CAIRO MEZZ PLC
REPORT AND INTERIM FINANCIAL STATEMENTS
Six months ended 30 June 2024
CAIRO MEZZ PLC
REPORT AND INTERIM FINANCIAL STATEMENTS
Six months ended 30 June 2024
CONTENTS | PAGE |
Report for the six months ended 30 June 2024 | 1 |
Statement of profit or loss and other comprehensive income | 2 |
Statement of financial position | 3 |
Statement of changes in equity | 4 |
Cash flow statement | 5 |
Notes to the interim financial statements | 6 - 7 |
CAIRO MEZZ PLC
REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2024
On 27 September 2024 the Board of Directors of Cairo Mezz Plc approved the financial results of the Company for the first half of the year that ended 30 June 2024.
Review of current position, and performance of the Company's business
The Company holds mezzanine notes and junior notes.
The mezzanine notes bear interest rate at Euribor 3m+5% and the junior notes bear interest rate at Euribor 3m+8%.
On the issuance of the notes, a Priority of Payments Schedule ("Waterfall") was established, which are settled on a quarterly basis. Based on this schedule, the repayments regarding the mezzanine and junior notes are the last ones in the order of priority.
Until today, the Company has not received any interest in relation to the notes it holds. Therefore, as expected, the Company did not record any revenues in the first half of the year ended 30 June 2024.
Future developments of the Company
The Board of Directors does not expect any significant changes or developments in the operations, financial position and performance of the Company in the foreseeable future
Related party transactions
Disclosed in note 4 of the financial statements.
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CAIRO MEZZ PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Six months ended 30 June 2024
1/1/2024- | 1/1/2023- | ||
30/6/2024 | 30/6/2023 | ||
Note | € | € | |
Administration expenses | 2 | (208.398) | (147.295) |
Loss before tax | (208.398) | (147.295) | |
Tax | - | - | |
Net loss for the period | (208.398) | (147.295) | |
Other comprehensive income | - | - | |
Total comprehensive expense for the period | (208.398) | (147.295) | |
Loss per share attributable to equity holders of the company (cent) | |||
From continuing operations | (0,07) | (0,05) | |
Loss per share attributable to equity holders of the company (cent) | (0,07) | (0,05) |
The notes on pages 6 to 7 form an integral part of these financial statements.
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CAIRO MEZZ PLC
STATEMENT OF FINANCIAL POSITION
30 June 2024
30 June | 31 December | ||
2024 | 2023 | ||
ASSETS | Note | € | € |
Non-current assets | |||
Financial assets at fair value through profit or loss | 3 | 178.977.000 | 178.977.000 |
Total non-current assets | 178.977.000 | 178.977.000 | |
Current assets | |||
Trade and other receivables | 19.438 | 17.480 | |
Cash at bank | 202.030 | 484.983 | |
Total current assets | 221.468 | 502.463 | |
Total assets | 179.198.468 | 179.479.463 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 30.909.683 | 30.909.683 | |
Share premium | 26.582.327 | 26.582.327 | |
Retained earnings | 121.574.806 | 121.783.204 | |
Total equity | 179.066.816 | 179.275.214 | |
Current liabilities | |||
Trade and other payables | 131.652 | 204.249 | |
Total current liabilities | 131.562 | 204.249 | |
Total equity and liabilities | 179.198.468 | 179.479.463 |
The notes on pages 6 to 7 form an integral part of these financial statements.
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CAIRO MEZZ PLC
STATEMENT OF CHANGES IN EQUITY
Six months ended 30 June 2024
Accumulated | ||||
Share | Share | (losses)/retained | ||
capital | premium | earnings | Total | |
€ | € | € | € | |
Six months ended 30 June 2024 | ||||
Balance at 1 January 2024 | 30.909.683 | 26.582.327 | 121.783.204 179.275.214 | |
Comprehensive expense | ||||
Net loss for the period | - | - | (208.398) | (208.399) |
Balance at 30 June 2024 | 30.909.683 | 26.582.327 | 121.574.806 179.066.815 | |
Six months ended 30 June 2023 | ||||
Balance at 1 January 2023 | 30.909.683 | 26.582.327 | (954.807) | 56.537.203 |
Comprehensive expense | ||||
Net loss for the period | - | - | (147.295) | (147.295) |
Balance at 30 June 2023 | 30.909.683 | 26.582.327 | (1.102.102) | 56.389.908 |
Companies, which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividend on the 31 of December of the second year. The amount of the deemed dividend distribution is reduced by any actual dividend already distributed by 31 December of the second year for the year the profits relate. The Company pays special defence contribution on behalf of the shareholders over the amount of the deemed dividend distribution at a rate of 17% (applicable since 2014) when the entitled shareholders are natural persons tax residents of Cyprus and have their domicile in Cyprus. In addition, the Company pays on behalf of the shareholders General Healthcare System (GHS) contribution at a rate of 2,65%, when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.
