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Consolidated Interim Condensed Financial Statements 30 June 2016

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Consolidated Interim Condensed Financial Statements 30 June 2016 Arricano Real Estate PLC Consolidated interim condensed financial statements 30 June 2016 These consolidated interim condensed financial statements contain 34 pages Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Contents Consolidated condensed statement of financial position 3 Consolidated condensed statement of profit or loss and other comprehensive income 5 Consolidated condensed statement of cash flows 6 Consolidated condensed statement of changes in equity 8 Notes to the consolidated interim condensed financial statements 10 Independent auditors’ report on review of consolidated interim condensed financial information 33-34 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of financial position as at 30 June 2016 Note 30 June 31 December 2016 2015 (unaudited) (in thousands of USD) Assets Non-current assets Investment property 4 167,460 160,310 Long-term VAT recoverable 2,395 3,364 Property and equipment 192 230 Intangible assets 37 36 Total non-current assets 170,084 163,940 Current assets Inventories 3 3 Trade and other receivables 1,102 890 Loans receivable 336 347 Prepayments made and other assets 893 952 VAT recoverable 1,084 1,086 Assets classified as held for sale 1,742 1,804 Restricted deposits - 800 Cash and cash equivalents 5,442 3,349 Total current assets 10,602 9,231 Total assets 180,686 173,171 The consolidated condensed statement of financial position is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 3 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of profit or loss and other comprehensive income for the six months ended 30 June 2016 Note Six months ended Six months ended 30 June 2016 30 June 2015 (unaudited) (unaudited) (in thousands of USD, except for earnings (loss) per share) Revenue 9 10,897 9,677 Other income 6 111 Gain on revaluation of investment property 4 9,141 3,789 Goods, raw materials and services used (346) (325) Operating expenses (1,973) (2,776) Employee costs (818) (830) Depreciation and amortisation (60) (57) Profit from operating activities 16,847 9,589 Finance income 10 128 465 Finance costs 10 (8,666) (16,772) Profit (loss) before income tax 8,309 (6,718) Income tax expense 11 (626) (1,982) Net profit (loss) for the period 7,683 (8,700) Items that will be reclassified to profit or loss: Foreign exchange losses on monetary items that form part of net investment in the foreign operation, net of tax effect (8,238) (47,294) Foreign currency translation differences 8,066 18,755 Total items that will be reclassified to profit or loss (172) (28,539) Other comprehensive loss (172) (28,539) Total comprehensive income (loss) for the period 7,511 (37,239) Weighted average number of shares (in shares) 5 103,270,637 103,270,637 Basic and diluted earnings (loss) per share, USD 0.07 (0.08) The consolidated condensed statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 5 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of cash flows for the six months ended 30 June 2016 Note Six months ended 30 Six months ended June 2016 30 June 2015 (unaudited) (unaudited) (in thousands of USD) Cash flows from operating activities Profit (loss) before income tax 8,309 (6,718) Adjustments for: Finance income 10 (128) (465) Finance costs, excluding foreign exchange loss 10 7,165 6,617 Gain on revaluation of investment property 4 (9,141) (3,789) Depreciation and amortisation 60 57 Unrealised foreign exchange loss 1,477 9,825 VAT recoverable written-off - 426 Allowance for bad debt impairment -155 Operating cash flows before changes in working capital 7,742 6,108 Change in inventories - 1 Change in trade and other receivables (238) 574 Change in prepayments made and other assets 26 (30) Change in VAT recoverable 988 660 Change in trade and other payables 563 (1,012) Change in advances received 29 173 Change in other liabilities 1 (1) Change in tax payables 678 143 Income tax paid (454) (243) Interest paid (2,926) (2,992) Cash flows from operating activities 6,409 3,381 Cash flows from investing activities Acquisition of investment property and settlements of payables due to constructors (347) (9,319) Acquisition of property and equipment and intangible assets (43) (121) Loans receivable repayment - 9 Change in VAT recoverable (49) (39) Placement of the