( 6.6 06 .85 5)	6.5 .35 47 5	( 59 .50 0)
Ba lan 1 J 202 0/a t 3 1 D mb 20 219 at ce an ua ry ece er	72 .73 8.2 20	197 .18 4	( 154 .43 7)	25 .01 8.3 83		1.5 15. 846	( 67 .51 1.3 42)	31 .80 3.8 54
To tal reh siv e lo co mp en ss
Los s fo r th e y ea r	-	-	-	-		-	( 3.0 74 .70 6)	( 3.0 74 .70 6)
To tal reh siv e lo co mp en ss	-	-	-	-		-	( 3.0 74 .70 6)	( 3.0 74 .70 6)
Tra act ion ith ns s w ow ne rs
Tra nsf er f tain ed los rom re ses	-	-	-	-	-	( 15. 363 .29 7)	15. 363 .29 7	-
Co ntr ibu tion fro m o wn ers	-	-	-	-	23 .00 0.0 00	-	-	23 .00 0.0 00
To tal tra act ion ith ns s w ow ne rs	-	-	-	-	23 .00 0.0 00	( 15. 363 .29 7)	15. 363 .29 7	23 .00 0.0 00
Ba lan at 31 De mb 202 0 ce ce er	72 .73 8.2 20	197 .18 4	( 154 .43 7)	25 .01 8.3 83	23 .00 0.0 00	( 13. 84 7.4 51)	( 55 .22 2.7 51)	51 .72 9.1 48

Woolworth (Cyprus) Properties Plc Consolidated cash flow statement as at 31 December 2020

	2020	2019
	€	€
Cash flow from operations
Loss before tax	(11.560.800)	(8.522.861)
Adjustments for:
Depreciation of property, plant and equipment	40.509	38.819
Interest expense	2.510.451	2.900.046
Interest income	(666.458)	(9.481)
Share of loss/(profit) from associate company	188.660	(361.085)
Loss/(profit) on fair value of investment properties	1.394.000	(6.885.582)
(Profit)/loss from disposal of property, plant and equipment	(2.500)	51.658
Loss from write offs of financial assets at amortized cost	353.468	566.662
Loss from exchange of investments to properties	1.892.000	7.886.763
Provision for compensation of early termination of contract	7.000.000	-
Loss from exchange of shares of associate company	-	2.921.779
Provision for corporate guarantees to related companies	1.177.772	4.796.000
Net income from impairment of corporate guarantees to related companies	(3.326.638)	-
I Bad debts written off	-	1.325
	(999.536)	3.384.043
Inventory	1.194	-
Other non-financial assets	(27.314)	104.537
Trade receivables	(2.331)	47.118
Financial assets at amortized cost	(61.083)	(81.141)
Creditors and other payables	376.860	(1.430.379)
Cash (paid to)/received from operations	(712.210)	2.024.178
Tax paid	(188.681)	(213.932)
Net cash (for)/from operations	(900.891)	1.810.246
Cash flow from/(to) investing activities
Purchase of properties, plant, and equipment	(5.955)	(46.755)
Purchase of investment properties	-	(426.387)
Receipts from disposal of properties, plant, and equipment	2.500	9.054
Loans granted to related companies	(279.415)	(321.217)
Repayment of loans to related companies	614.795	44.844
Interest received	666.458	9.481
Net cash from/(to) investing activities	998.383	(730.980)
Cash flow from/(to) financing activities
Repayments of bank loans	(604.080)	(4.114.594)
Receipts from loans to related companies	1.499.732	7.217.673
Repayments of loans from related companies	(965.405)	(2.895.910)
Interest paid	(3.123)	(141.253)
Net cash from financing activities	(72.876)	65.916
Net cash increased in cash and cash equivalent and
bank overdrafts	24.616	1.145.182
Amount granted from a bank against bank overdraft from the disposal.	114.896	-
If Cash and cash equivalents and bank overdrafts at beginning of the year	(538.894)	(1.684.076)
The Cash and cash equivalents and bank overdrafts at the end of the year	(399.382)	(538.894)

Woolworth (Cyprus) Properties Plc Income statement of the Company for the year ended 31 December 2020

