REPORT AND FINANCIAL STATEMENTS 31 December 2019

Board of Directors and other officers
	1
Management Report	2 - 3
Declaration of the members of the Board of Directors and the company officials responsible for the preparation of the financial statements
Independent auditor's report	ব
Statement of profit or loss and other comprehensive income	5 - 8
Statement of financial position	9
Statement of changes in equity	10
Cash flow statement	11
Notes to the financial statements	12
	13 - 19

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Andreas Karamanos - Appointed on 24 October 2019 Thomas Patrick Brady - Appointed on 10 July 2019 and resigned on 04 December 2019 Rana Kashif Shahzad - Appointed on 10 July 2019 Zheng Zhang - Appointed on 01 September 2016 and resigned on 10 July 2019 Antonia Constantinou - Appointed on 01 September 2016 and resigned on 10 July 2019 Pananayiotis Rigas - Appointed on 01 September 2016 and resigned on 10 July 2019
Company Secretary:	Andreas Karamanos - Appointed on 28 October 2019 Thomas Patrick Brady - Appointed on 10 July 2019 and resigned on 28 October 2019 Zheng Zhang - Appointed on 01 September 2016 and resigned on 10 July 2019
Independent Auditors:	Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Street Off. 102 1066, Nicosia
Registered office:	15 Agion Omologiton Str. 1080, Nicosia Cyprus
Registration number:	HE358762

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2019.

Principal activities and nature of operations of the Company

The principal activities of the Company, which are unchanged from last year, are the investments in real estate.

Change of Company name

On 13 September 2019, the Company changed its name from Rofolio Holdings Public Company Ltd to Planet Recycling Industries Plc.

Review of current position, future developments and performance of the Company's business

The Company's development to date, financial results and position as presented in the financial statements are considered satisfactory.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are disclosed in notes 3, 4 and 12 of the financial statements.

Use of financial instruments by the Company

The Company is exposed to liquidity risk from the financial instruments it holds.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities - primarily trade receivables and from its financing activities, including deposits with banks, foreign exchange transations and other financial instruments.

Credit risk related to trade receivables: This is managed based on established policies, procedures and controls relating to customer credit risk management. Credit limits are established policis, procedures and control.
Credit, quality, of the evelomer, credit limits are established fo Credit quality of the customer is assessed and outstanding customer receivables are regularly monitored. The Company does not hold collateral as security.

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of locultures not machieved position object of minimising such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Share capital

Authorised capital

On 14 October 2019 the authorised share capital of the Company was increased from 26.000 ordinary shares of €1 each into 26.005 ordinary shares of €1 each.

On the same day every 1 existing share of the authorised shared capital valued €1 was consolidated and dividend into 1 share of authorised value €7 each.

On 14 November 2019 the authorised share capital of the Company was increased from 26.005 ordinary shares of €7 each into 10.003.715 ordinary shares of €7 each.

Issued capital

On 14 October 2019 the issued share capital of the Company was increased from 26.000 ordinary shares of €1 each into 26.005 ordinary shares of €1 each.

On 14 October 2019 every 1 existing share of the issued shared capital valued €1 was consolidated into 1 share of €7 each.

Implementation and compliance to the Code of Corporate Governance

The Company recognises the implementing sound cerporate governance policies, practices and procedures. As a company listed on the Cyprus Stock Exchange (CSE), Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd) has adopted CSE's Corporate Governance Code and applies its principies its principies its principies its principies its principies its pr

MANAGEMENT REPORT

In March 2006 the CSE issued a revised Code of Corporate Governance. The Company complies with all the provisions of the revised Code

Board of Directors

The members of the Company's Board of Directors as at 31 December 2019 and at the date of this report are presented on page 1. All of them were members of the Board of Directors throughout the year ended 3. December 2019.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in
office office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors.

Independent Auditors

The Independent Auditors, Ekkeshis Ierodiakonou Ltd, have expressed their willingness to continue in office and a resolution giving authority to the Board of Directors to fix their remuneration will be proposed at the Annual Genal Meeting.

