Pryme N.V. — Audit Report / Information 2020

Apr 29, 2021

Annual accounts of

Pryme B.V. (formerly known as CRC Holding B.V.)

Table of contents

Management report	3
Consolidated financial statements	6
Consolidated balance sheet	7
Consolidated profit and loss accounts	9
Consolidated Cash flow statement	10
Notes to the consolidated financial statements	11
Company financial statements	19
Balance sheet	20
Profit and loss account	21
Notes to the company financial statements	23
Other information	27

Management report

General information

Pryme B.V., registered at the Chamber of Commerce in The Netherlands under number 75055449 (hereafter referred to as "Pryme").

Pryme BV is an innovative cleantech company focused on converting plastic waste into valuable products through chemical recycling on an industrial scale. Its efficient and scalable technology is based on the industry-known pyrolysis process that has been further developed and optimized with proprietary characteristics.

The company is currently building its first plant in the port of Rotterdam with an annual hydrocarbon output of 45'000 mt, which is scheduled to start commissioning in Q2 2022.

Pryme's ambition is to contribute to a low carbon, circular plastic economy and to realise the enormous roll out potential of its technology through a combination of owned-operated plants and licencing to strategic partners.

The Pryme group per 31.12.2020 consists of the following companies:

• Pryme B.V.
• CCT International B.V. (100%)
• CCT Circular Cleantech B.V. (100%)

Overview of developments 2020

The year 2020 continued to focus on funding the first plant ("phase I") as well as determining its location.

Several alternative routes for funding phase I were reviewed and the choice was made to pursue a listing on the Euronext Growth exchange in Oslo, Norway. Most of the preparatory work for this has been done in 2020, and the company listed on February 16, 2021. Upon listing, a total of € 25 million of new capital was raised, thereby securing financing for the construction phase of the first plant as well as operational expenses through Q3 2022.

During 2020 the choice was made for planning the construction of the phase I plant at a location called PlantOne in the port of Rotterdam. This location was selected on the basis of its suitability for the company's processes, appropriate -umbrella- licences in place, as well as efficient logistics for both intake and output. Commissioning of the plant is scheduled for Q2 2022.

The costs for 2020 relate mainly to the phase I project and to the preparation of the listing process.

During 2020 all activities of the group were concentrated into the Pryme group, with Pryme BV as the holding entity, CCT International B.V. as the owner of the intellectual property (book value at the time of the transaction of € 2.290.674) and CCT Circular Cleantech B.V. as owner of the assets related to the construction of the plant in Rotterdam (book value at the time of the transaction of € 7.038.347). These restructuring exercises constituted the main part of the related party transactions, the balance relating to management services to the group for a total of € 362.500.

Risks

Overall risk evaluation

Based on in house analysis of the risks to the group and their individual or combined significance for the group, various measures and procedures have been put in place in order to mitigate these risks. This resulting risk profile is deemed acceptable for the group. When new risks are identified and/or when our estimations of likelihood and impact change, appropriate action shall be taken to keep the risk in line with the remaining risk appetite of the group, which in general is low.

The ongoing Covid-19 situation is a clear indication that some risks are beyond the control of the group while (potentially) impacting the group, its investment project and its future operations significantly. To date the impact of the Covid-19 situation is limited, but potentially could impact the timing of the build phase through restrictions of deliveries or related support operations.

Where appropriate specific risks are discussed in greater detail below.

Reputational risk

A strategic risk relates to reputational damage. The company's reputation allows it to operate in conjunction with its partners on the side of supply of feedstock as well as on the further processing of the products of our plants. The company considers the selection of qualified, experienced and ethical senior and middle management as essential to the long term success of the company. No issues relating to this risk were identified during the year under review, nor in the period since then.

Market risk

Pryme has not acquired any feedstock, nor has it sold any future production to date and as a result the company had no direct market risks connected to our operations in 2020. Future operational results will for a large part be dependent on market prices of both delivered feedstock of plastic waste and of the produced mix of hydrocarbons.

Liquidity risk

As a post balance sheet event Pryme completed a successful placement on the Euronext Growth exchange in Oslo, Norway, on February 16, 2021. The € 25 million raised in this placement will be sufficient to complete the build of the first plant and to cover all operational costs related with the ongoing development of the organisation through at least Q3 2022.