	2020	2019
	€	€
Rights for use of space and other income	23.260	685.026
Other income	2.097.059	1.523.829
General overheads and administrative expenses	(1.282.327)	(1.641.344)
Other losses - net	(446.989)	(10.152)
Net losses from impairment of financial assets	(1.304.713)	-
Impairment of investment in subsidiaries	(888.831)	-
Loss from disposal of investment properties against borrowings	(1.714.000)	(3.910.169)
Profit from exchange of investments in related companies in properties	-	2.383.479
Provision for corporate guarantees to related companies	(1.177.772)	(4.796.000)
Net income of impairment of corporate guarantees to related companies	3.326.638	-
Loss from impairment of financial assets at amortized cost	(353.468)	(566.662)
Fair value gain in investment properties	400.000	-
Loss from operations	(1.321.143)	(6.331.991)
Finance cost	(4.619.159)	(4.345.838)
Finance income	1.214.604	691.054
Loss before taxation	(4.725.698)	(9.986.775)
Corporation and special defense tax	-	(2.844)
Deferred tax	466.456	1.179.721
d Taxation	466.456	1.176.877
Net and total loss for the Company	(4.259.242)	(8.809.898)
Loss per share attributable to the equity holders of the Company
(cents per share):	(1,99)	(4,12)

Woolworth (Cyprus) Properties Plc Statement of financial position of the Company for the year ended 31 December 2020

	2020	2019
	€	€
Fixed assets
Non-current assets
Property, plant, and equipment	2,367	6,380
Investment properties	1,909,112	19,509,112
Investment in subsidiaries	46,923,667	47,812,498
Investment in associates	4,187,739	4,187,739
Financial assets at amortized cost - borrowings	42,507,380	15,253,549
Financial assets at amortized cost – deferred compensation from parent company	27,500,000	-
Blocked deposits	5,000,000	5,000,000
	128,030,265	91,769,278
Current assets
Other non-financial assets	58,494	3,829
Financial assets at amortized cost	1,215,445	1,259,444
Cash and cash equivalents	111,610	86,542
	1,385,549	1,349,815
Total assets	129,415,814	93,119,093
Equity and liabilities
Capital and reserves attributable to the Company's shareholders
Share capital	72,738,220	72,738,220
Difference from conversion of share capital into Euro	197,184	197,184
Share premium	25,018,383	25,018,383
Treasury shares	(154,437)	(154,437)
Capital reserve	23,000,000	-
Fair value reserve	(15,496,196)	(9,523,007)
Accumulated losses	(96,006,962)	(97,720,909)
Total equity	9,296,192	(9,444,566)
Non-current liabilities
Borrowings	100,737,393	74,864,759
Deferred tax	852,236	1,318,692
	101,589,629	76,183,451
Current liabilities
Trade and other payables	2,662,510	2,357,573
Current income tax liabilities	315,401	438,915
Borrowings	11,927,948	17,810,720
Guarantees and credit facilities	3,624,134	5,773,000
	18,529,993	26,380,208
Total liabilities	120,119,622	102,563,659
Total equity and liabilities	129,415,814	93,119,093

Woolworth (Cyprus) Properties Plc Statement of changes in equity of the Company For the year ended 31 December 2020

