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CLR: Non-audited six-month results for 2002

During its meeting on August 8, 2002, the Board of Directors of CLR Financial Services Ltd reviewed and approved the Consolidated Summary Accounts for the six-month period ended June 30, 2002. The accounts and the explanatory statement are attached.

The profit and loss account will be published in pancyprian daily newspapers Haravgi and Simerini on August 10, 2002. A sufficient number of copies of the entire report that was prepared based on International Accounting Standard 34, will be available at the company’s registered office at 31 Evagorou Avenue, Evagoras Tower, 6th floor, Nicosia, Cyprus, without any extra charge.

Excerpts from the newspaper publications will be sent to the CSE and the SEC on August 12, 2002.

The Board of Directors also discussed the issue of Rights Distribution to the staff and company directors according to the Rights Distribution Plan approved by the Company’s General Assembly on June 5, 2000, and decided to continue the discussion during the upcoming meetings.


The continued crisis in the stock exchange sector has negatively affected company results for the six-month period. A great portion of the loss for the period as well as the reduction in the shareholders’ interest is due to the reduction in the value of company investments.

During the period, the company went ahead with an increase in the share possessed in CLR Investment Fund Ltd by 6%, raising the total share percentage to 28,90%. The negative goodwill that resulted from the above transaction (about CYP 3,2 million) is included in the share of results in related companies.

During the first six-month period of 2002, the company has continued its efforts to keep its expenses down compared to those in the corresponding six-month period of 2001. The profit and loss account for the period also includes a provision for bad debts of related company Parma Brokerage Ltd. The results also reflect the decision to accelerate the amortization of goodwill from the acquisition of subsidiary Tufton Oceanic Finance Group Ltd, as well as the complete amortization of the goodwill balance of related company CLR Investment Fund Ltd (approximately CYP 1,3 million). As concerns the increase in the staff costs to CYP 1.664.367 in 2002 compared to CYP 1.322.196 in 2001, this reflects the inclusion of staff payments of group Tufton Oceanic Finance Group Ltd. Without this inclusion, the staff costs would have been significantly reduced compared to 2001.

During the period, this company has maintained its leadership position in the Stock Exchange matters of the country, achieving the first position in the share of the stock transactions volume. Acting under very difficult market and competition positions, the company has also managed to maintain amounts from the management of capital. Despite the challenging conditions, the Stock Exchange services department has continued to offer high quality services and has thus been pre-selected along with prestigious international partners to be in the Government’s advising team for the planned DBFO projects. Efforts were concentrated on the internationalization of the company’s income. Besides the investment in subsidiary Tufton Oceanic Finance Group Ltd, efforts in Greece and in the Balkans for the pinpointing of new expansion opportunities have intensified.

The company has started its work which will allow it to apply to the CSE to secure an Investment Services license. We believe that the legal settlement of the Investment Services issue is the most important event to affect the stock exchange developments of the near future and the company is intensively working on playing the part it deserves in the upcoming developments.

Following the above, the infrastructure of the International Investments Sector –in which the company believes it must maintain a leadership position– has been completed. In the future, we believe that the company will significantly rely on this division for its further development.
Friday, 9 August, 2002 - 09:52