C.O. Cyprus Opportunity Energy Public Company LTD

Annual / Quarterly Financial Statement • Jan 21, 2025

C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LTD ANNUAL REPORT AND FINANCIAL STATEMENTS For the period ended 30 June 2022

ANNUAL REPORT AND FINANCIAL STATEMENTS For the period ended 30 June 2022

CONTENTS

	Page
Board of directors and other advisors	3
Management report	4
Statement of profit or loss and other comprehensive income	5
Statement of financial position	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9 - 13

Board of directors and other advisors

DIRECTORS Executive CHARALAMBOS CHRISTODOULIDES ANTONAKIS ANTONIOU ANDREAS LEONIDOU

REGISTERED OFFICE

13 KARAISKAKIS STREET, LIMASSOL, 3032

Management report

For the period ended 30 June 2022

FINANCIAL STATEMENTS

The Board of Directors submits to the members the Financial Statements of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the 'Company') for the period ended 30 June 2022.

PRINCIPAL ACTIVITIES

Holding of Investments

RESULTS

The results for the year are presented in page 5 of the financial statements. The loss for the period before taxation was 7,082.00 Euro (2021: Loss 562.00)

BRANCHES

The company does not have any branches.

MAIN RISKS AND UNCERTAINTIES

The main risks and uncertainties to which the company is exposed are presented in note 8 of the financial statements.

POST YEAR END EVENTS

There were no material post year end events.

SHARE CAPITAL

During the period ended 30 June 2022, there were no changes in the share capital of the company.

DIRECTORS

The members of the board of directors at the date of this report are presented in page 3. All the directors are available for re-election at the annual general meeting.

ORDER OF THE BOARD OF DIRECTORS

ANDREAS LEONIDOU Director LIMASSOL, 18 January 2025

Statement of profit or loss and other comprehensive income For the period ended 30 June 2022

		01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
	Notes	દ	€
Administrative Expenses	17	(7,082)	(562)
Operating loss		(7,082)	(562)
Loss before taxation		(7,082)	(562)
Loss for the year		(7,082)	(562)
Loss for the year		(7,082)	(562)

c.o. cyprus opportunity energy public company ltd

Statement of financial position As at 30 June 2022

		01/01/2022- 30/06/2022	01/01/2021 30/06/2021
	Notes	ಲ್	್
Equity and Liabilities
Equity
Share Capital Share Premium	5	1,503,826	1,503,826
Accumulated losses		1,142,535	1,142,535
Non-refundable advances		(2,830,276)	(2,822,194)
		174,271	170,236
		(9,644)	(5,597)
Liabilities
Current Liabilities
Trade and other payables	6	562	4,597
Short-term provisions	7	9,082	1,000
		9,644	5,597
Total Liabilities		9,644
Total Equity and Liabilities			5,597

The financial statements on pages 5 - 13 were approved by the board of directors on 18 January 2025 and
were signed on its hebalf hy were signed on its behalf by:

ANDREAS LEONIDOU Director

For the period ended 30 June 2022 Statement of changes in equity

1,503,826 1,503,826	advances reserve	170,236 1,142,535	170,236	170.236 40
			1,142,535	1,142,535
				1,503,826

Balance as at 01 January 2021

Balance as at 30 June 2021

Losses for the year

Balance as at 01 January 2022

Balance as at 30 June 2022

Losses for the year

(5,035) (562) (5,597)

(2,821,632)

36

೬

(562)

,822,194)

(2

36

ಟ್ಟು

Total

Retained earnings

refundable

premium Share

Share capital

Non-

(6,597) (7,082) 13,679

(7,082)

830,276)

(2.

170.236

1,142,535

1,503,826

(2,823.194)

E

€

Note:

As of 1 January 2003, companies not distributing at least 70% of their taxation, as determined by the Special contribution for defence law of the republic, during the two years following the end of the fisc the profits arise, they vill be deemed to have distributed this anount as defence at 17%.
will be names of the disenced distributi will be payable on the amount of the ceeded that the extend that the shareholders are tax residents of the Republic of Che Repair of the Repair of the Repair of the two ar period from the end of the fisch in viris arse. The anount of this deemed distribution of dividends is realced by any actual of the the profit of the year. This special contribution for defence is payable by the company on behalf of the shareholders.

Statement of cash flows For the period ended 30 June 2022

	NOVES
	01/01/2022- 01/01/2021- 30/06/2022	30/06/2021
	€	ಕ
Cash flows from operating activities
(Loss) from operations before tax	(7,082)	(562)
Operating cash flow before working capital changes	(7,082)	(562)
Cash (used in) / provided by operations
Increase in trade and other payables
Net cash flows (for) / from operations	4,047	5,597
	(3,035)	5,035
Net cash provided by operating activities
Net cash flows (for) / from operating activities	(3,035)	5,035
Net (decrease) / increase in cash and cash equivalents	(3,035)
Cash and cash equivalents at the beginning of the year		5,035
Cash and cash equivalents at the end of the year

Notes to the financial statements

For the period ended 30 June 2022

1 Incorporation and principal activities

The company was incorporated in the Republic of Cyprus as a Limited Liability Company on .
H Hili Holding of Investments

The registered office of the Company is situated at 13 KARAISKAKIS STREET, 3032, LIMASSOL.

