Agros Development Company "Proodos" Public LTD

Annual / Quarterly Financial Statement • Apr 25, 2024

STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME For the year ended 31 December 2023

	2023 €	2022 €
Turnover Cost of sales	4.193.782 (2.510.194)	3.585.978 (2.260.297)
Gross profit	1.683.588	1.325.681
Administrative and operating expenses	(448.816)	(413.902)
Operating profit before interest, taxes, amortisations and depreciations Amortisations	1.234.772 (277.790)	911.779 (285.510)
Profit from operations	956.982	626.269
Net finance cost	(234.557)	(143.201)
Profit before taxation	722.425	483.068
Taxation	(92.615)	(68.880)
Net profit for the year	629.810	414.188
Other total income
Taxation in other total income	976	2.810
Other total income for the year	976	2.810
Total income for the year	630.786	416.998
Basic and fully diluted profit per share (cents)	17.54	11.54

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023

	2023	2022
	€	€
ASSETS Non-current assets	12.461.795
Property, plant and equipment	-	12.424.436 62.443
Deferred taxation	12.461.795	12.486.879
Total non-current assets
Current assets
Stock	82.489	86.661
Trade and other receivables	137.334	361.329
Property for development and sale	656.142	656.142
Cash at bank and in hand	588.126	300.239
	1.464.091	1.404.371
Total assets	13.925.886	13.891.250
EQUITY AND LIABILITIES
Equity
Share capital	6.139.268	6.139.268
Share premium reserve	1.198	1.198
Other reserves	1.213.405	1.212.429
Accumulated profit	892.289	554.722
Total equity	8.246.160	7.907.621
Non-current liabilities
Borrowing	3.029.698	3.840.974
Deferred tax liabilities	1.190.535	1.170.441
	4.220.233	5.011.415
Current liabilities
Trade and other creditors	561.312	416.333
Deferred income	40.279	38.905
Borrowing	853.946	516.980
Current tax liabilities	3.956	-
	1.459.493	972.218
Total liabilities	5.679.726	5.983.633
TOTAL EQUITY AND LIABILITIES	13.925.886	13.891.250

STATEMENT OF CASH FLOWS For the year ended 31 December 2023

2023 2022 € € Cash flow from operations Profit before taxation 722.425 483.068 Adjustments for: Depreciation of property, plant and equipment 277.790 285.510 Interest payable 219.145 126.420 1.219.360 894.998 Changes in working capital: Decrease/(Increase) in stock 4.172 (12.655) Decrease/(Increase) in amounts receivable 223.995 (209.014) (Decrease)/Increase in trade and other creditors (1.434) 44.670 Increase in deferred income 1.374 7.369 Cash from operations 1.447.467 725.368 Tax paid (5.146) - Net cash from operations 1.442.321 725.368 Cash flow from investing activities Payment for the purchase of property, plant and equipment (152.665) (151.946) Government subsidy for the purchase of property, plant and equipment - 642.000 Net cash from / (for) investing activities (152.665) 490.054 Cash flow from financing activities Repayment of loans (490.381) (858.176) Interest paid (219.145) (111.824) Dividends paid (262.432) (337.798) Defence contribution in deemed distribution of dividend paid (29.811) (38.038) Net cash for financing activities (1.001.769) (1.345.836) Net (decrease) / increase in cash and cash equivalents 287.887 (130.414) Cash and cash equivalents at beginning of year 300.239 430.653 Cash and cash equivalents at end of year 588.126 300.239

STATEMENT OF CHANGES IN NET POSITION

For the year ended 31 December 2023

	Share premium		Fair value		Accumulated
	Share capital	reserve	Reserve – land	Capital Reserve	profits	Total
	€	€	and buildings	€	€	€
			€
Balance as at 1 January 2022	6.139.268	1.198	1.152.988	56.631	521.269	7.871.354
Total income
Net profit for the year	-	-	-	-	414.188	414.188
Deferred taxation	-	-	2.810	-	-	-
Transactions with shareholders
Dividends					(337.798)	(337.798)
Defence contribution and GESY in
deemed distribution of dividend	-	-	-	-	(48.648)	(48.648)
Old dividends struck-off	-	-	-	-	5.711	5.711
Balance as at 31 December 2022 / 1
January 2023	6.139.268	1.198	1.155.798	56.631	554.722	7.907.617
Total income
Net profit for the year	-	-	-	-	629.810	629.810
Deferred taxation	-	-	976	-	-	-
Transactions with shareholders
Dividends	-	-	-	-	(262.432)	(262.432)
Defence contribution and GESY in
deemed distribution of dividend	-	-	-	-	(29.811)	(29.811)
Balance as at 31 December 2023	6.139.268	1.198	1.156.774	56.631	892.289	8.246.160