CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note
ASSETS
30 June 2023
€'000 €'000
31 December 2022
€'000 €'000
Standing investments
4
1.970.798
1.886.786
Redevelopments and land
5
265.939
326.654
Equity-accounted investment in joint
ventures
4
-
187.230
Derivatives
11
26.218
27.338
Other non-current assets
6
146.719
63.989
Non-current assets
2.409.674
2.491.997
Other current assets
7
60.810
58.925
Financial assets at FVOCI
-
11.143
Asset held for sale
8
-
170.052
Cash and cash equivalents
50.537
201.147
Current assets
111.347
441.267
TOTAL ASSETS
2.521.021
2.933.264
EQUITY AND LIABILITIES
Equity
9
1.318.217
1.397.268
Long term borrowings
10
1.055.910
1.119.488
Other non-current liabilities
12
77.686
115.164
Non-current liabilities
1.133.596
1.234.652
Short term borrowings
10
5.608
208.658
Other current liabilities
13
60.542
79.728
Provisions
3.058
3.418
Liability held for sale
8
-
9.540
Current liabilities
69.208
301.344
Total equity and liabilities
2.521.021
2.933.264
The financial statemements were approved and authorised for issue by the Board of Directors on 8 August 2023 and were duly signed on the Board's behalf by Chaim Katzman, Chairman of the Board, and Ryan Lee, Director.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Three months
Three months
Six months
ended 30 June
Six months ended
ended 30 June
ended 30 June
2023
30 June 2023
2022
2022
Note
€'000
€'000
€'000
€'000
€'000
€'000
€'000
€'000
Gross rental income
27.785
52.321
26.616
52.900
Service charge income
9.203
17.700
10.167
20.952
Property expenses
(11.630)
(22.610)
(12.529)
(25.674)
Net rental income
25.358
47.411
24.254
48.178
Revaluation of standing
investments, net
18.825
18.557
-
-
Revaluation of redevelopments
and land, net
-
(124)
-
-
Depreciation, amortisation and
impairments
(608)
(1.154)
(616)
(1.244)
Administrative expenses
(3.458)
(6.640)
(8.001)
(14.830)
Share of profit of equity-
accounted investment
1
2.496
1.951
4.080
Net result on disposals
(12.814)
(13.391)
(1.397)
(1.397)
Costs connected with
developments
(168)
(175)
(76)
(143)
Net operating profit
27.136
46.980
16.115
34.644
Interest income
1.846
2.972
579
888
Interest expense
(11.088)
(22.789)
(10.700)
(21.007)
Foreign currency differences
(1.152)
(881)
323
(90)
Other financial income /
(expense), net
10
22.090
21.889
(1.577)
(2.956)
Profit before taxation from
continuing operations
38.832
48.171
4.740
11.479
Taxation benefit / (charge) for
the period
14
919
1.019
(1.066)
(4.431)
Profit after taxation from
continuing operations
39.751
49.190
3.674
7.048
(Loss) / profit after taxation
from discontinued operations
8
(83.071)
(190.325)
41.304
37.333
Net (loss)/profit for the
period
(43.320)
(141.135)
44.978
44.381
Prior year comparatives for the period ended 30 June 2022 are adjusted following the classification of Russia as a discountinued operation, see Note 8.
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G City Ltd. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 08:34:00 UTC.
G City Ltd, former Gazit Globe Ltd, is an Israel-based real estate company specialized in retail premises. The Company is engaged, directly and through its subsidiaries in the acquisition, improvement, development and management of income-producing real estate for mixed uses including commercial, residential and office. Company's aim is to meet the needs of the population, In North America, Israel, Brazil, Northern, Central and Eastern Europe, focusing on densely populated urban areas in cities centrality. Its subsidiaries includes: European Atrium European Real Estate, Citycon, Gazit Brasil, Gazit Israel, Gazit Horizons.
G CITY LTD 