Credit risk

During the building phase of the first plant the credit risk to the group will be limited to covering of down payments during the build phase. We strive to cover all these payments with adequate bank guarantees, thereby mitigating any risks of financial default of our suppliers. Any default could significantly delay the completion of our first plant.

Exchange rate risk

The group is dealing almost exclusively in EURO and as such has very limited exchange rate risk. Any future dividends payable on certificates listed on the Oslo Euronext Growth will be made available in NOK, on the basis of the going EURNOK exchange rate around the time of payment of such dividends.

Outlook for 2021 and onwards

Influences on future results

Future operational results will for a large part be dependent on market prices of both delivered feedstock of plastic waste and of the produced mix of hydrocarbons. As the first plant will not be operational before Q2 2022, the impact of any price changes is expected to be limited until that moment.

Investments

The investments for the coming year will be centred on the construction of the phase I plant. No significant other investments are foreseen in 2021.

Financing

With the funding obtained in the listing process, the company has secured the construction of its first plant, as well as its operational expenses through at least Q3 2022.

In addition to this the group is currently in discussion with its bank about a sale and lease back facility for part of the phase I equipment.

The plant is expected to be cash positive after the commissioning phase, and as such no additional financing is foreseen for this part of the organisation.

Around the end of 2022 the final investment decision for the phase II plant is expected to be taken. The company is in the process of developing its funding strategy for that phase and expects to be able to finance this plant with a considerable part of non-dilutive funding.

Personnel related

To date the group has not employed any personnel on its payroll; all of the current contracts are management fee type contracts, with employer risks not affecting the group.

Through 2021 the company plans to increase staffing of the organisation in general and for a large part this will be to meet the requirements for the successful operation of the first plant.

Research and development

Pryme is focussed on further developing its processes of chemically recycling plastic waste. The company focusses on efficient, scalable pyrolysis, and works closely with strategic partners on feedstock supply as well as on further processing of Pryme's products.

In order to ensure the optimization of its processes, the company will continue to research improvements in both quality and efficiency. The research and development will be done under full supervision of dedicated internal resources and with the required external expert support where necessary.

Kapelle, 28 April, 2021 Pryme B.V.

R.H.K. van Meirhaeghe J.D. van der Endt

CONSOLIDATED FINANCIAL STATEMENTS JANUARY 1, 2020 UNTIL DECEMBER 31, 2020

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

(After proposal appropriation of result)

			31-12-2020		31-12-2019
ASSETS		€	€	€	€
FIXED ASSETS
Intangible assets Development costs	1		2.290.674		2.290.674
Property, plant and equipment Machinery Other fixed assets	2	8.729.086 2.500		8.259.713 -
			8.731.586		8.259.713
Financial assets Other amounts receivable	3		37.303		37.165
CURRENT ASSETS
Receivables Receivables from group companies Other receivables and accrued assets	4 5	491.373 614.569		28.105 1.409.066
			1.105.942		1.437.171
Cash and cash equivalents	6		154		571.671
Total assets			12.165.659		12.596.394

			31-12-2020		31-12-2019
EQUITY AND LIABILITIES		€	€	€	€
GROUP EQUITY	7		6.469.699		7.055.565
LONG-TERM LIABILITIES	8
Accruals and deferred income			4.991.511		4.991.511
CURRENT LIABILITIES AND AC CRUALS AND DEFERRED INCOME
Trade payables	9	585.297		243.020
Liabilities to group companies Payables relating to taxes and social se	10 11	2.281		253.878
curity contributions		137		-
Other liabilities and accrued expenses	12	116.734		52.420
			704.449		549.318
Total liabilities			12.165.659		12.596.394

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR 2020

			2020	2019
		€	€	€	€
Wages and salaries	13	11.778		10.308
Other operating expenses	14	575.934		257.604
Total of sum of expenses			587.712		267.912
Total of operating result			-587.712		-267.912
Other interest and similar income	15	2.892		13.915
Interest and similar expenses	16	-1.046		-426
Financial income and expense			1.846		13.489
Total of result of activities before tax			-585.866		-254.423
Income tax expense			-		-
Total of result after tax			-585.866		-254.423

