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Hadjiioannou Farm: Interim Management Statement

The Board of Directors of Renos Hadjiioannou Farm Public Company Ltd approved the Interim Management Statement of the Company and its subsidiary for the six months ended 30/6/2014, which has been prepared pursuant to the provisions of Article 1 of the Transparency Requirements Law 2007 (N.190(I)/2007) and has not been audited by the external auditors of the Company.

The main events and transactions during the period are as follows:

1.The main activity, which is the production and sale of poultry products, has not changed. The Company continues to malfunction due to the liquidity problems and because the situation in poultry remains bad.

2. The financial condition of the Company is not expected to improve without the sale of assets or a dramatic change in the market. It is noted that there are legal actions on behalf of the creditors and the Company. There are ongoing negotiations with the banks. If negotiations conclude, the impact on the financial statements will be positive, while there are agreements that have delayed. Despite the efforts for the sale of assets, these were not fruitful due to the general climate and the ongoing ill conditions in the market.

3. There are no other events or transactions affecting the results.

4. The Board of Directors believes that the Company's property, despite its decrease, continues to cover its debts. However, in view of the market conditions and the physical damage on the company’s buildings, there is a grave risk of a very large decrease in its value in the near future. In practice, because the buildings are specialized, there are not many potential buyers. But there are improvement plans of the premises with European agricultural funds which can be used either by the Company or by buyers, if the market conditions improve.
Πέμπτη, 23 Οκτωβρίου, 2014 - 12:47