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Hadjiioannou Farm: Positive deviation in final results 2011

Renos Hadjiioannou Farm Public Company Ltd would like to inform the shareholders and the investing public that the final results for 2011 will have a large positive deviation from the indicative results announced. This difference is attributable to the recognition of return of interests of previous years due to the retrospective effect of an agreement. In addition, machinery of initial value of €2 million that were bound to hire/purchase contracts will return to the absolute ownership of the Company, which intends to sell some that are not used to minimize or possibly solve its chronic liquidity problems.

The poultry industry in Cyprus after its EU accession has been trapped between powerful suppliers demanding payment in cash and large buyers imposing their conditions. In order to change data, there is a need to change the balance among the market players. The Company understands that at least three of its farms will be affected by the change of zones, while other premises are old and its turnover is very low in the past few years. Therefore, it is in contacts with other companies of the sector and the exploratory discussions with potential buyers or strategic investors include the assets and sale of the companies to the benefit of al parties involved so any group that might emerge imposes its own conditions in the market.
Friday, 23 March, 2012 - 10:36