GAP - Annual Financial Report 2017 Please see attached.

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1 GAP - Annual Financial Report Please see attached. 0090/ /en Annual Financial Report G.A.P. VASSILOPOULOS PUBLIC LTD GAP Attachment: 1. GAP VASSILOPOULOS - Annual Results Regulated Publication Date: 02/05/2018

2 Statement of profit and loss account for the year ended 31 December Turnover Cost of services ( ) ( ) ( ) ( ) Gross profit Other income Administrative, selling and marketing expenses ( ) ( ) ( ) ( ) Other profit/(loss) - net ( ) (2.400) ( ) - (Loss)/profit from operations ( ) ( ) Finance income Finance cost ( ) ( ) ( ) ( ) Net exchange profit / (loss) ( ) Finance cost net ( ) ( ) ( ) Share of net profit in associated companies (Loss) / profit before taxation ( ) Taxation (50.610) (10) Net (loss)/profit for the year ( ) Attributable to: Shareholders of the company ( ) Minority interest ( ) Net profit / (loss) for the year Profit / (loss) per share attributable to the shareholders of the (cents): Basic and fully diluted 1.81 (1.54)

3 Statement of total income for the year ended 31 December (Loss)/profit for the year ( ) Other total income /(losses) Adjustment in deferred taxation (7.596) (55.819) Adjustment at fair value of land and buildings - ( ) - (89.809) Exchange differences ( ) ( ) - - Other total income /(losses) for the year after ( ) ( ) (73.071) taxation Total income /(loss) for the year ( ) Attributable to: Shareholders of the company ( ) Minority interest ( ) ( )

4 Balance sheet as at 31 December ASSETS Non-current assets Property, plant and equipment Intangible assets Investments in subsidiaries Investments in associated companies Financial assets available for sale Current assets Stock Trade and other receivables Loans to related parties Cash and deposits in bank Total assets Equity and Liabilities Capital and reserves Share capital Difference from conversion of capital into Euro Other reserves ( ) ( ) Retained earnings Minority interest Total equity Non-current liabilities Borrowings Deferred tax liabilities Liabilities of associated company Current liabilities Trade and other creditors Current tax liabilities Borrowings Borrowings from related parties Provisions and other liabilities Total liabilities Total equity and liabilities

5 Statement of changes in equity for the year ended 31 December Share capital Attributable to the shareholders of the Difference Other Retained from reserves earnings conversion of capital into Euro Minority interest Total Balance as at 1 January Total income Loss for the year ( ) ( ) Other total income/(loss) Land and buildings: Loss from revaluation after taxation - - ( ) - - ( ) Deferred taxation adjustment - - (55.819) - - (55.819) Transfer of depreciation after taxation - - (24.757) Exchange difference in consolidation of subsidiaries ( ) ( ) Total of other total (loss)/profit - - ( ) ( ) ( ) Total (loss)/profit for the year - - ( ) ( ) ( ) ( ) Transactions with owners Dividend paid to minority interest from subsidiary ( ) ( ) Total transactions with owners ( ) ( ) Balance as at 31 December ( )

6 Statement of changes in equity for the year ended 31 December Share capital Attributable to the shareholders of the Difference Other Retained from reserves earnings conversion of capital into Euro Minority interest Total Balance as at 31 December / 1 January ( ) Total income Profit for the year Other total income/(loss) Deferred taxation adjustment - - (7.596) - - (7.596) Exchange difference in consolidation of subsidiaries - - ( ) - (70.202) ( ) Total of other total (loss)/profit - - ( ) - (70.202) ( ) Total (loss)/profit for - - ( ) Transactions with owners Dividend paid in minority interest from subsidiary (50.000) (50.000) Transfer of depreciations after taxation - - (22.883) Defence contribution to deemed distribution of dividend - - (14.437) - (14.437) Total transactions with owners - - (22.883) (50.000) (64.437) Balance as at 31 December ( )

7 Statement of cash flows for the year ended 31 December CASH FLOW FROM OPERATIONS Profit/(loss) before taxation ( ) Adjustments for: Depreciation of property, plant and equipment Depreciation of intangible assets Share of profit in associated company ( ) ( ) - - Loss from sale of property, plant and equipment (5.296) Charge for impairment in the value of investment in subsidiaries Charge for impairment in the value of intangible assets Provision of impairment of doubtful receivables Credit dividends from subsidiaries - - ( ) ( ) Credit interest ( ) ( ) ( ) ( ) Debit interest Impairment in the value of share titles Reversal of provision - net (21.131) (32.743) ( ) ( ) Changes in working capital: Stock (209) (1.176) (209) (1.175) Trade and other receivables ( ) ( ) Trade and other creditors (8.183) ( ) Cash from operations ( ) Tax paid (100) (10) - (10) Net cash from operations ( ) CASH FLOW FROM INVESTING ACTIVITIES Purchase of intangible assets ( ) ( ) (80.831) (54.411) Purchase of property, plant and equipment ( ) ( ) ( ) ( ) Purchase of investments in subsidiaries - - (48.551) (2.000) Loans granted to related parties (68.661) ( ) ( ) ( ) Proceeds from repayments of loans from related parties Proceeds from sale of property, plant and equipment Interest received Dividends received Net cash flow (for) / from investing activities ( )

8 Statement of cash flows for the year ended 31 December CASH FLOW FROM FINANCING ACTIVITIES Borrowing repaid by related parties (3.037) ( ) ( ) ( ) Payments of bank borrowing and finance leases ( ) ( ) ( ) ( ) Proceeds from bank borrowing and finance leases Interest paid ( ) ( ) ( ) ( ) Dividends paid to minority interest (50.000) ( ) - - Dividends received from associated company Loans granted from related parties Net cash from financing activities Net increase in cash and cash equivalents ( ) Cash and cash equivalents at beginning of year ( ) ( ) ( ) Impact of changes in exchange rates in cash and cash equivalents (74.214) - - Cash and cash equivalents and bank overdrafts at end of year ( ) ( )

FIVE-YEAR CONSOLIDATED SUMMARY OF PROFITS

Clicks Group five-year review 2017 FIVE-YEAR CONSOLIDATED SUMMARY OF PROFITS for the year ended 31 August R million Turnover 11.7% 26 809 24 171 22 070 19 150 17 543 Cost of merchandise sold 12.1% (21