restricted deposit - (1,467) Repayment of the restricted deposit 800 2,228 Interest received 128 215 Cash flows from (used in) investing activities 489 (8,494) The consolidated condensed statement of cash flows is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 6 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of cash flows for the six months ended 30 June 2016 (continued) Note Six months ended Six months ended 30 June 2016 30 June 2015 (unaudited) (unaudited) (in thousands of USD) Cash flows from financing activities Proceeds from borrowings, net of transaction costs 68 20,430 Repayment of borrowings (4,273) (15,049) Finance lease payments (463) (268) Cash flows (used in) from financing activities (4,668) 5,113 Net increase in cash and cash equivalents 2,230 - Cash and cash equivalents at 1 January 3,349 832 Effect of movements in exchange rates on cash and cash equivalents (137) 1,249 Cash and cash equivalents at 30 June 5,442 2,081 The consolidated condensed statement of cash flows is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 7 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of changes in equity for the six months ended 30 June 2016 Attributable to equity holders of the parent Non- Foreign reciprocal currency Share shareholders Accumulated Other translation Share capital premium contribution deficit reserves differences Total (in thousands of USD) Balances at 1 January 2015 67 183,727 59,713 (28,087) (61,983) (91,783) 61,654 Total comprehensive loss for the period Net loss for the period (unaudited) - - - (8,700) - - (8,700) Foreign exchange losses on monetary items that form part of net investment in the foreign operation, net of tax effect (unaudited) - - - - - (47,294) (47,294) Foreign currency translation differences (unaudited) - - - - - 18,755 18,755 Total other comprehensive loss (unaudited) - - - - - (28,539) (28,539) Total comprehensive loss for the period (unaudited) - - - (8,700) - (28,539) (37,239) Balances at 30 June 2015 (unaudited) 67 183,727 59,713 (36,787) (61,983) (120,322) 24,415 The consolidated condensed statement of changes in equity is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 8 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Consolidated condensed statement of changes in equity for the six months ended 30 June 2016 (continued) Attributable to equity holders of the parent Non- Foreign reciprocal currency Share shareholders Accumulated Other translation Share capital premium contribution deficit reserves differences Total (in thousands of USD) Balances at 1 January 2016 67 183,727 59,713 (48,466) (61,983) (130,008) 3,050 Total comprehensive income for the period Net profit for the period (unaudited) - - - 7,683 - - 7,683 Foreign exchange losses on monetary items that form part of net investment in the foreign operation, net of tax effect (unaudited) - - - - - (8,238) (8,238) Foreign currency translation differences (unaudited) - - - - - 8,066 8,066 Total other comprehensive loss (unaudited) - - - - - (172) (172) Total comprehensive income (loss) for the period (unaudited) - - - 7,683 - (172) 7,511 Balances at 30 June 2016 (unaudited) 67 183,727 59,713 (40,783) (61,983) (130,180) 10,561 The consolidated condensed statement of changes in equity is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 10 to 34. 9 Arricano Real Estate PLC Consolidated interim condensed financial statements as at and for the six months ended 30 June 2016 Notes to the consolidated interim condensed financial statements 1 Background (a) Organization and operations Arricano Real Estate PLC (Arricano, the Company or the Parent Company) is a public company that was incorporated in Cyprus and is listed on the London Alternative Investment Market (London AIM). The Parent Company’s registered address is office 1002, 10th floor, Nicolaou Pentadromos Centre, Thessalonikis Street, 3025 Limassol, Cyprus. Arricano and its subsidiaries are referred to as the Group, and their principal place of business is in Ukraine. The main activities of the Group are investing in the development of new properties in Ukraine and leasing them out. As at 30 June 2016, the Group operates five shopping centres in Kyiv, Simferopol, Zaporizhzhya and Kryvyi Rig with a total leasable area of over 147,800 square meters and is in the process of development of two new investment projects in Kyiv and Odesa, with one more project to be consequently developed.
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