2 Statement of principal accounting policies

The principal accounting policies adopted for the preparation of the financial statements are detailed below. These principles have been applied consistently for all the years reported in this set of financial antator below unless otherwise expressly stated.

Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap.113.

Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Lelw, Cap.113. The financial statements have been prepared under the historical cost convention as modified by the revaluation of available-for-sale investments.

Functional and presentation currency

The financial statements are presented in Euro which is the main currency used in presenting the best substance of the company's transactions and activities.

Estimates and judgment

The preparation of financial statements in accordance with International Financial Reporting Standards requires from Management the exercise of judgment and the use of estimates and assumptions that influence the application of accounting principles and the related amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are based on historic experience and other factors that are deemed to be reasonable, based on the facts and the results determining the basis in which judgment is exercised in relation to the accounting values of assets and liabilities. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

The estimates and underlying assumptions are revised on a continuous basis. Revisions in accounting estimates are recognised in the period during which an estimate is revised if the estimate affects only that period, or in the period of the revision and future periods if the revision affects the current as well as future periods.

Adoption of new and revised International Financial Reporting Standards

For the current year, the Company adopted all the new and amended IFRSs, which relate to it's operations and are applicable for accounting periods beginning on or after 1 January 2022. The adoption does not entail significant changes in the financial statements.

Income recognition

Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for services provided in the normal course of business,net of discounts and sales related taxes. Revenues earned by the Company are recognised on the following basis:

Notes to the financial statements

For the period ended 30 June 2022

· Sales of goods

Sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Trade and other payables

Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Where the liabilities are of a short-term nature the fair value is determined as equal to the nominal amount without any discounting.

Share capital

Ordinary shares issued and paid are classified as equity.

Provisions

A provision is recognised in the statement of financial position, when the Company has a present legal or constructive obligation as a result of past events, from which it is probable that a future outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.

Taxation

Current tax liabilities and assets for the current and prior periods are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and laws that have been enacted, or substantively enacted, by the reporting date.

Comparative figures

Where applicable, comparative figures have been adjusted to conform with changes in presentation adopted in the current year.

3 Critical accounting estimates and judgement

The preparation of these financial statements in conformity with IFRS requires the use of accounting estimates and assumptions, and also requires Management to exercise its judgement, in the process of applying the Company's accounting policies.

Estimates, assumptions and judgement applied are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates, assumptions and judgement are based on Management's best knowledge of current events and actions, actual results may ultimately differ.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Notes to the financial statements

For the period ended 30 June 2022

· Income taxes

Significant estimates are made in determining the tax liability for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taskess. I he due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax liability in the period in which such determination is made.

· Impairment of non-financial assets

The impairment test is performed using the discounted cash flows expected to be generated through the use of non-financial assets, using a discount rate that reflects the current market estimations and the risks associated with the asset. When it is impractical to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash generating unit in which the asset belongs to.

		01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
ণ	Administrative Expenses
	Taxes and duties	490
	Other Expenses	6,592	562
		7,082	562

Notes to the financial statements

For the period ended 30 June 2022

		01/01/2022- 01/01/2021- 30/06/2022 30/06/2021
5 Share capital	(47)	ਦ
Authorised
126,780,762 ordinary shares of €0.01 each	1,267,808	1,267,808
The authorized, issued and fully paid share capital of the company is as follows:
01 January - ordinary shares of €0.01 each	1,503,826	1,503,826
31 December - ordinary shares of €0.01 each	1,503,826	1,503,826
6 Trade and other payables
Trade Creditors (3rd parties)	562	4,597
	562	4,597
7 Short term provisions
Accruals	9,082	1,000
	9,082	1,000

8 Financial instruments and risk management

Financial instruments

Due to its operations,the company is exposed to liquidity risk arising from the financial instruments in its possession. The company implements the following policies to monitor risk:

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities do not match. When the maturity dates do not match, efficiency can be increased, but the risk of losses can also be increased.

The company applies procedures to minimise these losses, such as maintaining sufficient cash and other highly liquidable assets and by maintaining an adequate amount in committed credit facilities.

The contractual maturity of financial liabilities, including the estimated payments of interest, are shown below:

				ಲ್ಲಿ
9,644	9,644
9,644	9,644
ﻬﺎ	€	€	ﻬﺎ	ವ
5,597	5,597
5,597	5,597	-		-

01/01/2022-30/06/2022		01/01/2021-30/06/2021
: COST	FAIR VALUE	COST	FAIR VALUE
ಳು	€	€	ಳು
(562)	(562)	(4,597)	(4,597)
(562)	(562)	(4,597)	(4,597)
(562)	(562)	(4,597)	(4,597)

9 Post year end events

There were no material post year end events.

C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LTD Income Statement

:

	01/01/2022- 30/06/2022	01/01/2021- 30/06/2021
	€	€
Administrative Expenses
Taxes and Duties	490	0
Stock exchange fees prior years	3,192	0
Accounting fees	500	562
Stock exchange fees	2,900
	7,082	562
Profit from operating activities before income tax	(7,082)	(562)
Net Profit/Loss for period	(7,082)	(562)
Final Total comprehensive income for the year / period	(7,082)	(562)