Agros Development Company "Proodos" Public LTD

Earnings Release • Apr 13, 2016

AGROS DEVELOPMENT "PROODOS" PUBLIC COMPANY LIMITED

To Cyprus Stock Exchange Nicosia

ANNOUNCEMENT

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

• 1. At the meeting held on 12 April 2016, the Board of Directors of Agros Development "Proodos" Public Co Ltd examined and approved the audited financial statements for the year ended December 2015, submitted with this announcement and as such will be included in the Annual Report of the Company from the year 2015.
• 1. The final results of the year ended 31 December 2015 are not materially different from the indicative results announced on 25 February 2016.
• 1. Turnover

The Company's turnover stood at €2.368.291 in 2015 compared to €2.269.799 in 2014, recording an increase of €98.492.

1. Loss before taxation

The loss of the Company before taxation in 2015 was €27.450 compared to €169.022 in 2014. The improvement of the Company's results was mainly due to the increase of sales and decrease of cost of sales.

1. Loss for the year and losses per share

The loss for 2015 of €64.971 as compared to €375.773 in 2014, resulted in the improvement of the earnings per share for 2015 to a loss of 1,81 cents per share as compared to 10,47 cents per share in 2014.

To calculate the earnings per share, the Company used the average number of issued shares during the years 2015 and 2014 that is 3.590.215 shares.

• 1. The Board of Directors decided that the Annual General Meeting will take place on Saturday, 11 June 2016 at 11.00 a.m. at the Rodon Hotel in Agros.
• 1. In addition, the Board of Directors decided not to propose the payment of any dividend at the Annual General Meeting.
• 1. The Annual Report and the Final results of the Company will be available to the shareholders through the website of the Cyprus Stock Exchange.
• 1. The announcement is based on the CSE Regulations for the

Notes:

(a) The results have been audited by the independent auditors KPMG Limited.

(b) Copies of the results will be available at the Company's Office, Mega Equity, 42-44 Griva Digeni Avenue, 3rd floor, Nicosia and at the Company's registered office, 1 Rodou Str, Rodon Hotel, 4860 Agros, telephone number 25521201.

BY ORDER OF THE BOARD OF DIRECTORS

Nicosia 13 April 2016

Notice: Cyprus Securities & Exchange Commission

AGROS DEVELOPMENT COMPANY "PROODOS" PUBLIC LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2015

	2015 €	2014 €
Turnover Cost of sales	2.368.291 (1.575.277)	2.269.799 (1.610.807)
Gross profit	793.014	658.992
Administrative and selling expenses Other operating expenses Depreciation	(340.145) (58.727) (248.897)	(325.634) (52.267) (249.379)
Operating (loss)/profit before net finance expenses	(145.245)	(31.712)
Finance income Finance expenses Net finance expenses	5 (172.700) (172.695)	25 (200.759) (200.734)
Loss before tax	(27.450)	(169.022)
Tax Special defence contribution Deferred tax	(68) (37.453) (37.521)	(4) (206.747) (206.751)
Loss for the year	(64.971)	(375.773)
Other comprehensive income Decrease in deferred tax in revaluation of Land	759	136.056
Total comprehensive loss for the year	64.212	239.717
Basic losses per share (cent)	(1,81)	(10,47)
Fully diluted losses per share (cent)	(1,81)	(10,47)

AGROS DEVELOPMENT COMPANY "PROODOS" PUBLIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2014

	2015 €	2014 €
ASSETS
Property, plant and equipment Total non-current assets	10.964.668 10.964.668	11.157.150 11.157.150
Property under development Investments available-for-sale Inventories Trade and other receivables Cash at bank and in hand Total current assets	549.315 11 81.679 101.249 33.341 765.595	549.315 11 75.423 106.738 25.155 756.642
Total assets	11.730.263	11.913.792
EQUITY
Share capital Reserves Total equity	6.139.268 1.163.621 7.302.889	6.139.268 1.229.351 7.368.619
LIABILITIES
Deferred tax liabilities Loans and borrowings Total non-current liabilities	1.208.447 2.141.126 3.349.573	1.170.235 2.385.369 3.555.604
Bank overdrafts Short term loans Trade and other payables Special contribution for defense Total current liabilities	545.727 383.220 148.742 112 1.077.801	476.668 327.189 185.600 112 989.569
Total liabilities	4.427.374	4.545.173
Total equity and liabilities	11.730.263	11.913.792