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Renos Hadjiioannou: Interim Management Statement

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 1/7/2013 to 37/11/2013, which has been prepared pursuant to the provisions of Article 1 of the Transparency Requirements Law 2007 (N.190(I)/2007) and has not been audited by the external auditors of the Company.

The main events and transactions during the period are as follows:

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.

2. The financial condition of the Company is not expected to improve without the sale of assets. It is noted that there are legal actions on behalf of the creditors and the Company. There are ongoing negotiations with the banks. If negotiations conclude, the impact on the financial statements will be positive, while there are agreements that have delayed partly due to the May events that have affected the banks. The Company is affected negatively by the delay.

3. There are no other events or transactions affecting the results.

4. The chicken market has been adversely affected by the ongoing crisis, the Newcastle disease and the economic difficulties that large customers face. Any prediction on whether there will be improvement that will allow the reactivation of the Company is impossible.

5. The Company has properties in several areas and expects possible changes in the zones. Its properties currently cover its debts but in view of the constant deterioration of the property market, no safe forecast can be made for the future.
Thursday, 28 November, 2013 - 15:55