	Sh are Ca ita l p	Dif fer en ce fro m ion co nv ers of sh are ita l in to ca p Eu ro	Tre as ury sh are s	Sh are miu pre m	Ca ita l p res erv e	Fa ir v alu e res erv e	Ac lat ed cu mu los ses	Ca ita l an d p res erv es rib ble att uta to the Co 's mp an y sh ho lde are rs
	€	€	€	€	€	€	€	€
Ba lan at 1 J 20 19 ce an ua ry	72 ,73 8,2 20	197 ,18 4	( 154 ,43 7)	25 ,01 8,3 83	-	( 4,7 77 ,64 0)	( 93 ,59 6,8 78)	( 575 ,16 8)
Co for reh siv e lo th mp en ss e y ea r
s fo Los r th e y ea r	-	-	-	-	-	-	( 8) 8,8 09 ,89	( 8) 8,8 09 ,89
To tal lo for th ss e y ea r	-	-	-	-	-	-	( 8,8 09 ,89 8)	( 8,8 09 ,89 8)
Tra ion ith act ns s w ow ne rs Sp efe eci al d de ed div ide nd nse on em dis trib utio n	-	-	-	-	-	-	( 59 ,50 0)	( 59 ,50 0)
nsf Tra to ret ain ed los er ses	-	-	-	-		( ,36 7) 4,7 45	,36 4,7 45 7	-
To tal tra act ion ith ns s w ow ne rs	-	-	-	-	-	( 4,7 45 ,36 7)	4,6 85 ,86 7	( 59 ,50 0)
Ba lan 1 J 20 20 / 3 1 D mb ce an ua ry ece er 20 19	72, 738 22 0 ,	197 184 ,	( 154 43 7) ,	25 018 38 3 , ,	-	( 9, 523 007 ) ,	( 97 720 909 ) , ,	( 9, 444 566 ) ,
Co reh siv e lo for th mp en ss e y ea r
Los s fo r th e y ea r	-	-	-	-	-	-	( 4,2 59 ,24 2)	( 4,2 59 ,24 2)
To tal lo for th ss e y ea r	-	-	-	-	-	-	( 4,2 59 ,24 2)	( 4,2 59 ,24 2)
Tra act ion ith ns s w ow ne rs
Tra nsf to ret ain ed los er ses	-	-	-	-	-	( 5,9 73 ,18 9)	5,9 73 ,18 9	-
Co ntr ibu tion of sha reh old ers	-	-	-	-	23 ,00 0,0 00	-	-	23 ,00 0,0 00
To tal ion ith tra act ns s w ow ne rs	-	-	-	-	23 ,00 0,0 00	( 5,9 73 ,18 9)	5,9 73 ,18 9	23 ,00 0,0 00
Ba lan 31 De mb 202 0 ce ce er	72, 738 22 0 ,	197 184 ,	( 154 43 7) ,	25 018 38 3 , ,	23 000 000 , ,	( 15, 49 6, 196 )	( 96 006 962 ) , ,	9, 29 6, 192

Woolworth (Cyprus) Properties Plc Cash flow statement of the Company For the year ended 31 December 2020

	2020	2019
	€	€
Cash flow from operations
Loss before tax	(4.725.698)	(9.986.775)
Adjustments for:
Depreciation of property, plant, and equipment	4.013	7.160
Interest expense	4.619.154	4.345.838
Interest income	(1.214.604)	(691.054)
Dividend income	(1.826.000)	(1.202.999)
(Profit)/loss from disposal of property, plant, and equipment	(2.500)	10.152
Profit from exchange of investments in associate companies	-	(2.383.479)
Loss from financial assets at amortized cost written off	353.468	566.662
Provision for impairment for investments in subsidiary companies	888.831	-
Loss on disposal of investment properties against borrowings	1.714.000	4.939.263
Fair value gain on investment properties	(400.000)	-
Net loss from impairment of financial assets	1.304.713	-
Provision for corporate guarantees to related companies	1.177.772	4.796.000
Net income from impairment of corporate guarantees to related
Companies in relation to Olympia department store	(3.326.638)	-
	(1.433.489)	400.768
Working capital changes:
Other non-financial assets	(54.665)	49.778
Financial assets at amortized cost	(111.137)	41.988
Creditors and other payables	460.645	110.567
Cash (paid for)/received from operations	(1.138.646)	603.101
Tax paid	(123.514)	(134.920)
Net cash (for)/from operations	(1.262.160)	468.181
Cash flow from investing activities
Purchase of properties, plant, and equipment	-	(19.129)
Receipts from disposal of properties, plant, and equipment	2.500	9.054
Payment of disposal expenses	-	(311.669)
Loans granted to related companies	(517.270)	(3.033.457)
Repayment of loans to related companies	1.915.811	4.093.821
Interest received	-	9.480
Net cash from investing activities	1.401.041	748.100
Cash flow from financing activities
Repayments of bank loans	(604.080)	(4.114.594)
Repayment of loans to related companies	1.640.770	7.464.115
Repayment of loans from related companies	(1.157.882)	(3.293.222)
Interest paid	(3.115)	(138.410)
Net cash from financing activities	(124.307)	(82.111)
Net cash increase in cash and cash equivalents and bank overdrafts
	14.574	1.134.170
Amount granted from a bank against bank overdraft from the disposal	114.896	-
Cash and cash equivalents and bank overdrafts at the Beginning of the year	(578.776)	(1.712.946)
Cash and cash equivalents and bank overdrafts at the end
of the year	(449.306)	(578.776)