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Keo PLC — Earnings Release 2012
Feb 28, 2013
2474_er_2013-02-28_91087258-9cda-4ca9-be38-e738aafa47bc.pdf
Earnings Release
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INDICATIVE RESULTS 2012
The Board of Directors of KEO Plc Group, at a meeting that took place on 28 February 2013 at 07:30 am has approved the indicative results for the year ended 31 December 2012.
The indicative results have not been audited by the Group's external auditors.
The indicative results have been prepared under the same accounting principles as the ones used for the annual accounts for the year ended 31 December 2011.
The indicative results include the result of the holding company (the "Company") and its subsidiaries, which all together are referred to as the "Group".
The indicative results together with the explanatory notes will be published in the daily press and copies will be available at the Company's registered office at 1 Franklin Roosevelt Ave. 3012 Limassol.
Indicative Result for the Financial Year ended 31 December 2012
| 2012 $(\epsilon 000'\varsigma)$ (non audited) |
2011 $(\epsilon 000\text{'c})$ (audited) |
|
|---|---|---|
| Loss from operations | (3.339) | (2.730) |
| Net Investment income | 241 | 229 |
| Loss from devaluation of available for sale investments | (688) | (4.147) |
| (Loss)/Profit from the revaluation of investment property | (1.971) | 9.088 |
| Restructuring cost | (3.292) | |
| Financing Expenses, net | (1.872) | (1.673) |
| Loss before taxation | (7.629) | (2.525) |
| Taxation | 159 | (1.422) |
| Net loss for the year | (7.470) | (3.947) |
| Loss per share (cent) | (24, 1) | (12,7) |
Explanatory Note
1. Results for the Financial Year Ended 31 December 2012
The Turnover of the Group during 2012 decreased by 2.3% (i.e. €1.055 thous.) when compared to 2011.
The loss from operations of the Group during 2012 was $63.339$ thous. showing an increase of $609$ thous. when compared to 2011, after including the amount of $\epsilon$ 1.318 thous. as a provision for the write off of the outstanding balance due form Orphanides Public Company Ltd.
It is noted that during 2012, after a revaluation, the value of investment property held by the Group has declined by €1.971 thous.
2. Future Potential of the Group
The Board of Directors estimates that the Group's turnover during 2013 will continue to be affected by the financial crisis. The Group is implementing measures for the increase of market share with the expectation of increasing turnover.
Taking into account the continued financial crisis and the uncertainty surrounding the economic climate of Cyprus, the Board of Directors is not in a position to make an accurate estimation regarding the Financial Results for the year 2013.