Agros Development Company "Proodos" Public LTD

Interim / Quarterly Report • Sep 16, 2022

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME

For the period from 1 January 2022 to 30 June 2022

	1 January 2022	1 January 2021
	to	to
	30 June 2022	30 June 2021
	€	€
Turnover	1.330.605	472.556
Cost of sales	(948.305)	(327.645)
Gross profit/(loss)	382.300	144.911
Administrative and sale expenses	(180.774)	(123.269)
Depreciation	(159.086)	(160.779)
Other operating expenses	(22.355)	(18.707)
Profit/(loss) from operations	20.085	(157.844)
Net finance cost	(67.386)	(66.983)
Profit/(loss) before taxation	(47.301)	(224.827)
Taxation	-	-
Profit/(loss) for the period	(47.301)	(224.827)
Other total income
Increase in deferred taxation in land revaluation	-	-
Other total income for the period	-	-
Total profit/(loss) for the period	(47.301)	(224.827)
Basic and fully diluted profit/(loss) per share (cents)	(1.32)	(6.26)

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As at 30 June 2022

	30 June 2022 (unaudited)	31 December 2021 (audited)
ASSETS	€ 12.470.686	€ 13.200.000
Property, plant and equipment	99.396	99.396
Deferred taxation	12.570.082	13.299.396
Total non-current assets
Stock	86.160	74.006
Property for development	656.142	656.142
Trade and other receivables	137.835	152.315
Cash at bank and in hand	461.366	430.653
Total current assets	1.341.503	1.313.116
Total assets	13.911.585	14.612.512
EQUITY
Share capital	6.139.268	6.139.268
Reserves	1.684.789	1.732.090
Total equity	7.824.057	7.871.358
LIABILITIES
Long-term loans	4.037.156	4.649.679
Deferred tax liabilities	1.141.324	1.141.324
Total non-current liabilities	5.178.480	5.791.003
Bank overdrafts	-	-
Current instalments of long-term loans	570.000	551.863
Trade and other creditors	314.453	366.752
Deferred income	24.595	31.536
Total current liabilities	909.048	950.151
Total liabilities	6.087.528	6.741.154
TOTAL EQUITY AND LIABILITIES	13.911.585	14.612.512

The condensed interim financial statements were approved by the Board of Directors on 15 September 2022. (sgd) Antonis Pissarides (sgd) Nicos Hadjiosif Chairman Vice-Chairman

CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the period from 1 January 2022 to 30 June 2022

	1 January 2022	1 January 2021
	to	to
	30 June 2022	30 June 2021
	€	€
Cash flow from operations
Profit/(loss) before taxation	(47.301)	(224.827)
Adjustments for:
Interest payable	67.386	66.983
Depreciation of property, plant and equipment	159.086	160.779
Cash flow before changes in working capital	179.171	2.935
(Increase) in stock	(12.154)	1.138
Decrease/(increase) in trade and other amounts receivable	14.480	(66.383)
(Decrease)/increase in deferred income
(Decrease)/increase in trade and other amounts payable	(59.240)	2.257
Cash from/(for) operations	122.257	(60.053)
Tax paid	-	-
Net cash from/(for) operations	122.257	(60.053)
Cash flow for investing activities
Payments for the purchase of property, plant and equipment	(71.772)	(480.537)
Subsidy from Deputy Ministry of Tourism	642.000
Net cash for investing activities	570.228	(480.537)
Cash flow for financing activities
Interest paid	(58.214)	(66.983)
Repayment of loans	(603.558)	597.832
Net cash from financing activities	(661.772)	530.849
Increase in cash and cash equivalents	30.713	(9.741)
Cash and cash equivalents at beginning of period	430.653	55.497
Cash and cash equivalents at end of period	461.366	45.756
Cash and cash equivalents comprise:
Cash in hand and at bank	461.366	579.979
Bank overdrafts	-	(534.223)
	461.366	45.756

CONDENSED STATEMENT OF CHANGES IN NET POSITION

For the period from 1 January 2022 to 30 June 2022

	Share premium		Accumulated
	Share capital	reserve	Revaluation	Capital Reserve	Losses	Total
	€	€	reserve	€	€	€
			€
Balance as at 1 January 2021	6.139.268	1.198	1.063.418	56.631	(1.642.246)	5.618.269
Loss for the period	-	-	-	-	(224.827)	(224.827)
Deferred taxation	-	-	-	-	-	-
Balance as at 30 June 2021	6.139.268	1.198	1.063.418	56.631	(1.867.073)	5.393.442
Balance as at 1 January 2022	6.139.268	1.198	1.152.988	56.631	521.269	7.871.354
Loss for the period	-	-	-	-	(47.301)	(47.301)
Deferred taxation	-	-	-	-	-	-
Balance as at 30 June 2022	6.139.268	1.198	1.152.988	56.631	473.968	7.824.053