A.J. Green Shell Plc — Interim / Quarterly Report 2019

Sep 25, 2019

PLANETCLEAN RECYCLING INDUSTRIES PLC (PREVIOUSLY ROFOLIO HOLDINGS PUBLIC COMPANY LTD)

FINANCIAL STATEMENTS Period from 1 January 2019 to 30 June 2019

FINANCIAL STATEMENTS Period from 1 January 2019 to 30 June 2019

CONTENTS

PAGE

Board of Directors and other officers	1
Management Report	2
Statement of profit or loss and other comprehensive income	3
Statement of financial position	4
Cash flow statement	5
Notes to the financial statements	6-8

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:

Thomas Patrick Brady - Appointed on 10 July 2019 Rana Kashif Shahzad - Appointed on 10 July 2019 Zheng Zhang - Appointed on -1 September 2016 and resigned on 10 July 2019 Antonia Constantinou - Appointed on -1 September 2016 and resigned on 10 July 2019 Panagiotis Regas - Appointed on -1 September 2016 and resigned on 10 July 2019

Company Secretary:

Thomas Patrick Brady - Appointed on 10 July 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

1

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the period from 1

Principal activities and nature of operations of the Company

of the process and hacare 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

and of a company changed its name from Rofolio Holdings Public Company Ltd to Planetclean
Recycling Industries Plc.

Review of current position, future developments and performance of the Company's business The Company's developments and position as presented in the Company's business
considered satisfactory and the sults and position as presented in the financial statements are considered satisfactory and the Board of Directors and position as presented in the financial states
considered satisfactory and the Board of Directors is making an effort t

Principal risks and uncertainties

The principal risks and uncertaintees
The principal risks and uncertainties faced by the Company are disclosed in note 6 of the financial statements.

Use of financial instruments by the Company

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

Liquidity risk

Liquidity risk is the risk that arises when the maturity of asses and liabilities does not match. An unmatched position potientially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such as maintaining sufficient cash and other highly liquid current with the having available an adequate amount of committed credit facilities.

Share capital

There were no changes in the share capital of the Company during the period under review.

Board of Directors

The members of the Company's Board of Directors as at 30 June 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 period from 1 January 2019 to 30 June 2019.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in 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 remingtess to continue in orite and a Meeting.

By order of the Board of Directors,

homas Patrick Brady

Secretary

25 September 2019

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Period from 1 January 2019 to 30 June 2019

	Note	2019 e	2018 €
Administration expenses		(1,243)	(922)
Loss before tax		(1,243)	(922)
Net loss for the period/year		(1,243)	(922)
Other comprehensive income
Total comprehensive income for the period/year		(1,243)	(922)

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 distribution is reduced by any actual dividends paid out 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 6 to 8 form an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION 30 June 2019

ASSETS	Note	2019 €	2018 €
Non-current assets Loans to parent	7
Current assets Other investments Amounts due from lessees under finance leases		-
Total assets
EQUITY AND LIABILITIES
Equity Share capital Accumulated losses	4	26,000 (30,165)	26,000 (28,922)
Total equity		(4,165)	(2,922)
Current liabilities Trade and other payables	5	4,165 4,165	2,922 2,922
Total equity and liabilities

The notes on pages 6 to 8 form an integral part of these financial statements.

CASH FLOW STATEMENT

Period from 1 January 2019 to 30 June 2019

	2019	2018
	€	€
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax	(1,243)	(922)
	(1,243)	(922)
Changes in working capital:
Increase in trade and other payables	1,243	922
Cash generated from operations
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITTES
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period/year
Cash and cash equivalents at end of the period/year

The notes on pages 6 to 8 form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS Period from 1 January 2019 to 30 June 2019

Principal activities

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

1. New accounting pronouncements

At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Company.

2. Expenses by nature

	2019	2018
	e
Auditors' remuneration - current period	893	1,190
Auditors' remuneration - prior years		758)
Other expenses	350	490
Total expenses	1,243	922

3. Tax

The corporation tax rate is 12,5%.

Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 17%.

