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 1/07/2011 to 28/11/2011 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 does not seem to improve, however, activities such as the production and sale of provender might have prospects.
2. The signed agreements with the banks have not been adopted yet for reasons that do not have to do with the Company. The Company is suffering losses due to the delay. There are indications that at least one of those agreements will be enforced will be enforced soon.
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. The Company has been informed on the change of zones soon but it has no other information.
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 the liquidity problems continue, things might change. The Company expects the announcement of a new European plan so as to secure a subsidy for the improvement of its plant.
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 does not seem to improve, however, activities such as the production and sale of provender might have prospects.
2. The signed agreements with the banks have not been adopted yet for reasons that do not have to do with the Company. The Company is suffering losses due to the delay. There are indications that at least one of those agreements will be enforced will be enforced soon.
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. The Company has been informed on the change of zones soon but it has no other information.
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 the liquidity problems continue, things might change. The Company expects the announcement of a new European plan so as to secure a subsidy for the improvement of its plant.
Thursday, 1 December, 2011 - 12:44