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 11/11/2009 to 16/5/2010 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 due to the liquidity problems, which have eased lately. In 2009, the Company showed profits and expects profits in 2010 too due to the return of interests that have been recognized.
2. In March 2010, the Company proceeded with the purchase of two properties with the issue of shares, while the agreement for the sale of properties to Laiki Bank has not been adopted, although it is quite some time that the Company is ready for it.
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. At the meeting on 21/5/2010, the Board of Directors will examine the spin off of the subsidiary so that its activities become autonomous. It will also examine the issue of convertible bonds to improve the Company’s liquidity.
5. 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.
6. The Company has a number of plots the value of which runs the risk of being reduced especially if the economic crisis extends. However, its activities are lower and there is only room for improvement. The Board of Directors believes that the value of properties is significantly higher than the sums in the financial statements while the debts to the banks are high due to the interests and other charges that will be returned in the end.
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 due to the liquidity problems, which have eased lately. In 2009, the Company showed profits and expects profits in 2010 too due to the return of interests that have been recognized.
2. In March 2010, the Company proceeded with the purchase of two properties with the issue of shares, while the agreement for the sale of properties to Laiki Bank has not been adopted, although it is quite some time that the Company is ready for it.
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. At the meeting on 21/5/2010, the Board of Directors will examine the spin off of the subsidiary so that its activities become autonomous. It will also examine the issue of convertible bonds to improve the Company’s liquidity.
5. 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.
6. The Company has a number of plots the value of which runs the risk of being reduced especially if the economic crisis extends. However, its activities are lower and there is only room for improvement. The Board of Directors believes that the value of properties is significantly higher than the sums in the financial statements while the debts to the banks are high due to the interests and other charges that will be returned in the end.
Tuesday, 18 May, 2010 - 15:51