You are here

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 period from 1/1/2012 to 7/5/2012 that has been prepared pursuant to Article 11 of the Transparency Requirements Law 2007 and has not been audited by the external auditors of the Company.

The most significant facts during the period are:

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. The chicken market conditions are difficult and there are no prospects of improvement in the near future.

2. The Company has reached agreements with banks and it is in the final stages of implementation with a bank. As a result, it showed accounting profit in 2011.

3. There were no significant facts or transactions that could affect the results and there were no profits or losses from non-recurrent activities.

4. Although we expected a change in the zones, there is still a delay and the Company is not in the position to know the terms required so that its properties are included in the housing zone.

5. The Company has a number of plots the value of which runs the risk of being reduced especially if the economic crisis extends. The Board of Directors believes that the value of properties is significantly higher than the sums in the financial statements but while crisis is still here and liquidity problems continue, things might change.
Tuesday, 8 May, 2012 - 17:07