AI assistant
Keo PLC — Earnings Release 2013
Feb 25, 2014
2474_er_2014-02-25_d7361786-3900-467b-bc61-4a4bb7d980eb.pdf
Earnings Release
Open in viewerOpens in your device viewer
The Board of Directors of KEO plc, at a meeting that took place on 25th February 2014 at 09:00 am has approved the indicative results for the year ended 31 December 2013.
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 2012.
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 2013
| 2013 $(\epsilon 000'\varsigma)$ (non audited) |
2012 $(\epsilon 000'\varsigma)$ (audited) |
|
|---|---|---|
| Profit / (Loss) from operations | 1,094 | (3,882) |
| Net Investment Income | 164 | 241 |
| Loss from devaluation of investments | (4, 264) | (688) |
| Loss from revaluation of investment property | (3,950) | (1, 971) |
| Finance Expenses, net | (1.879) | (1, 872) |
| Loss before taxation | (8, 835) | (8, 172) |
| Taxation | $\left(8\right)$ | 159 |
| Net loss for the year | (8, 843) | (8,013) |
| Loss per share (cent) | (28.5) | (25.9) |
Explanatory Notes
1. Results for the Financial Year ended 31 December 2013
The Group's Profit from Operations during 2013 amounted to $€1,094$ thous. as opposed to a loss of €3,882 thous, during 2012, showing an increase in the profitability of the Group from operations by €4,976 thous. The increase in profitability is mainly due to the actions taken by the Group for the decrease of its operating cost. It is noted that the loss from operations during 2012 includes the amount of €1,318 thous, as a provision for the write off of the outstanding balance due from Orphanides Public Company Ltd.
KEO PLC 1 Franklin Roosevelt Ave., 3012 Limassol, Cyprus - P.O.Box 50209, 3602 Tel.:+357 25 853100 Fax:+357 25 573429 www.keo.com.cy [email protected]
Loss before tax during 2013 amounted to $€8,835$ thous. as opposed to a loss of $€8,172$ thous. during 2012. It is noted that the loss before taxation is mainly due to a loss of €4.264 thous, as a result of devaluation of investments (2012: €688 thous.) and a loss of €3,950 thous, due to revaluation of investment property.
The Turnover of the Group during 2013 has decreased by 4.4% (i.e. €1.989 thous.) when compared to 2012. This decrease is due to the overall shrinkage of the market as a result of the financial crisis in the Cyprus Economy that has significantly reduced the disposable income of the consumer.
2. Future Potential of the Group
Despite the difficult economic conditions experienced in the Cyprus market, the Group has managed in 2013 to show operating profit after a 5 year period during which the financial results of the Group showed operating losses. The results of 2013 are indicative of the efforts towards reducing operating costs and maintaining turnover.
The Group will continue to work in these two areas, reduction of operating cost and increase in sales. with the ultimate target of further improving its financial results.
However, taking into account the continued financial crisis and 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 2014.