The notes on pages 6 to 7 form an integral part of these financial statements.
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CAIRO MEZZ PLC
CASH FLOW STATEMENT
Six months ended 30 June 2024
1/1/2024- | 1/1/2023- | |
30/6/2024 | 30/6/2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | € | € |
Loss before tax | (208.398) | (147.295) |
Changes in working capital: | ||
Increase in trade and other receivables | (1.958) | (313) |
Decrease in trade and other payables | (72.597) | (79.680) |
Cash used in operations | (282.953) | (227.288) |
CASH FLOWS FROM INVESTING ACTIVITIES | - | - |
CASH FLOWS FROM FINANCING ACTIVITIES | - | - |
Net decrease in cash and cash equivalents | (282.953) | (227.288) |
Cash and cash equivalents at beginning of the period | 484.983 | 810.598 |
Cash and cash equivalents at end of the period | 202.030 | 583.310 |
The notes on pages 6 to 7 form an integral part of these financial statements.
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CAIRO MEZZ PLC
NOTES TO THE FINANCIAL STATEMENTS
Six months ended 30 June 2024
1. General Information
The interim financial statements relate to the period from 1 January to 30 June 2024, are not audited by the Company's auditors and were approved by the Board of Directors on 27 September 2024.
The interim financial statements comply with the International Accounting Standard 34 "Interim Financial Statements".
The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. The interim financial statements are expressed in Euro.
2. Expenses by nature | ||
1/1/2024- | 1/1/2023- | |
30/6/2024 | 30/6/2023 | |
€ | € | |
Directors' remuneration | 16.184 | 14.280 |
Auditor's remuneration | 42.245 | 23.800 |
Auditor's remuneration - prior years | 22.610 | - |
Insurance | 7.644 | 7.644 |
Accounting fees | 28.560 | 15.530 |
Advisory fees | 64.320 | 67.213 |
Administration expenses | 5.950 | 5.950 |
Stock exchange fees | 9.980 | 6.034 |
Legal fees | 4.760 | - |
Sundry expenses | 6.145 | 6.844 |
Total expenses | 208.398 | 147.295 |
The Company has no employees.
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CAIRO MEZZ PLC
NOTES TO THE FINANCIAL STATEMENTS
Six months ended 30 June 2024
3. Financial assets at fair value through profit or loss
Investments designated as at fair value through profit or loss are analysed as follows:
30 June | 31 December | ||||
2024 | 2023 | ||||
€ | € | ||||
Mezzanine notes (Class B2) | 178.977.000 | 178.977.000 | |||
178.977.000 | 178.977.000 | ||||
The terms of the bonds are presented below: | |||||
Currency | Interest rate | Maturity | 30 June | 31 December | |
date | 2024 | 2023 | |||
Carrying | Carrying | ||||
amount | amount | ||||
€ | € | ||||
Mezzanine notes (Class B2) -Cairo 1 | Euro | Euribor 3m + 5% | 31.12.2054 | 16.688.000 | 16.688.000 |
Mezzanine notes (Class B2) -Cairo 2 | Euro | Euribor 3m + 5% | 31.12.2062 | 10.237.000 | 10.237.000 |
Mezzanine notes (Class B2) -Cairo 3 | Euro | Euribor 3m + 5% | 31.12.2035 | 152.052.000 | 152.052.000 |
Junior notes (Class C2) -Cairo 1 | Euro | Euribor 3m + 8% | 31.12.2054 | - | - |
Junior notes (Class C2) -Cairo 2 | Euro | Euribor 3m + 8% | 31.12.2062 | - | - |
Junior notes (Class C2) -Cairo 3 | Euro | Euribor 3m + 8% | 31.12.2035 | - | - |
178.977.000 | 178.977.000 |
The financial assets of the Company consist of bonds which were issued by the special purpose companies Cairo No.1 Finance DAC, Cairo No. 2 Finance DAC, and Cairo No.3 Finance DAC based in Ireland.
The bonds are backed by mortgage and non-mortgage receivables. The bonds are under the subordination levels of mezzanine (Class B2) and junior (Class C2).
On the issuance of the notes, a Priority of Payments Schedule ("Waterfall") was established, which they are repaid on a quarterly basis. Based on this schedule, the repayments regarding the mezzanine and junior notes are the last in the order of priority.
The bonds are traded on the Vienna Stock Exchange, but the market is not active. Fair value is therefore determined by valuation techniques by independent valuers on an annuals basis. A valuation was made to determine the fair value as at 31 December 2023. No valuation was made for the fair value as at 30 June 2024.
4. Related party transactions | ||
The following transactions were carried out with related parties: | ||
4.1 Directors' remuneration | ||
The remuneration of Directors was as follows: | ||
1/1/2024- | 1/1/2023- | |
30/6/2024 | 30/6/2023 | |
Directors' remuneration | € | € |
16.184 | 14.280 | |
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