Demetra Holdings Plc

Annual / Quarterly Financial Statement • Apr 10, 2017

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the year ended 31 December 2016

	2016	2015
	€	€
Income Dividends receivable	380,797	304,637
Interest receivable and other finance income	1,079,127	1,404,297
Loss from the sale, revaluation and exploitation of land and immovables	(292,016)	(545,723)
Loss from financial assets	(8,109,792)	(15,424,263)
	(6,941,884)	(14,261,052)
Operating expenses	(1,476,291)	(1,537,251)
Decrease in provisions for doubtful debts	-	2,155,224
Finance costs	(19,069)	(7,336)
Share in loss from affiliates	(556,810)	(344,945)
Loss before taxation	(8,991,054)	(13,995,360)
Taxation	144,079	(31,604)
Net loss for the year	(8,846,975)	(14,026,964)
Other comprehensive expenses
Items that may be reclassified to the consolidated statement of profit and
loss in subsequent periods
Exchange difference from the translation and consolidation of the financial
statements of companies abroad	(330)	-
Profit from revaluation of investments available for sale	19.551	49,154
Total expenses for the year	(8.827.754)	(13,977,810)
Net loss attributable to:
Shareholders of the Company	(8.846.975)	(14,026,964)
Loss per share - cent	(4.42)	(7.01)

DEMETRA INVESTMENT PUBLIC LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2016

€ € ASSETS Non-current assets Intangible fixed assets 1,454.365 1,413,918 Immovable property for investment 31,480.246 31,427,940 Financial assets available for sale 267.326 247,775 Receivables from affiliates 10.625.560 9.550,750 Bank deposits - 1,000,000 Deferred taxation 1,752.167 1,704,613 Total non-current assets 45,579.664 45,344,996 Current assets Inventories 8.170.832 10,285,498 Loans and other receivables 713.789 1,031,686 Financial assets at fair value through profit and loss 33.590.741 41,368,958 Bank deposits 29.830.338 28,066,829 Cash and cash equivalents 975.465 1,237,799 Total current assets 73.281.165 81,990,770 Total assets 118.860.829 127,335,766 NET POSITION AND LIABILITIES Equity Share capital 140,000,000 140,000,000 Reserves (23.409.443) (14,572,977) Total equity 116.590.557 125,427,023 Non-current liabilities Deferred taxation 9.720 23,340 Total non-current liabilities 9.720 23,340 Current liabilities Provision for losses of affiliates 1,590.898 1,016,088 Trade and other creditors 631.151 601,625 Current tax liabilities 38.503 267,690 Total current liabilities 2.260.552 1,885,403 Total equity and liabilities 118.860.829 127,335,766 Net asset per share – cent 58.30 62.71	2016	2015

DEMETRA INVESTMENT PUBLIC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2016

	2016	2015
Cash flow from operating activities	€	€
Loss for the year before taxation	(8.991.054)	(13,995,360)
Adjustments for:
Depreciation of intangible fixed assets	93.398	88,904
Exchange difference from the translation and consolidation of financial
statements of companies abroad	(330)	-
Profit from the sale and revaluation of intangible fixed assets	(36.013)	(21,962)
Loss from the disposal and revaluation of financial assets at fair value
through profit and loss	8.109.792	15,424,263
Loss from revaluation of immovable property for investment	532.439	1,305,482
Share in loss from affiliates	556.810	344,945
Net cash flow before changes in working capital	265.042	3,146,272
(Increase)/decrease in inventories	2.114.666	(1,562,286)
Decrease in loans and other receivables	317.897	86,646
Increase in net receivables from affiliates	(1.056.810)	(1,381,335)
Net purchases and sales of financial assets at fair value
through profit and loss	(331.575)	(102,467)
Increase in trade and other creditors	20.814	73,385
Increase in bank deposits	(763,509)	(22,285,099)
Cash from / (for) operating activities	566,525	(22,024,884)
Tax paid	(146,282)	(184,221)
Net cash flow from / (for) operating activities	420,243	(22,209,105)
Cash flow from investing activities
Purchase of intangible fixed assets	(97,832)	(34,480)
Purchase of immovable property for investment	(584.745)	(587.745)
Net cash flow for investing activities	(682,577)	(621,825)
Net decrease in cash and cash equivalents	(262,334)	(22,830,930)
Cash and cash equivalents at beginning of period	1,237,799	24,068,729
Cash and cash equivalents at end of period	975,465	1,237,799

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2016

	Share capital €	Share capital conversion reserve	Exchange difference reserve	Investments available for sale	Accumulated Losses €	Total equity €
		€	€	reserve
				€
Balance as at 1 January 2015	170,000,000	860,144	319,767	(101.379)	(31,673,699)	139,404,833
Decrease in share capital	(30.000.000)	-	-	-	30,000,000	-
Net loss for the year after taxation	-	-	-	-	(14,026,964)	(14,026,964)
Other total income for the year after taxation	-	-	-	49.154	-	49,154
Balance as at 31 December 2015 /
1 January 2016	140,000,000	860,144	319,767	(52.225)	(15,700,663)	125,427,023
Net loss for the year after taxation	-	-	-	-	(8,846,975)	(8,846,975)
Other total income for the year after taxation	-	-	(330)	19.551	-	19,221
Contribution for defence to deemed distribution of dividend	-	-	-	-	(8,712)	(8,712)
Balance as at 31 December 2016	140,000,000	860,144	319,437	(32.674)	(24,556,350)	116,590,557

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 17% will be payable on such deemed dividends to the extent that the shareholders, at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.