0022/00015636/en Annual Financial Report
LORDOS HOTELS (HOLDINGS) PUBLIC LTD
LHH
Approval of Audited Financial Statements for 2015 - Proposal for
Dividend - AGM on 22/06/2016 – Members' Rights and Relevant
Documents
Please see attached.
Attachments:
1. LORDOS HOTELS - ANNOUNCEMENT
2. LORDOS HOTELS - ANNUAL RESULTS 2015
Regulated
It is announced that on 26/04/2016 the Board of Directors of the Company approved the Audited Consolidated
Financial Statements of the Company, the Audited Annual Accounts of the parent company and the Corporate
Governance Report for 2015 (the “Annual Report”), which will be discussed at the Annual General Meeting,
which will take place on Wednesday, 22/06/2016 at 18.00 at The Golden Bay Hotel in Larnaca.
The audited results show no material deviation from the Indicative Results 2015 announced on 24/02/2016 and
the results referred to in the consolidated financial statements.
The Board of Directors decided to propose for approval at the Annual General Meeting the payment of a
dividend of €0.01 per share (2.94% in the nominal value of the share) which corresponds to 48.68% on the
profits for the year.
The record date will be Wednesday 06/07/2016. The record of this date will include the transactions carried out
by the end of the trading day of Monday, 04/07/2016. Therefore, the cum dividend date will be 04/07/2016 and
the ex-dividend date will be Wednesday, 05/07/2016. The investors who will accept shares based on off-floor
transactions completed by the record date (entered in the Dematerialised Securities System) will also be
beneficiaries.
The dividend is proposed to be paid on 21/07/2016. The exact posting date will be announced.
The AGM notice will be announced and posted in due time to shareholders.
It is reminded that the Company’s members have the right, pursuant to Article 127B(1) of the Companies’ Law,
Cap. 113 and provision D.2.1.e of the Corporate Governance Code, to add items on the agenda of the Annual
General Meeting to take place on 22/06/2016 and submit draft decisions. A relevant application by a member
or members holding at least 5% of the issued shares (voting rights) must be received in printed or electronic
form by 11/05/2016 (at least 42 days prior to the date of the Annual General Meeting). The total issued shares
of the Company are 35.009.157. The mailing addresses are: P.O. Box 51094, 3501 Limassol, Fax: +357 25372282,
Email:
lhh@adamides.com
.
Copies of the full text of the Annual Report, as approved and signed, are available at the Company’s registered
office (35, Theclas Lysioti Str., Eagle Star House, 1st floor, 3030 Limassol, tel: +357 25 818444, fax: + 357 25
372282, email: lhh@adamides.com) and the Company’s Administration Office (10, Kantaras Str., P.O. Box
42881/8, 7081 Pyla, Larnaca, Cyprus, tel. +357 24 646880, fax: +357 24 645880, email:
reception@lordos.com.cy
). The Annual Report will be available in printed form during the Annual General
Meeting.
_______________
Adaminco Secretarial Limited
Lordos Hotels (Holdings) Public Limited
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME
for the year ended 31 December 2015
2015 €
2014 €
Turnover 10.442.186 10.061.216
Cost of goods sold (5.683.563) (5.423.456)
Gross profit 4.758.623 4.637.760
Other income 11.247 74.541
Loss from investments (10.771) (5)
Selling expenses (354.138) (364.143)
Administrative expenses (2.164.758) (2.188.380)
Other operating expenses (1.241.187) (1.080.574)
Finance cost (236.313) (293.582)
Share in the results of associated companies 6.670 (11.233)
Results before taxation 769.373 774.384
Taxation (154.016) (143.005)
Net profit for the year 615.357 631.379
Other total income
Amounts not to be reclassified in the profit or loss in future periods:
Adjustment in fair value of land and buildings - 1.441.325
(Debit)/credit of deferred taxation in revaluation of land and buildings (10.801) 157.913 (10.801) 1.599.238
Other total income / (expenses) for the year (10.801) 1.599.238
Total income for the year 604.556 2.230.617
Net profit for the year attributable to:
Shareholders of parent company 579.466 583.109
Minority interest 35.891 48.270
Net profit for the year 615.357 631.379
Total income attributable to:
Shareholders of parent company 569.406 1.962.186