By order of the Board of Directors,

Andreas Karamanos Secretary

Nicosia, 29 June 2020

DECLARATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

In accordance with Atatan (12) and 17) of the nasepareds (1nades Scenases Regalates Regalates Regalates Regalates
Planket Law 207 (11) 190 (1) (1)c Last ) ver, the methers of ital) (the "Company") for the year ended 31 December 2019, on the basis of our knowledge, declare that:

(a) The annual financial statements of the Cumpany which are preserited on pages 9 to 19;

(I) have been pressioned in accordance with the applicable International Financial Reporting Standards as adopted by the Furopean Union and the provisions of Article 9, section (4) of the law, and

(a) provide a true and fair were of the particulars of assess and labilities, the financial position and profit or loss of the

b) The management report provides a far wev of the developments and the performance as well as the financel

Members of the Board of Directors:

Andreas Karamanos Kana Kasha Shahzad

Responsible for drafting the financial statements

(Huancul Manager)

Nicosa, 29 June 2020

Ekkeshis lerodiakonou Ltd

39 Themistocles Dervis Street T: +357 22 466 470 1st Floor CY-1066 Nicosia, Cyprus P.O.Box 26643 CY-1646 Nicosia, Cyprus

F: +357 22 766 470 www.eicyprus.com

Independent Auditor's Report

To the Members of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd)

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd) (the "Company"), which are wesented in pages to 19 and comprise the statement of financial position and of financial position as a 31 December 2019, and the statements of profit or loss and other comprehensive income, changes in equity and of flows for the year the ended of profit of foot of loss and other complex in edulty and cash of equiltions accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2019, and of its financile performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (1FRSs) as adopted by the enclude ne requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statement" section of our report. We remained independent of the Rush of the Audit of the Finalical Statements'
accordance, with the "International Ethica Steral of throughout the perio accordance with the "International Ethics Standards Board for Accountants" Code of Ethics for Professional Accountants' (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Cyprus, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained in accordent of these requirements
hasis for oninion basis for our opinion.

Key audit matters incorporating the most significant risks of material misstatements, including assessed risk of material misstatements due to fraud

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters

During the audit process no key matters have been identified.

Reporting on other information

The Board of Directors is responsible for the other information comprises the information comprises the information included in the Management Report, the Corporate Governance Statement, the X report, and the Y report [tailor accordingly], but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

EKKESHIS + IERODIAKONO Independent Auditor's Report (continued)

To the Members of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd)

In connection with our audit of the financial statements, our responsibility is to read the identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and those charged with governance for the Financial Statements

The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the . disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicate with the those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

To the Members of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd)

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

We also provide those charged with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters.

Report on Other Legal and Regulatory Requirements

Pursuant to the requirements of Article 10(2) of the EU Regulation 537/2014 we provide the following information in our Independent Auditor's Report, which is required in addition to the requirements of International Standards on Auditing.

Appointment of the Auditor and Period of Engagement

We were first appointed as auditors of the Company on 04 March 2019 by the Board of Directors. Our appointment has been renewed annually by shareholder resolution representing a total period of uninterrupted engagement appointment of 2 years.

Consistency of the Additional Report to the Audit Committee

We confirm that our audit opinion on the financial statements expressed in this report is consistent with the additional report to the Audit Committee of the Company, which we issued on [insert date] in accordance with Article 11 of the EU Regulation 537/2014.

Provision of Non-audit Services

We declare that no prohibited non-audit services referred to in Article 5 of the EU Regulation 537/2014 and Section 72 of the Auditors Law of 2017 were provided. In addition, there are no non-audit services which were provided by us to the Company and which have not been disclosed in the financial statements or the Management Report.

Other Legal Requirements

Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:

· In our opinion, based on the work undertaken in the course of our audit, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the financial statements.
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the Management Report. We have nothing to report in this respect.
In our opinion, based on the work undertaken in the course of our audit, the information included in the corporate governance statement in accordance with the requirements of subparagraphs (iv) and (v) of paragraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113, and which is included as a specific section of the Management Report, have been prepared in accordance with the requirements of the Cyprus Companies Law, Cap, 113, and is consistent with the financial statements.
In our opinion, based on the work undertaken in the course of our audit, the corporate governance statement includes all information referred to in subparagraphs (i), (ii), (vi) and (vii) of paragraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113.
In light of the knowledge and understanding of the Company and its environment obtained in the course of . the audit, we are required to report if we have identified material misstatements in the corporate governance statement in relation to the information disclosed for items (iv) of subparagraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113. We have nothing to report in this respect.