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2020

			2020
		€	€
Total of cash flows from (used in) operating activities Operating result			-587.712
Changes in working capital
Movements accounts receivable		331.229
Increase (decrease) in other payables		155.131
Total of cash flows from (used in) operations			486.360 -101.352
Interest received	15	2.892
Interest paid	16	-1.046
			1.846
Total of cash flows from (used in) operating activities			-99.506
Total of cash flows from (used in) investment activities
Purchase of property, plant and equipment	2	-471.873
Purchase of financial assets		-138
Total of cash flows from (used in) investment activities			-472.011
Total of increase (decrease) in cash and cash equivalents			-571.517
Movement in cash and cash equivalents
Cash and cash equivalents at the beginning of the period			571.671
Increase (decrease) cash and cash equivalents			-571.517
Cash and cash equivalents at the end of the period			154

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Entity information

Registered address and registration number trade register

The registered and actual address of Pryme B.V. is Goessestraatweg 19, 4421 AD in Kapelle. Pryme B.V. is registered at the Chamber of Commerce under number 75055449.

General notes

The most important activities of the entity

The activities of the group consist mainly of development of innovative technology in the field of plastic processing.

Disclosure of group structure

Pryme B.V. is the head of a group.

Consolidation principles

Financial information relating to group companies and other legal entities controlled by Pryme B.V. or where central management is conducted, has been consolidated in the financial statements of Pryme B.V. The consolidated financial statements have been prepared in accordance with the accounting principles of Pryme B.V. Financial information relating to the group companies and the other legal entities and companies included in the consolidation is fully included in the consolidated financial statements, eliminating the intercompany relationships and transactions. Third-party shares in equity and results of group companies are disclosed separately in the consolidated financial statements.

The companies included in the consolidation are:

• CCT Circular CleanTech B.V., Kapelle (100%);
• CCT International BV, Kontich (100%)

The outbreak of the COVID-19 pandemic and the preventive measures taken by the government give rise to significant economic uncertainty. The current developments are subject to rapid change and as such extremely uncertain. Given the described uncertainty it is not reasonably possible to give a reliable estimate of the impact on Pryme as a group. The main area of concern is the timeline related to our build project related to our first plant in the Rotterdam port area, although our best estimate at this moment is that the impact will be limited. The continuity of Pryme group is not a matter of concern because of this pandemic. It is our best estimate that Pryme will be able to continue as planned without additional external support through this period.

Disclosure of estimates

In applying the principles and policies for drawing up the financial statements, the directors of Pryme B.V. make different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

General accounting principles

Changes in accounting principles used

In these consolidates accounts a change in accounting principles applied from fiscal to commercial basis has been incorporated. This change has been incorporated as a result of the listing the group obtained per February 16, 2021 which included the obligation to comply to Dutch GAAP.

The change has been applied retrospectively. The switching to commercial accounting principles per 31.12.2019 and per 31.12.2020 has not impacted the balance sheet or the result for the year. Although the change might have had this impact through the inclusion of a deferred tax asset for the historical losses, it is our estimation that in light of the uncertainty of future developments coupled with the lack of a track record for the group, the prudent approach is to value this asset at 0%.

The accounting standards used to prepare the financial statements

The consolidated financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving'). Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

An abridged income statement has been disclosed (in the company financial statements) in accordance with Section 402, Book 2 of the Dutch Civi1 Code.

Accounting principles

Intangible assets

Intangible fixed assets are stated at historical cost less amortisation. Impairments are taken into consideration; this is relevant in the event that the carrying amount of the asset (or of the cash-generating unit to which the asset belongs) is higher than its realisable value.

With regard to the determination as to whether an intangible fixed asset is subject to an impairment, please refer to the relevant section.

Research costs are recognised in the consolidated profit and loss account. Expenditure on development projects is capitalised as part of the production cost if it is likely from both a commercial and technical perspective that the project will be successful (i.e.: if it is likely that economic benefits will be realised) and the cost can be determined reliably. A legal reserve has been recognised within equity with regard to the recognised development costs for the capitalised amount. The amortisation of capitalised development costs commences at the time when the commercial production starts and takes place over the expected future useful life of the asset.

Property, plant and equipment

Land and buildings are valued at historical cost plus additional costs or production cost less straight-line depreciation based on the expected life. Land is not depreciated. Impairments expected on the balance sheet date are taken into account.

Other tangible fixed assets are valued at historical cost or production cost including directly attributable costs, less straight-line depreciation based on the expected future life and impairments.

Receivables

Receivables are initially valued at the fair value of the consideration to be received, including transaction costs if material. Receivables are subsequently valued at the amortised cost price. If there is no premium or discount and there are no transaction costs, the amortised cost price equals the nominal value of the accounts receivable. Provisions for bad debts are deducted from the carrying amount of the receivable.

