Agros Development Company "Proodos" Public LTD

Annual / Quarterly Financial Statement • Apr 27, 2023

STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME For the year ended 31 December 2022

	2022	2021
	€	€
Turnover	3.585.978	2.528.390
Cost of sales	(2.260.297)	(1.398.252)
Gross profit	1.325.681	1.130.138
Administrative and operating expenses	(413.902)	(337.207)
Operating profit before interest, taxes, amortisations and
depreciations	911.779	792.931
Amortisations	(285.510)	(329.115)
Reversal of asset impairment	-	2.250.663
Profit from operations	626.269	2.714.479
Net finance cost	(143.201)	(166.366)
Profit before taxation	483.068	2.548.113
Taxation	(68.880)	(310.998)
Profit for the year	414.188	2.237.115
Other total income
Amounts not to be reclassified in profit or loss in subsequent periods:
Adjustment of fair value of land	-	110.000
Taxation in other total income	2.810	(20.430)
Other total income for the year	2.810	89.570
Total profit for the year	416.998	2.326.685
Basic and fully diluted profit per share (cents)	11.54	62.31

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022

	2022	2021
ASSETS	€	€
Non-current assets	12.424.436	13.200.000
Property, plant and equipment	62.443	99.396
Deferred taxation	12.486.879	13.299.396
Total non-current assets
Current assets
Stock	86.661	74.006
Trade and other receivables	361.329	152.315
Property for development and sale	656.142	656.142
Cash at bank and in hand	300.239	430.653
Total current assets	1.404.371	1.313.116
Total assets	13.891.250	14.612.512
EQUITY AND LIABILITIES
Equity
Share capital	6.139.268	6.139.268
Share premium reserve	1.198	1.198
Reserves	1.767.155	1.730.892
Total equity	7.907.621	7.871.358
Non-current liabilities
Borrowing	3.840.974	4.649.679
Deferred taxation	1.170.441	1.141.324
Total non-current liabilities	5.011.415	5.791.003
Current liabilities
Trade and other liabilities	416.329	366.752
Deferred income	38.905	31.536
Borrowing	516.980	551.863
Total current liabilities	972.214	950.151
Total liabilities	5.983.629	6.741.154
TOTAL EQUITY AND LIABILITIES	13.891.250	14.612.512

STATEMENT OF CASH FLOWS For the year ended 31 December 2022

2022 2021 € € Cash flow from operations Profit before taxation 483.068 2.548.113 Adjustments for: Depreciation of property, plant and equipment 285.510 329.115 Reversal of asset impairment - (2.250.663) Interest payable 126.420 145.548 894.998 772.113 Changes in working capital: Increase in stock (12.655) (12.101) Increase in trade and other amounts receivable (209.014) (53.605) Increase in trade and other amounts payable 44.670 177.794 Increase in deferred income 7.369 10.220 Cash from operations 725.368 894.421 Cash flow from investing activities Payments for the purchase of property, plant and equipment (151.946) (562.143) Government subsidy for the purchase of property, plant and equipment 642.000 - Net cash from / (for) investing activities 490.054 (562.143) Cash flow from financing activities Repayment of loans (858.176) (498.230) Proceeds from new loans - 750.000 Interest paid (111.824) (135.292) Dividends paid (337.798) - Defence contribution in deemed distribution of dividend paid (38.038) (73.600) Net cash (for)/from financing activities (1.345.836) 42.878 Net (decrease) / increase in cash and cash equivalents (130.414) 375.156 Cash and cash equivalents at beginning of year 430.653 55.497 Cash and cash equivalents at end of year 300.239 430.653

STATEMENT OF CHANGES IN NET POSITION

For the year ended 31 December 2022

	Share premium		Fair value	Accumulated
	Share capital	reserve	reserve	Capital Reserve	Losses / profits	Total
	€	€	€	€	€	€
Balance as at 1 January 2021	6.139.268	1.198	1.063.418	56.631	(1.642.246)	5.618.269
Total income
Profit for the year	-	-	-	-	2.237.115	2.237.115
Other total income
Land revaluation	-	-	110.000	-	-	110.000
Deferred taxation	-	-	(20.430)	-	-	(20.430)
Total income for the year	-	-	89.570-	-	2.237.115	2.326.685
Transactions with shareholders
Defence contribution and GESY in
deemed distribution of dividend	-	-	-	-	(73.600)	(73.600)
Total income for the year	-	-	-	-	(73.600)	(73.600)
Balance as at 31 December 2021 / 1
January 2022	6.139.268	1.198	1.152.988	56.631	521.269	7.871.354
Total income
Profit for the year	-	-	-	-	414.188	414.188
Other total income
Land revaluation	-	-	-	-	-	-
Deferred taxation	-	-	2.810	-	-	-
Total income for the year	-	-	2.810	-	414.188	414.188
Transactions with shareholders
Dividends	-	-	-	-	(337.798)	(337.798)
Defence contribution and GESY in
deemed distribution of dividend	-	-	-	-	(48.648)	(48.648)
Old dividends struck-off	-	-	-	-	5.711	5.711
Total transactions with shareholders	-	-	-	-	(380.735)	(380.735)
Balance as at 31 December 2022	6.139.268	1.198	1.155.798	56.631	554.722	7.907.617