EKKESHIS+IERODIAKONO Independent Auditor's Report (continued)

To the Members of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd)

Other Matter

This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Article 10(1) of the EU Regulation 537/2014 and Section 69 of the Auditors Law of 2017 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

The engagement partner on the audit resulting in this independent auditor's report is Constantinos Ekkeshis.

Constantinos Ekkeshis Certified Public Accountant and Registered Auditor for and on benalf of 10 Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors Oyylog Nicosia, 29 June 2020

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2019

	Note	2019 €	2018 ਵ
Other operating income Administration expenses	6	6,240 (4,240)	2,923 (922)
Profit before tax		2,000	2,001
Tax	8	(323)	(68)
Net profit for the year		1,677	1,933
Other comprehensive income
Total comprehensive income for the year		1,677	1,933

The notes on pages 13 to 19 form an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION 31 December 2019

	Note	2019 €	2018 ਵ
ASSETS
Non-current assets

Current assets
Receivables	9	2,005
		2,005
Total assets		2,005
EQUITY AND LIABILITIES
Equity
Share capital	10	26,005	26,000
Accumulated losses		(24,390)	(26,067)
Total equity		1,615	(67)
Current liabilities
Current tax liabilities	11	390	67
		390	67
Total equity and liabilities		2,005

On 29 June 2020 the Board of Directors of Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd) authorised these financial statements for issue.

Andreas Karamanos Director

The notes on pages 13 to 19 form an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY 31 December 2019

	Note	Share capital €	Accumulated losses e	Total €
Balance at 1 January 2018		26,000	(28,000)	(2,000)
Comprehensive income Net profit for the year			1,933	1,933
Balance at 31 December 2018/ 1 January 2019 ----------------------------------------------------------------------------------------------------------------------------------				(67)
Comprehensive income Net profit for the year			1,677	1,677
Transactions with owners Issue of share capital Total transactions with owners	10	5
Balance at 31 December 2019		26,005	(24,390)	1,615

Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at 17% will be payable on such deemed dividends to the extent that the ultimate shareholders are both Cyprus tax resident and Cyprus domiciled. The amount of deemed 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.

The notes on pages 13 to 19 form an integral part of these financial statements.

CASH FLOW STATEMENT 31 December 2019

CASH FLOWS FROM OPERATING ACTIVITIES	2019 €	2018 €
Profit before tax	2,000	2,001
Changes in working capital:	2,000	2,001
Increase in receivables Decrease in trade and other payables	(2,005)
Cash (used in)/generated from operations Tax paid	(5)	(2,000)
Net cash used in operating activities	(5)	(1)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital	5
Net cash generated from financing activities	5
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year

The notes on pages 13 to 19 form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2019

1. Incorporation and principal activities

Country of incorporation

The Company Planetclean Recycling Industries Plc (ex Rofolio Holdings Public Company Ltd) (the "Company") was incorporated in Cyprus on 5 August 2016 as a private librity company under the Pornishy'') was now
Companies Law Can 113 Tits registered office in the Minited liability c Companies Law, Cap. 113. Its registered office is at 15 Agion Omologiton Str., 1080, Nicosia, Cyprus.

Principal activities

The principal activities of the Company, which are unchanged from last year, are the investments in real estate.

2. Significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented in these financial statements unless otherwises stated.

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 Law, Cap.113. The financial statements have been prepared under the historical cost convention.

Adoption of new and revised IFRSs

During the current year the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant this operations and are effective for accounting periods beginning Standards
adonting did not have a material offer as the see effective for accounti adoption did not have a material effect on the accounting policies of the Company.

At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were rod yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors exects that the object of the European Union and not have a material effect on the financial statements of the Company.

Segmental reporting

The Company is organised by business segments and this is the primary format for segmental reporting. Each business segment provides or services which are subject to risks and returns that are different from those of other business segments. The Company operates only in Cyprus and for this reason operations are not analysed by geographical segment.

Tax

Current tax liabilities and assets 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.