Minority interest 35.150 268.431
Total income 604.556 2.230.617
Net profit per share attributable to shareholders of parent company
(cent) 1.66 1.67
Total income per share attributable to shareholders of parent company
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2015
2015 €
2014 € ASSETS
Non-current assets
Property, plant and equipment 80.735.066 81.210.460
Intangible assets 6.966 4.606
Investment in associated company 6.042.789 6.088.706
Financial assets at fair value through profit and loss 12.739 23.510
Loans receivable 1.217.335 1.230.546
88.014.895 88.557.828 Current assets
Stock 211.223 197.567
Trade and other receivables 1.091.673 1.201.443
Receivables from affiliates 6.267 4.198
Cash at bank and in hand 11.588 17.308
1.320.751 1.420.516
TOTAL ASSETS 89.335.646 89.978.344
EQUITY AND LIABILITIES Equity and reserves
Share capital 11.903.113 11.903.113
Other reserves 52.601.964 52.612.024
Accumulated profit 4.118.699 3.889.324
68.623.776 68.404.461
Minority interest 3.982.840 4.003.690
Total equity 72.606.616 72.408.151
Non-current liabilities
Borrowing 2.039.704 2.540.741
Deferred tax liabilities 10.159.166 10.130.346
12.198.870 12.671.087 Current liabilities
Trade and other creditors 2.052.289 2.111.963
Amounts payable to affiliates 157.813 148.182
Bank overdrafts 1.439.057 1.607.404
Borrowing 866.488 1.020.998
Current tax liabilities 14.513 10.559
4.530.160 4.899.106
Total liabilities 16.729.030 17.570.193
Lordos Hotels (Holdings) Public Limited
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 €
2014 € CASH FLOW FROM OPERATING ACTIVITIES
Results before taxation 769.373 774.384
Adjustment for:
Depreciation of property, plant and equipment 1.126.744 1.088.976
Amortization of intangible assets 5.290 2.754
Share in (profit)/loss from affiliated company (6.670) 11.233
Loss of fair value in financial assets at fair value through profit and loss 10.771 5
Write-off of stock 6.982 8.126
(Reversal of provision for bad debts)/Provision for bad debts (2.000) 62.766
Debit interest 218.490 280.833
Amortization of loans receivable (10.029) (51.900)
Cash flow from operations prior to changes in working capital 2.118.951 2.177.177
Increase in stock (20.638) (4.904)
Decrease / (increase) in trade and other receivables 109.701 (453.295)
Decrease in trade and other creditors (50.043) (257.986)
Cash flow from operations 2.157.971 1.460.992
Tax paid (145.456) (165.967)
Net cash flow from operations 2.012.515 1.295.025
CASH FLOW FROM INVESTING ACTIVITIES
Payment for purchase of intangible assets (7.650) (4.955)
Payment for purchase of property, plant and equipment (651.350) (346.287)
Collection of dividends from associated company 66.000 69.000
Collection of repayments of loans receivable 23.240 18.260
Net cash flow for investing activities (569.760) (263.982)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of loans (905.547) (963.950)
Collections from new loans 250.000 -
Payment of interest (218.490) (280.833)
Payment of dividends (323.925) -
Payment of defense contribution on dividends payable by shareholders (26.166) -
Payment of dividends to minority interest (56.000) (44.000)
Net cash flow for financing activities (1.280.128) (1.288.783)
Net increase / (decrease) in cash and cash equivalents 162.627 (257.740)
Cash and cash equivalents at beginning of year (1.590.096) (1.332.356)
CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION
for the year ended 31 December 2015
Equity attributable to the shareholders of the Company
Share capital €
Other reserves €
Accumulated profits
€
Total €
Minority interest €
Total € Balance at 1 January 2014 11.903.113 51.232.947 3.306.215 66.442.275 3.779.259 70.221.534 Net profit for the year - - 583.109 583.109 48.270 631.379 Other total income for the year - 1.379.077 - 1.379.077 220.161 1.599.238 Dividends - - - - (44.000) (44.000)
Balance at 31 December 2014 / 1 January 2015
11.903.113 52.612.024 3.889.324 68.404.461 4.003.690 72.408.151
Net profit for the year - - 579.466 579.466 35.891 615.357 Other total income for the year - (10.060) - (10.060) (741) (10.801) Dividends - - (323.925) (323.925) (56.000) (379.925) Defense contribution on
dividends payable by the shareholders
- (26.166) (26.166) - (26.166)