Karyes Investment Public Company LTD

Annual / Quarterly Financial Statement • Jun 16, 2016

STATEMENT OF PROFIT AND LOSS AND OTHER TOTAL INCOME for the year ended 31 December 2015

	2015	2014
INCOME	€	€
Profit from the sale and revaluation of investments
at fair value through profit and loss	13,547	39,186
Other income	3,620	5,194
	17,167	44,380
Administrative expenses	(27,303)	(30,161)
(Loss)/profit from operating activities before finance income	(10,136)	14,219
Finance income	209	1,417
Finance costs	(377)	(270)
Net finance (costs)/income	(168)	1,147
(Loss)/Profit before taxation	(10,304)	15,366
Taxation	(5)	(110)
(Loss)/Profit for the year	(10,309)	15,526
Other total income	-	-
Total (costs)/income for the year	(10,309)	15,256
Basic and fully diluted (loss)/earnings per share (cents)	(0.52)	0.76

KARYES INVESTMENT PUBLIC COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

as at 31 December 2015 CURRENT ASSETS Trade and other receivables 360,097 270,392 Investments 64,432 214,775 Cash at bank 50,228 6,959 Total current assets 474,757 492,126 TOTAL ASSETS 474,757 492,126 EQUITY AND LIABILITIES Equity and reserves Share capital 500,000 500,000 Reserves (40,512) (30,203) Total equity (459,488) 469,797 Current liabilities Trade and other liabilities 15,011 22,071

Taxation 258 258 15,269 22,329 TOTAL EQUITY AND LIABILITIES 474,757 492,126 Net asset value per share (cents) 22.95 23.49

2015 € 2014 €

STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2015

	Share capital €	Annuity reserve €	Total equity €
Balance as at 1 January 2014	500,000	(45,459)	454,541
Profit for the year	-	15,256	15,256
Balance as at 31 December 2014	500,000	(30,203)	469,797
Balance as at 1 January 2015	500,000	(30,203)	469,797
Loss for the year	-	(10,309)	(10,309)
Balance as at 31 December 2015	500,000	(40,512)	459,488

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, by the end of the two years after the end of the year of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence at 17% will be payable on such deemed dividend distribution to the extent that the shareholders for the purposes of such distribution at the end of the period of two years from the end of the year of assessment to which the profits refer, are domiciled in Cyprus. The amount of this deemed dividend distribution is reduced by any actual dividend already paid for the year to which the profits refer by the end of the two years after the end of the year of assessment to which the profits refer. This special contribution for defence is paid by the Company for the account of the shareholders.

KARYES INVESTMENT PUBLIC COMPANY LIMITED

STATEMENT OF CASH FLOWS

for the year ended 31 December 2015

	2015	2014
	€	€
Cash flow from operating activities
(Loss)/Profit for the year	(10,309)	15,256
Adjustments for:
Profit from sale and revaluation of investments at fair value
through profit and loss	(13,547)	(39,186)
Interest receivable	(182)	(367)
Taxation	5	110
Cash flow for operating activities before changes
in working capital	(24,033)	(24,187)
Increase in trade and other receivables	(89,705)	(270,391)
(Decrease)/Increase in trade and other liabilities	(7,060)	(3,815)
Cash flow for operating activities	(120,798)	(290,763)
Dividends received	-	(5,194)
Tax paid	(5)	(78)
Net cash flow for operating activities	(120,803)	(296,035)
Cash flow from investing activities
Payments for acquisition of investments	(787,740)	(1,250,199)
Proceeds from sale of investments	951,630	1,466,021
Interest received	182	367
Dividends received	-	5,194
Net cash flow from investing activities	164,072	221,383
Net increase/(decrease) in cash and cash equivalents	43,269	(74,652)
Cash and cash equivalents at beginning of year	6,959	81,611
Cash and cash equivalents at end of period	50,228	6,959
Cash and cash equivalents comprise:
Cash at bank	50,228	6,959