Gains on disposal of qualifying titles (including shares, bonds, debentures, rights thereon etc) are exempt from Cyprus income tax.

Due to tax losses sustained in the period, no tax liability arises on the Company. Under current legislation, tax losses may be carried forward and be set off against taxable income of the five succeeding years.

4. Share capital

Authorised	2019 Number of shares	2019 €	2018 Number of shares	2018 €
Ordinary shares of €1 each	26,000	26,000	26,000	26,000
		€		€
Issued and fully paid Balance at 1 January	26,000	26,000	26,000	26,000
Balance at 30 June/31 December	26,000	26,000	26,000	26,000

NOTES TO THE FINANCIAL STATEMENTS Period from 1 January 2019 to 30 June 2019

5. Trade and other payables

	2019	2018
	5
Shareholders' current accounts - credit balances (Note 7.1) Accruals	2,083	1,733
	2,082	1.189
	4,165	2.922

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

6. Operating Environment of the Company

Following a long and relatively deep economic recession, the Cyprus economy began to record positive growth in 2015 which accelerated during 2016. The restrictive measures and capital controls which were in place since March 2013 were lifted in April 2015 and on the back of the economy's performance and the strong implementation of required measures and reforms, Cyprus exited its economic adjustment programme in March 2016. In recognition of the progress achieved on the fiscal front and the economic recovery, as well as the enactment of the foreclosure and insolvency framework, the international credit rating agencies have proceeded with a number of upgrades of the credit ratings for the Cypriot sovereign, and although the rating continues to be 'noninvestment grade', the Cyprus government has regained access to the capital markets. The outlook for the Cyprus economy over the medium term remains positive, however, there are downside risks to the growth projections emanating from the high levels of non performing exposures, uncertainties in the property markets, as well as potential deterioration in the external environment for Cyprus, including continuation of the recession in Russia in conditions of protracted declines in oil prices; weaker than expected growth in the euro area as a result of worsening global economic conditions; slower growth in the UK with a weakening of the pound as a result of uncertainty regarding the result of the Brexit referendum; and political uncertainty in Europe in view of Brexit and the refugee crisis.

This operating environment may have a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of the current economic situation are difficult to predict and management's current expectations and estimates could differ from actual results.

The Company's Management has assessed:

The ability of the Company to continue as a going concern (1)

The Company's Management is unable to predict all developments which could have an impact on the Cyprus economy and consequently, what effect, if any, they could have on the future financial performance, cash flows and financial position of the Company.

The above conditions, along with other matters as set forth in indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern.

On the basis of the evaluation performed, the Company's management has concluded that no provisions or impairment charges are necessary. The Company's Management believes that it is taking all the necessary measures to maintain the viability of the Company and the smooth conduct of its operations in the current business and economic environment.

NOTES TO THE FINANCIAL STATEMENTS Period from 1 January 2019 to 30 June 2019

7. Related party transactions

The following transactions were carried out with related parties:

7.1 Shareholders' current accounts - credit balances (Note 5)

	2019	2018
		E
Shareholder	2,083	1.733
	2,083	1,733

The shareholders' current accounts are interest free, and have no specified repayment date.

8. Contingent liabilities

The Company had no contingent liabilities as at 30 June 2019.

9. Commitments

The Company had no capital or other commitments as at 30 June 2019.

10. Events after the reporting period

There were no material events after the reporting period, which have a bearing on the financial statements.

ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS	PAGE
Detailed income statement	2 .
Selling and distribution expenses	m
Computation of corporation tax

Calculation of tax losses for the five year period

DETAILED INCOME STATEMENT Period from 1 January 2019 to 30 June 2019

	Page	2019 €	2018 E
Revenue
Operating expenses Administration expenses	3	(1,243)	(922)
Net loss for the period/year before tax		(1,243)	(922)

SELLING AND DISTRIBUTION EXPENSES Period from 1 January 2019 to 30 June 2019

	2019 e	2018 €
Administration expenses Annual levy Auditors' remuneration - current period Auditors' remuneration - prior years Fines	350 893	350 1,190 (758) 140
	1,243	977

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