The Board of Directors of Renos Hadjiioannou Farm Public Company Ltd, at a meeting held today, approved the audited financial statements for 2013, the unaudited financial statements for the six months ended 30/6/2014 and the Interim Management Statement. In 2013, the sales were €349,786 compared with €685,015 in 2012, while losses were €1,392,777 compared to €1,182,535 in 2012. In the first half of 2014 sales were €144,239 compared to €199,446 in 2012 and losses were €394,215 from €340.296 in 2012. The largest part of losses is attributable to the high finance costs. The company was slow to publish the results in the hope that its two lawsuits against banks for breach of agreements would be settled out of court. There was no agreement and the legal actions that date back to 2010 and 2011 respectively will be forwarded to the Nicosia District Court. The Board of Directors, based on a legal opinion, believes that the outcome will be positive but it cannot determine when the trials will be held. The Company expects that there will be losses in 2014 and it attempts to sell properties or share capital to reduce borrowing. The notification for the Annual General Meeting, which will take place on December 18, 2014 and the Annual Bulletin for the period 24/5/2013-22/10/2014, are attached.
Thursday, 23 October, 2014 - 12:31