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Phil. Andreou: Interim Management Statement

INTRODUCTION

The Board of Directors of Phil. Andreou Public Ltd presents the Interim Management Statement of the Group, which has been prepared in accordance with the provisions of Article 11 of the Transparency (Securities Admitted to Trading on a Regulated Market) Law 2007 (L.190 (I) / 2007) and has not been audited by external auditors.

The main activities of the Group during the reporting period continued as last year, involving the design, manufacture and sale of display stands, metal storage and display systems, the production of digital and silkscreen printing, media both indoor and outdoor, management and exploitation of rolling advertising systems, operation of convenience stores and sale of products and services of high technology as well as the construction of metal structures for housing units along with the completion of these units through subcontractors.

The information contained in this report concerns the period from July 1, 2013 until the date of publication.

GENERAL REVIEW OF FINANCIAL POSITION AND PERFORMANCE OF THE GROUP

The Group's sales decreased during the period as a result of the financial crisis and the Eurogroup decisions in March 2013 as well as the liberalization of the opening hours with the relevant impacts on the retail trade. The Group reacted with flexibility, taking measures such as the significant decline in the operating cost, dealing effectively with the impacts from the lower sales.

NON-RECURRING OR SPECIAL ACTIVITIES

There were no non-recurring or extraordinary activities during the period under review.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties facing the Group are the same as those described in the Annual Report for the year 2012.

MAIN EVENTS AND TRANSACTIONS

There were no non-recurring or extraordinary activities during the period under review.

RELATED PARTY TRANSACTIONS

There were no significant transactions with related parties other than the employment agreements of Executive Directors during the period under review.

OBJECTIVES AND PROSPECTS

It is expected that results for 2013 will not be significantly different from the corresponding results of 2012 without excluding an improvement after the measures that have been taken. However, no safe forecast can be made since there are several imponderable factors affecting the economic environment. The Management and the Board of Directors are monitoring the developments and are on alert to deal with any problem that might emerge.

The global financial crisis affects the promotional activities of many of the Group customers both abroad and locally. Due to the rapid developments in the past few months, the trend on exports is not clear yet.

The Group aims to reverse its loss-making course and to take measures in order to avoid or moderate the impacts from the international financial crisis and its impacts on the Cyprus economy.
Monday, 18 November, 2013 - 13:04