Result of Meeting

Results of Meeting

Please note that a meeting of the Board of Directors of the company was held on Saturday 5/9/2020.

 The following summary of the decisions issued:

-The company's annual consolidated and separated financial statements for the financial year ended 30/6/2020 and its supplementary clarifications had been approved.

Approving the annual report of the board of directors and approving the invitation of the Ordinary General Assembly to approve the financial results.

-Approving The report of the Audit Committee for the financial year ended 30/6/2020.

 Approving the company's report for governance and the auditor's report for the financial year ended 30/6/2020.

- The company also acknowledges that this summary contains all the essential information that must be disclosed in accordance with the provisions of the Money Market Act, its implementing regulations, and the rules and decisions issued I accordance to them.

As well as discussing general topics related to the ordinary business in AMOC.

Audit Committee Results of Meeting

Examination of the financial statements of the company for the period ended June 30, 2020 to ensure its legal compliance with the companies' law No. 159 for the year 1981, its executive regulations, and the Capital Market Law No. 95 for the year 1992 and it's implementing regulations and disclosure requirements of the Egyptian Stock Exchange.

Important Business issues that had been done:

- Balance sheet on 30/6/2020 with total investment of 1.920 Billion EGP and total equity of 1.870 Billion EGP.

- Consolidated balance sheet on 30/6/2020 with total investment of 1.932 Billion EGP and total equity of 1.882 Billion EGP.

- Income statement on 30/6/2020 is about 488.281 Million EGP.

- Consolidated income statement on 30/6/2020 is about 477.024 Million EGP.

- Standalone and consolidated statement of owner's equity and cash flow statement.

- Ensure that the company adheres to the necessary procedures for the rules of registration and delisting in the Egyptian Stock Exchange.

Auditing the procedures of preparing standalone financial statement for the year 2019/ 2020 which shows the following:

- Total cost of sales on 30/6/2020 of 9.386 Billion EGP and 13.969 Billion EGP compared to the same period of the financial year 2018/2019.

- Total net sales on 30/3/2020 of 8,833 Billion EGP and 14.664 Billion EGP compared to the same period of the financial year 2018/2019.

- Total profit (loss) on 30/6/2020 of ( 553.086) million EGP and 750.022 Million EGP compared with the same period of the financial year 2018/2019.

- Audting the followed procedures to prepare financial statement on 30/6/2020 which shows a net profit/loss of (488.281) Million EGP.

Auditing the procedures of preparing consolidated financial statement for the year 2019/2020 which shows the following:

- Total net sales on 30/6/2020 of 8.984 Billion EGP and 14.858 Billion EGP compared to 30/6/2019.

- Total cost of sales on 30/6/2020 of 9.386 Billion EGP and 13.969Billion EGP compared to 30/6/2019 .

- Total profit (loss) on 30/6/2020 of (401.738) million EGP and 943.794 Million EGP compared to 30/6/2019.

- Auditing the followed procedures to prepare financial statement on 30/6/2020 which shows a net profit/loss of (477.024) Million EGP.

As it has been confirmed that the standalone and consolidated financial statements of 30/6/2020 are made in accordance with the Egyptian Accounting Standards and it was confirmed that an independent consultant had prepare a report on the transactions with the relevant parties, and the committee also reviewed the report of vacations and over time.

http://www.rns-pdf.londonstockexchange.com/rns/5874E_1-2020-11-8.pdf