Cash and cash equivalents

Cash at banks and in hand represent cash in hand, bank balances and deposits with terms of less than twelve months. Overdrafts at banks are recognised as part of debts to lending institutions under current liabilities. Cash at banks and in hand is valued at nominal value.

Current assets

Current assets are initially valued at the fair value of the consideration to be received, including transaction costs if material. Trade receivables are subsequently valued at the amortised cost price. Provisions for bad debts are deducted from the carrying amount of the receivable.

Non-current liabilities

Investment subsidies are taken into account under the accruals and deferred income. Future depreciation expenses related to the investments will be systematically amortized over the period in which the company intends to depreciate the assets purchased with the subsidies.

Current liabilities

On initial recognition current liabilities are recognised at fair value. After initial recognition current liabilities are recognised at the amortised cost price, being the amount received taking into account premiums or discounts and minus transaction costs. This is usually the nominal value.

Accounting principles for determining the result

The result is the difference between the realisable value of the goods/services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised.

Wages

The benefits payable to personnel are recorded in the consolidated profit and loss account on the basis of the employment conditions.

Other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Cash flow statement

The cash flow statement has been prepared using the indirect method. The cash items disclosed in the cash flow statement comprise cash at banks and in hand except for deposits with a maturity longer than twelve months. Cash flows denominated in foreign currencies have been translated at average estimated exchange rates. Exchange differences affecting cash items are shown separately in the cash flow statement. Interest paid and received, dividends received and income taxes are included in cash from operating activities. Dividends paid are recognised as cash used in financing activities. The purchase consideration paid for the acquired group corporation has been recognised as cash used in investing activities where it was settled in cash. Any cash at banks and in hand in the acquired group corporation have been deducted from the purchase consideration. Transactions not resulting in inflow or outflow of cash, including finance leases, are not recognised in the cash flow statement. Payments of finance lease instalments qualify as repayments of borrowings under cash used in financing activities and as interest paid under cash generated from operating activities.

NOTES TO THE CONSOLIDATED BALANCE SHEET

Fixed assets

1 Intangible assets

	Development costs
	€
Book value as at 1 January 2020	2.290.674
Book value as at 31 December 2020	2.290.674

2 Property, plant and equipment

	Machinery	Other fixed assets	Total
	€	€	€
Balance as at 1 January 2020
Cost or manufacturing price	8.259.713	-	8.259.713
Book value as at 1 January 2020	8.259.713	-	8.259.713
Movements
Additions	469.373	2.500	471.873
Balance movements	469.373	2.500	471.873
Balance as at 31 December 2020
Cost or manufacturing price	8.729.086	2.500	8.731.586
Book value as at 31 December 2020	8.729.086	2.500	8.731.586
Financial assets 3 Other amounts receivable
Other amounts receivable		37.303	37.165
Current assets
4 Receivables from group companies
Omnis C.V.		491.373	-
Pryme Invest S.A.		-	18.105
Nivus BVBA		-	10.000
		491.373	28.105

	31-12-2020	31-12-2019
5 Other receivables and accrued income
Taxes and social security charges	10.934	36.443
Other amounts receivable	535.878	1.344.090
Accruals and prepaid expenses	67.757	28.533
	614.569	1.409.066
Taxes and social security charges
Value added tax Wage tax	10.934	34.949
	-	1.494
	10.934	36.443
Other amounts receivable
Other subsidies receivable	535.878	1.344.090
Accruals and prepaid expenses
Accruals and prepaid expenses	67.757	28.533
6 Cash and cash equivalents
Rabobank	133	569.761
Other banks	21	1.910
	154	571.671

7 Group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet. Refer to notes 20 to 22 hereafter.

Long-term liabilities

8 Long-term liabilities

	Balance as at Release to 31 December P&L 2020	Remaining pay-back time > 1 year
	€	€ €
Total	4.991.511 -	4.991.511
Current liabilities and accruals and deferred income
	31-12-2020	31-12-2019
9 Trade payables		€ €
Trade creditor	237.449	243.020
Invoices to be received	347.848	-

585.297 243.020

31-12-2020 31-12-2019

10 Liabilities to group companies

Omnis C.V. Best Technology Corporation B.V. Nivus BVBA	- 556 1.725 2.281	90.000 163.878 - 253.878
11 Payables relating to taxes and social security contributions
Wage tax	137	-
12 Other liabilities and accrued expenses
Current account board of directors	76.354	40.089
Current account shareholders Audit and consultancy costs	380 40.000	120 -
Other amounts payable	-	12.211
	116.734	52.420

Off-balance-sheet rights, obligations and arrangements

Disclosure of off-balance sheet commitments

The group has commitments in addition to those disclosed in the balance sheet for rental obligations relating to the site for the first facility until 30.11.2025, for a total amount of € 802.234. Of these obligations € 179.188 has a maturity of a maximum of 1 year and there is no commitment past the 5 year period.

