Mriya Agro Public : Condensed Interim Consolidated Financial Statements for the six months ended 31 December 2015

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Mriya Agro Holding Public Limited (Under liquidation)

Condensed Interim Consolidated Financial Statements

for the six months ended 31December 2015

These consolidated interim condensed financial statements contain 25 pages

Mriya Agro Holding Public Limited

Condensed Interim Consolidated Financial Statements for the six months ended 31 December 2015

Contents

Independent Auditors' Report on review of Condensed Interim Consolidated Financial Information 2 - 4

Condensed Consolidated Statement of Financial Position 5 & 6

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 7

Condensed Consolidated Statement of Changes in Equity 8

Condensed Consolidated Statement of Cash Flows 9

Notes to the Condensed Interim Consolidated Financial Statements 10 - 25

KPMG Limited Chartered Accountants

14 Esperidon Street, 1087 Nicosia, Cyprus

P.O. Box 21121, 1502 Nicosia, Cyprus T: [phone], F: [phone]

INDEPENDENT AUDITORS' REPORT ON REVIEW OF CONDENSED

INTERIM CONSOLIDATED FINANCIAL INFORMATION

TO THE SPECIAL MANAGER OF

Mriya Agro Holding Public Limited

Introduction

We were engaged to review the accompanying condensed consolidated statement of financial position of Mriya Agro Holding Public Limited (''the Company") and its subsidiaries (together with the Company, the "Group") as at 31 December 2015, the condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six­ months period then ended, and notes to the interim financial information (''the condensed interim consolidated financial information"). Management is responsible for the preparation and presentation of this condensed interim consolidated financial information in accordance with IAS 34 "Interim Financial Reporting". Our responsibility is to express a conclusion on this condensed interim consolidated financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Board Members

N G Syrim1s, A K. Christof1des, P.G. Lo1zou, A fvl. Gregor,ades, A A. DemE)tnou,

D S Valis, A.A Apostolou. S.A Lomdes, M.A. Lo1z1des. S G. Sofocleous,

M fv1 An1onmdes, C V. Vasiliou, P.E Antomades, M.J. Halios, M.P Michael,

P A Pelet1es. G V Mark1des. M.A Papacosta. K A. Papi3mcolaou. Al Shiamrnout1s. G N Tz1ortz1s, H.S Charalambous. C.P Anay1otos, I P Ghalanos M G. Gregor1ades, H A Karoull1s, G P. Savva. C A Kal,as C.N. Kall1s M.H. Zavrou. P S Elia

M G Lazarou. Z.E. Hudi1zacharias. P S. Theophanous. fvl.A Karanton1, C.A Marhdes

G V. Andreou. J C. N1colaou G S. Prodromou A S Solocleous, G 1-J Syrim1s T.J Y1asem1dos

KPMG L1r ,ted, a priv;:ite company limited by shares.registered I Cyprus under rcg1trat1on

limassol

P O Box 50;61. 3601

T [phone]

F [phone]

larnaca

P O Box 40075 G300

T [phone]

F [phone]

Pnphos

P O Box 60288 a,o·

T +357 2G 9,13050

Paralimm I Ay1a Napa

P O Box 33200 5311

T +357 23 8200.80

F [phone]

Polis Chrysochou

P O Box 66014, 8330

T +357 2G 322098

F +357 2G 322722

number HE 132822 with its registered off ce at 14, Esper don Street, 1087, r·J1cos1a, Cypr s

F [phone]

Basis for qualified conclusion

1. . The Group has not maintained adequate accounting records regarding trade and other payables amounting to USO 8,561 thousand and advances received and other short-term liabilities to certain counterparties amounting to USO 1,425 thousand as at 31 December 2015 (1 July 2015: USO 13,381 thousand and USO 1,822 thousand, respectively), which originated before 1 July 2015. We were unable to complete our review procedures over trade and other payables amounting to USO 8,561 thousand and advances received and other short-term liabilities amounting to USO 1,425 thousand, and review procedures over completeness of trade and other payables stated at USO 17,168 thousand and advances received and other short-term liabilities stated at USO 2,137 thousand as at 31 December 2015 (1 July 2015: USO 31,097 thousand and USO 3,727 thousand, respectively). Had we been able to complete our review of trade and other payables and advances received and other short-term liabilities, matters might have come to our attention indicating that adjustments might be necessary in respect of trade and other payables, advances received and other short-term liabilities as at 1July 2015 and 31 December 2015 and the elements making up Condensed Consolidated statement of profit or loss and other comprehensive income and Condensed Consolidated statement of changes in equity for the six months ended 31December 2015.

2. The Group has not previously maintained adequate accounting records regarding guarantees issued for liabilities of third parties. Due to the change in management, as described in Notes l(a) and 2(a), the Group might not have complete information over such guarantees issued as at 1July 2015 and 31 December 2015. We were unable to complete our review procedures over completeness of provision for guarantees stated at USD 291,127 thousand as at 31 December 2015 (1 July 2015: USO 233,450 thousand) and completeness of disclosure of contingent liabilities for guarantees as at 31 December 2015 and 1 July 2015. Had we been able to complete our review of guarantees issued, matters might have come to our attention indicating that adjustments might be necessary in respect of provision for guarantees, retained earnings (accumulated deficit) and disclosure of contingent liabilities as at 1July 2015 and 31 December 2015 and the elements making up Condensed Consolidated statement of profit or loss and other comprehensive income and Condensed Consolidated statement of changes in equity for the six months ended 31 December 2015.

3. The Group has not presented separately the revaluation reserve for the fair value movement of Property, plant and· equipment (Note 7) as a result of revaluations of Property, Plant and Equipment that were performed as at and prior to 1July 2015.The above is not in line with IAS 1 "Presentation of Financial Statements" .

4. The Group has not presented the comparative information for the relevant period in accordance with IAS 34 "Interim Financial Reporting", for the Condensed Consolidated statement of Profit or Loss and Other Comprehensive Income, for the Condensed Consolidated Statement of Changes in equity and for the Condensed Consolidated statement of Cash Flows.

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