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Europrofit: Interim Management Statement

At the meeting held on Thursday, May 16, 2013, the Board of Directors of Europrofit Capital Investors Public Limited approved the interim management statement of the Company and its subsidiaries for the period from January 1, 2013 to May 15, 2013, pursuant to article 11 of Law 190(1) 2007. The statement has not been audited by the external auditors and describes the Group’s performance and events during the period.

Nature of activities

The Group decided to terminate its activities on land development. It main activities focus on investments in movable securities, venture capital and strategic investments.

Significant events during the period

There were no significant events during the period.

Main events and transactions

With the Eurogroup agreement in March 25, 2013 on the financial aid to Cyprus and the decrees issued by the Central Bank of Cyprus for Cyprus Popular Bank and Bank of Cyprus, the Company has not been affected since it did not hold any shares or other titles in the two banks and had not deposits exceeding €100,000 in them.

The Company had no revenues during the period. After the sale of its subsidiaries on November 5, 2012, it has become inactive.

The total loss for the period stood at €5.500 and concerns exclusively the administrative expenses. The total loss in the corresponding period last year stood at €67,000, the net loss attributable to shareholders of which was €35,000.

As stated in the audited financial statements for the year ended December 31, 2012, the debt of €9,065,908 million on behalf of Piraeus Bank SA to the Company is still pending. The Athens Court of First Instance has redefined the hearing of the case for October 8, 2014. The Board of Directors, following certain legal advice, believes that the case has good chances of success and, therefore, no additional provision for depreciation in the value of receivable was made. The receivable sum in the Company’s books stands at €6.458.000 and represents the current value of the calculated paid cash flows with an interest rate of 6.5%.

There were no revenues, profits or losses from non recurrent activities or activities that do not fall under the Company’s main activities during the period.

Other events

On March 13, 2013 the SEC approved the request of CLR Investment Fund Public Ltd to start the procedure for a squeeze out. In view of the above and pursuant to Article 5 of the Regulatory Decision on the clearing and settlement of transactions following the exercise of a squeeze out, the Company’s titles are not traded with effect from April 8, 2013. With the completion of the squeeze out, CLR Investment Fund Public Ltd will apply for its delisting from the CSE and its conversion to private company.

Prospects

The Group’s prospects will depend on the outcome of its demand from Piraeus Bank SA. The Company will release an analytical statement of its results in its six-month results 2013.
Thursday, 16 May, 2013 - 12:53