Subsequent events

Since year end the company has obtained a listing at the Euronext Growth stock exchange in Oslo, Norway. This was effected on February 16th, 2021 and was done to obtain the funding required for the build of the first production scale plant of our pyrolysis process in the Rotterdam port area. The long lead items for this build have since then been ordered and are expected to be delivered towards the end of 2021 or at the beginning of 2022. At present we still believe that the build will be realized within the original timeframe and budget constraints. In light of the listing the company was also renamed from CRC Holding BV to Pryme BV in order to obtain a ticker call which is in line with this name.

NOTES TO THE CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

	2020	2019
	€	€
13 Wages and salaries
Salaries and wages	12.000	12.000
Applied salaries and wages	-222	-1.692
	11.778	10.308
Average number of employees 2020
		Number
Average number of employees 2019		-
		Number
Average number of employees		-
14 Other operating expenses
Other expenses of employee benefits	212.500	-
Housing expenses	89.311	54.325
Operating and machine expenses	1.276	390
Selling expenses	1.942	38.625
Office expenses	973	6.637
General expenses	269.932	157.627
	575.934	257.604
	2020	2019
	€	€
Other expenses of employee benefits
Management fees	212.500	-
Housing expenses
Rental expenses	89.311	54.325
Operating and machine expenses Packing material	790	-
Rental expenses inventory	486	390
	1.276	390
Selling expenses
Representation expenses	889	56
Freight expenses Advertising expenses	710 343	11.260 -
Travelling and hotel expenses	-	26.856
Exchange expenses	-	453
	1.942	38.625

	2020	2019
Office expenses Automation expenses	973	6.165
Postage expenses	-	24
Office supplies	-	448
	973	6.637
General expenses
Audit and accounting costs	117.344	27.488
Litigation expenses	81.922	93.370
Insurance premium	62.295	26.867
Consultancy expenses	4.188	6.096
Subscriptions	3.008	59
Notarial expenses	530	933
Fine and increases of taxes and social insurance premiums	49	419
Other general expenses	596	2.395
	269.932	157.627
15 Other interest and similar income
Interest of receivables from group companies	2.892	13.915
16 Interest and similar expenses
Paid bank interest	273	107
Other interest expenses	773	319
	1.046	426

COMPANY FINANCIAL STATEMENTS

BALANCE SHEET AS AT 31 DECEMBER 2020

(After proposal distribution of result)

			31-12-2020		31-12-2019
		€	€	€	€
ASSETS
FIXED ASSETS
Financial assets
Shares in group companies	17		6.565.477		-
CURRENT ASSETS
Receivables
Receivables from group companies	18	-		7.055.565
Other receivables and accrued assets	19	3.745		-
			3.745		7.055.565
Total assets			6.569.222		7.055.565

			31-12-2020		31-12-2019
EQUITY AND LIABILITIES		€	€	€	€
EQUITY Share capital Share premium reserve Legal and statutory reserves General reserve	20 21 22	10.000 7.413.484 2.290.674 -3.244.459		10.000 7.413.484 2.290.674 -2.658.593
			6.469.699		7.055.565
CURRENT LIABILITIES AND AC CRUALS AND DEFERRED INCOME Trade payables Other liabilities and accrued expenses	23	59.523 40.000	99.523	- -	-
Total liabilities			6.569.222		7.055.565

PROFIT AND LOSS ACCOUNT FOR THE YEAR 2020

		2020		2019
		€ €	€	€
Other operating expenses Total of operating result	24	95.778 -95.778		- -
Income tax expense		- -95.778		- -
Share in result from participations Total of result after tax	25	-490.088 -585.866		-254.423 -254.423

NOTES TO THE COMPANY FINANCIAL STATEMENTS

For the general principles for the preparation o the financial statements, the principles for valuation of assets and liabilities and determination of the result , as well as for the notes to the specific assets and liabilities and the result, reference is made to the notes to the consolidated financial statements, if not presented otherwise hereinafter.

