At the meeting held on Wednesday, April 29, 2015, the Board of Directors of Toxotis Investments Public Limited approved the Interim Management Statement of the Company and its subsidiary for the period from January 1 to April 24, 2015, pursuant to article 11 of Law 190(1) of 2007 to 2013. The Statement has not been audited by the external auditors of the Company and refers to its performance and main events during the period.
Nature of activities
The main activities of the Group have not changed and focus on the investments in CSE-listed and ASE-listed titles and private companies.
Significant events and transactions
There were no significant events or transactions during the period.
Financial condition
The Group’s land was evaluated by independent valuators on January 13, 2015 at €526.000 based on its market value. On January 30, 2014 the land had been evaluated at €550.000. The Board of Directors believes that this drop of €24.000 is attributable to the general trend and uncertainty in the market.
The administrative expenses stood at €6.420 during the period. It is noted that during the corresponding period of 2014, the administrative expenses of the Group were €12.000.
There were no other revenues during the period.
As a result of the above, the Group shows losses of €6.420 compared to losses of €7.700 in the corresponding period last year.
Prospects
The prospects of the Group for the first half of 2015 will depend on the course of the property prices in Cyprus and – to a lesser extent - to the performance of any future investments in the CSE and the ASE.
It is noted that despite the improvement recently announced in relation to the state fiscals, there is still uncertainty and lack of liquidity in the private and business sector. Taking into account the above, the Board of Directors is not in the position to predict the developments in the Cyprus economy that could affect the results and the future financial position of the Group.
Nature of activities
The main activities of the Group have not changed and focus on the investments in CSE-listed and ASE-listed titles and private companies.
Significant events and transactions
There were no significant events or transactions during the period.
Financial condition
The Group’s land was evaluated by independent valuators on January 13, 2015 at €526.000 based on its market value. On January 30, 2014 the land had been evaluated at €550.000. The Board of Directors believes that this drop of €24.000 is attributable to the general trend and uncertainty in the market.
The administrative expenses stood at €6.420 during the period. It is noted that during the corresponding period of 2014, the administrative expenses of the Group were €12.000.
There were no other revenues during the period.
As a result of the above, the Group shows losses of €6.420 compared to losses of €7.700 in the corresponding period last year.
Prospects
The prospects of the Group for the first half of 2015 will depend on the course of the property prices in Cyprus and – to a lesser extent - to the performance of any future investments in the CSE and the ASE.
It is noted that despite the improvement recently announced in relation to the state fiscals, there is still uncertainty and lack of liquidity in the private and business sector. Taking into account the above, the Board of Directors is not in the position to predict the developments in the Cyprus economy that could affect the results and the future financial position of the Group.
Thursday, 30 April, 2015 - 11:14