Arricano Real Estate PLC Interim Results -3-
September 12 2014 - 7:50AM
UK Regulatory
Total comprehensive loss for the period (44,739) (3,514)
Weighted average number of shares (in
shares) 11 103,270,637 106,000,000
Basic and diluted earnings (loss) per
share, USD 0.09 (0.03)
Consolidated condensed statement of cash flows for the six
months ended 30 June 2014
Six months ended Six months ended
Note 30 June 2014 30 June 2013
(unaudited) (unaudited)
(in thousands of USD)
Cash flows from operating activities
Profit (loss) before income tax 15,209 (3,357)
Adjustments for:
Finance income 20 (770) (2,467)
Finance costs, excluding foreign exchange
loss 20 7,047 5,762
(Gain) loss on revaluation of investment
property 4,8 (44,670) 1,689
Depreciation and amortisation 88 103
Unrealised foreign exchange loss 28,870 -
Write-off of inventories 19 - 104
Allowance for bad debt impairment 19 452 230
Operating cash flows before changes
in working capital 6,226 2,064
Change in inventories (71) (17)
Change in trade and other receivables (405) (235)
Change in prepayments made and other
assets 76 (1)
Change in trade and other payables (1,053) 939
Change in advances received (388) (6)
Change in other liabilities 28 10
Change in tax payables 30 55
Change in VAT recoverable 2,572 875
Interest paid (7,474) (1,724)
Cash flows (used in) from operating
activities (459) 1,960
Cash flows from investing activities
Acquisition of investment property,
excluding capitalized borrowing costs,
and settlements of payables due to
constructors (419) (17,273)
Acquisition of property and equipment (89) (140)
Prepayments made and other assets (8,434) -
Advances received 8,505 -
Loans granted (70) -
Loans repaid 66 -
Change in VAT recoverable (237) (1,571)
Placement of restricted deposit (1,241) (664)
Interest received 56 72
Cash flows used in investing activities (1,863) (19,576)
Cash flows from financing activities
Proceeds from borrowings, net of transaction
costs 13,156 24,897
Loans received from related parties - 41
Loans repaid to related parties - (156)
Repayment of borrowings (19,920) (3,951)
Finance lease payments (581) (334)
Withdrawal of other reserves - (3)
Cash flows (used in) from financing
activities (7,345) 20,494
Net (decrease) increase in cash and
cash equivalents (9,667) 2,878
Cash and cash equivalents at 1 January 11,840 7,565
Effect of movements in exchange rates
on cash and cash equivalents (559) -
Cash and cash equivalents at 30 June 1,614 10,443
Non-cash movements
During the six months ended 30 June 2014, acquisition of
investment property of USD 2,061 thousand was financed through
finance leases (2013: nil).
Attributable to equity holders of the parent
-------------------------------------------------------------------------------------------------
Foreign
Additional currency
Share Share paid-in Retained Other translation
capital premium capital earnings reserves differences Total
(In thousands of
USD)
Balances at 1
January
2013 54 159,981 59,713 47,312 (131,980) (512) 134,568
Total comprehensive
loss for the period
Net loss for the
period and total
other
comprehensive
loss (unaudited) - - - (3,514) - - (3,514)
Transactions with
owners, recognized
directly in equity
Forfeiture of
shares (13) (69,987) - - 70,000 - -
Other movements - - - - (3) - (3)
Total transactions
with owners (13) (69,987) - - 69,997 - (3)
Balances at 30
June 2013
(unaudited) 41 89,994 59,713 43,798 (61,983) (512) 131,051
Attributable to equity holders of the parent
------------------------------------------------------------------------------------------------------
Foreign
Additional currency
Share Share paid-in Retained Other translation
capital premium capital earnings reserves differences Total
(In thousands
of
USD)
Balances at 1
January
2014 67 183,727 59,713 50,509 (61,983) (512) 231,521
Total
comprehensive
income (loss)
for
the period
Net profit for
the period
(unaudited) - - - 9,023 - - 9,023
Foreign
exchange
losses on
monetary
items that
form
part of net
investment
in the
foreign
operation,
net
of tax effect
(unaudited) - - - - - (83,295) (83,295)
Foreign
currency
translation
differences
(unaudited) - - - - - 29,533 29,533
Total other
comprehensive
loss
(unaudited) - - - - - (53,762) (53,762)
Total
comprehensive
income (loss)
for
the period
(unaudited) - - - 9,023 - (53,762) (44,739)
Balances at 30
June 2014
(unaudited) 67 183,727 59,713 59,532 (61,983) (54,274) 186,782
1 Background
(a) Organization and operations
Arricano Real Estate PLC (formerly Arricano Trading Limited)
(Arricano or the Company) is a public company that was incorporated
in Cyprus under the provisions of the Cyprus Companies Law,
Cap.113, and is listed on Alternative Investment Market of London
Stock Exchange (London AIM). The Company's registered address is
office 1002, 10(th) 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 2014, the Group operates four shopping centres in Kyiv,
Simferopol, Zaporizhzhya and Kryvyi Rig with a total leasable area
of over 113,800 square meters and is in the process of development
of new investment projects in Kyiv and Odesa. Also, during the six
months ended 30 June 2014, the Group has finalised the construction
of a new shopping centre in Kyiv with a total leasable area of over
30,250 square meters. This shopping centre is to start its
operations in September 2014.
Arricano Real Estate (LSE:ARO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Arricano Real Estate (LSE:ARO)
Historical Stock Chart
From Jul 2023 to Jul 2024
