Agros Development Company "Proodos" Public LTD

Earnings Release • Apr 24, 2013

AGROS DEVELOPMENT "PROODOS" PUBLIC COMPANY LIMITED

To Cyprus Stock Exchange Nicosia

ANNOUNCEMENT

FINAL RESULTS FOR THE END OF THE YEAR 31 DECEMBER 2012

• 1. At the meeting held on 23 April 2013, the Board of Directors of Agros Development "Proodos" Public Co Ltd examined and approved the audited financial statements for the year ended December 2012.
• 1. The final results for the year ended 31 December 2012 are not different from the indicative results announced on 26 February 2013.
• 1. Turnover

The Company's turnover stood at €2.901.533 in 2012 compared to €3.062.715 in 2011, recording a decrease of €161.182 or 5,26%.

1. (Loss)/Profit before taxation

The loss of the Company before taxation for 2012 was €119.749 compared to profit €100.808 for 2011. The deterioration of the Company's results was mainly due to the decrease of the Company's turnover during 2012 which was the result of the overall economic crisis and the increase in the hotel's operating expenses.

1. (Loss)/Profit for the year and earnings per share

The loss for 2012 of €147.741 as compared to a profit of €72.532 in 2011, resulted in the deterioration of the earnings per share for 2012 to a loss of 4,12 cents per share as compared to a profit of 2,02 cents per share in 2011.

To calculate the earnings per share, the Company used the average number of issued shares for the years 2012 and 2011, that is 3.590.215 shares.

• 1. The Board of Directors decided that the Annual General Meeting will take place on Saturday, 15 June 2013 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 a final dividend at the Annual General Meeting.
• 1. The Annual Report and the Final results will be available to the shareholders through the website of the Cyprus Stock Exchange.
• 1. The announcement is based on the CSE Regulations.

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.

Nicosia 24 April 2013

BY ORDER OF THE BOARD OF DIRECTORS

Notice: Cyprus Securities & Exchange Commission

AGROS DEVELOPMENT COMPANY "PROODOS" PUBLIC LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2012

	2012	2011
	€	€
Turnover	2.901.533	3.062.715
Cost of sales	(2.122.248)	(2.071.122)
Gross profit	779.285	991.593
Administrative and selling expenses	(285.437)	(279.696)
Depreciation	(289.777)	(280.977)
Other operating expenses	(132.171)	(137.645)
Operating profit before net finance expenses	71.900	293.275
Finance income	4.705	5.174
Finance expenses	(196.354)	(197.641)
Net finance expenses	(191.649)	(192.467)
(Loss)/Profit before tax	(119.749)	100.808
Tax	( 27.992)	(28.276)
(Loss)/Profit for the year	(147.741)	72.532
Other comprehensive income
Decrease in deferred tax in revaluation of land	674	2.322
Total comprehensive (loss)/income for the year	(147.067)	74.854
Basic (losses)/earnings per share (cent)	(4,12)	2,02
Fully diluted (losses)/earnings per share (cent)	(4,12)	2,02

AGROS DEVELOPMENT COMPANY "PROODOS" PUBLIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2012

	2012 €	2011 €
ASSETS
Property, plant and equipment Total non-current assets	16.101.488 16.101.488	16.183.898 16.183.898
Property under development Investments available-for-sale	548.315 11	546.315 11
Inventories Trade and other receivables	73.263 78.932	91.720 124.409
Cash at bank and in hand	156.024	261.930
Total current assets	856.545	1.024.385
Total assets	16.958.033	17.208.283
EQUITY
Share capital	6.139.268	6.139.268
Reserves	6.071.284	6.277.920
Total equity	12.210.552	12.417.188
LIABILITIES
Deferred tax liabilities	1.266.773	1.240.150
Loans and borrowings	2.704.380	2.848.291
Total non-current liabilities	3.971.153	4.088.441
Bank overdrafts	252.604	146.648
Short term loans	313.165	313.165
Trade and other payables	150.877	182.203
Special contribution for defense	59.682	60.638
Total current liabilities	776.328	702.654
Total liabilities	4.747.481	4.791.095
Total equity and liabilities	16.958.033	17.208.283