Financial assets

Participations, over which significant influence can be exercised, are valued according to the net asset value method. In the event that 20% or more of the voting rights can be exercised, it may be assumed that there is significant influence.

The net asset value is calculated in accordance with the accounting principles that apply for these financial statements; with regard to participations in which insufficient data is available for adopting these principles, the valuation principles of the respective participation are applied.

If the valuation of a participation based on the net asset value is negative, it will be stated at nil. If and insofar as Pryme B.V. can be held fully or partially liable for the debts of the participation, or has the firm intention of enabling the participation to settle its debts, a provision is recognised for this.

Newly acquired participations are initially recognised on the basis of the fair value of their identifiable assets and liabilities at the acquisition date. For subsequent valuations, the principles that apply for these financial statements are used, with the values upon their initial recognition as the basis.

The amount by which the carrying amount of the participation has changed since the previous financial statements as a result of the net result achieved by the participation is recognised in the profit and loss account.

Participations over which no significant influence can be exercised are valued at historical cost. The result represents the dividend declared in the reporting year, whereby dividend not distributed in cash is valued at fair value.

In the event of an impairment loss, valuation takes place at the recoverable amount; an impairment is recognised and charged to the profit and loss account.

Receivables recognised under financial fixed assets are initially valued at the fair value less transaction costs. These receivables are subsequently valued at amortised cost price, which is, in general, equal to the nominal value. For determining the value, any depreciation is taken into account.

NOTES TO THE BALANCE SHEET

ASSETS

Fixed assets
Financial assets
	31-12-2020	31-12-2019
	€	€
17 Shares in group companies
CCT International BV	6.565.477	-
Current assets
	31-12-2020	31-12-2019
18 Receivables from group companies	€	€
Current account CCT International BV	-	7.055.565

19 Other receivables and accrued income

Taxes and social security charges 3.745 -

Taxes and social security charges

Value added tax	3.745	-

20 Equity

	Share capital Share pre	mium reserve	Legal and statutory re serves	General re serve	Total
	€	€	€	€	€
Balance as at 1 January 2020	10.000	7.413.484	2.290.674	-2.658.593	7.055.565
Appropriation of result	-	-	-	-585.866	-585.866
Balance as at 31 December 2020	10.000	7.413.484	2.290.674	-3.244.459	6.469.699
				2020	2019
				€	€
21 Share premium reserve
Balance as at 1 January				7.413.484	-
Share premium in financial year				-	7.413.484
Balance as at 31 December				7.413.484	7.413.484

	31-12-2020	31-12-2019
22 Legal and statutory reserves	€	€
Legal reserve participating interest	2.290.674	2.290.674
Current liabilities and accruals and deferred income
	31-12-2020	31-12-2019
23 Other liabilities and accrued expenses	€	€
Audit and consultancy costs	40.000	-

APPROPRIATION OF RESULT

The management proposes that the result for the financial year 2020 amounting to € 585.866 (negative) should be transferred to the general reserves.

The financial statements reflect this proposal.

NOTES TO THE STATEMENT OF INCOME AND EXPENSES

Average number of employees 2020
		Number
Average number of employees 2019		-
		Number
Average number of employees		-
	2020	2019
	€	€
24 Other operating expenses
Other expenses of employee benefits	31.250	-
General expenses	64.528	-
	95.778	-
	2020	2019
	€	€
Other expenses of employee benefits
Management fees	31.250	-
General expenses
Audit costs	57.832	-
Litigation expenses	6.696	-
	64.528	-
25 Share in result from participations CCT International BV	-490.088	-254.423
Kapelle, 28 April, 2021 Pryme B.V.

R.H.K. van Meirhaeghe J.D. van der Endt

OTHER INFORMATION

Provisions in the articles of Association governing the appropriation of results

Under article 19 of the Company's Articles of Association, the result for the year is at the disposal of the General Assembly of Shareholders, which can allocate the results either wholly or partly to the formation of or addition to one or more general or specific reserve funds. The proposal of the Board to allocate the results for the year to the general reserves has been incorporated into these financial statements,

Auditor's report of the independent auditor

The auditor's report with respect to these financial statements is set out on the next pages.