ALKIS H. HADJIKYRIACOS (FROU FROU BISCUITS) PUBLIC LTD
27 February 2024
ANNOUNCEMENT
BLACK GOLD AND COCOA

We would like to inform investors and Cypriot consumers in general of the following:
Due to the galloping global increase in the price of cocoa and chocolate, we are forced
to apply significant increases in the chocolate products produced by the Group as of 1
April 2024. This could potentially adversely affect the Group’s total sales in 2024, as the
increased prices may have a negative impact on the consumption of all chocolate
products in the market in general. The Group is considering various alternative measures
to mitigate the impact of the increases brought about by these unprecedented variations
in the prices of key raw materials.
Attached is a graph illustrating the dramatic increase in the price of cocoa in US dollars
per tonne over the past year, for the period from March 2023 to the present day. In
percentage terms, the increase is of the order of 153.55%.
Based on the data available so far, the Group intends, in a first stage, to increase the prices
of chocolate products by 20%-30%, absorbing in the short term a significant percentage of
the total increase in the cost of raw materials, and will reassess the situation in August, based
on the movement of cocoa product prices in the international market.
It is clarified that the prices of Frou-Frou biscuits, Golden Choice cereals, Bakandy’s
bakery products, Handy’s snacks and Mon Ami desserts that do not contain cocoa or
chocolate will not be affected and will remain stable for the remainder of 2024.
It should also be noted that the Group’s imported chocolate products will also be affected
with corresponding increases based on our suppliers’ new higher prices. In case cocoa and
chocolate prices fall to lower levels, the Group intends to make corresponding changes and
reductions in the products it manufactures.
We will keep you informed of new developments.
FOR ALKIS H. HADJIKYRIACOS
(FROU FROU BISCUITS) PUBLIC LTD
Alkis H. Hadjikyriacos
CEO