Statement of Total Income for the year ended 31 December 2016

	2016	2015
	€	€

Cost of sales	(239,645)	-
Loss from financial assets at fair value through profit or loss	(500)	(1,400)
	(240,145)	(1,400)
Administrative expenses	(50,716)	(42,060)
Other income	49,890	69,350

Operating (loss) / profit	(240,971)	25,890
Finance costs	(213,744)	(199,301)

Loss before taxation	(454,715)	(173,411)
Taxation charge	-	-

Loss for the year	(454,715)	(173,411)

Other total income for the year after taxation	-	-

Total losses for the year	(454,715)	(173,411)

Loss per share (cents per share):
Basic	(4.55)	(1.74)

Balance Sheet as at 31 December 2016

	2016 €	2015
Assets		€
Current assets
Inventories	1.912.760	2,151,908
Trade and other receivables	1.265.368	1,292,525
Financial assets at fair value through profit or loss	4.324	4,824
Current tax liabilities	123	123
Cash and bank deposits	1.511	1,575
	3.184.086	3,450,955
Total assets	3.184.986	3,450,955
Equity and liabilities Capital and reserves Share capital	499.392	499,392
Difference from conversion of share capital into Euro	12.565	12,565
Share premium reserve	807.523	807,523
Accumulated losses	(1.653.143)	(1,198,428)
Total equity	(333.663)	121,052
Current liabilities
Other creditors	14.803	41,063
Borrowings	3.502.946	3,288,840
	3.517.749	3,329,903
Total liabilities	3.517.749	3,329,903
Total equity and liabilities	3.184.086	3,450,955

	Share capital €	Share premium reserve (2) €	Difference from conversion of share capital into Euro (2) €	Accumulated losses €	Total €

Balance as at 1 January 2015	499,392	807,523	12,565	(1,025,017)	294,463
Total income Loss for the year	-	-	-	(173,411)	(173,411)
Balance as at 31 December 2015 /
1 January 2016	499,392	807.523	12,565	(1,198,428)	121,052
Total income Loss for the year	-	-	-	(454,715)	(454,715)
Balance as at 31 December 2016	499,392	807,523	12,565	(1,653,143)	(333,663)

1. Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 15% will be payable on such deemed dividends to the extent that the shareholders, at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The percentage of the special contribution for defence increased to 17% for profits for the tax years 2009 and to 20% for profits for the tax years 2010 and 2011 and was then reduced to 17% for profits for the years 2012 onwards. The amount of deemed distribution is reduced 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.
1. The share premium reserve and the difference from conversion of share capital into euro reserve are not available for distribution in the form of dividend.

	2016	2015
	€	€
Cash flow from operations
Loss before taxation	(454,715)	(173,411)
Adjustments for:
Impairment of inventories in net realisable value	239.645	-
Fair value loss in financial assets at fair value through profit or loss	500	1,400
Credit interest	(49,890)	(68,350)
Debit interest	213,744	199,301
	(50,716)	(41,060)
Changes in working capital:
Trade and other receivables	-	(205)
Other creditors	(26,395)	1,542

Net cash used for operations	(26,395)	(39,723)

Cash flow from investing activities
Loans repaid	77,047	40,718

Net cash from investing activities	77,047	40,718

Net (decrease)/increase in cash and cash equivalents	(64)	995
Cash and cash equivalents at beginning of year	1,575	580

Cash and cash equivalents at end of year	1,511	1,575