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Keo PLC — Earnings Release 2015
Feb 25, 2016
2474_er_2016-02-25_96d0e506-b6ad-4530-8664-b1fccaa3162c.pdf
Earnings Release
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INDICATIVE RESULTS 2015
The Board of Directors of KEO plc, at a meeting that took place on 25th February 2016 at 09:00 am has studied and approved the indicative results for the year ended 31 December 2015.
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 2014.
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 2015
| 2015 (non audited) €000 |
2014 (audited) €000 |
|
|---|---|---|
| Profit from operations | 2,026 | 1,106 |
| Net investment income | 841 | 235 |
| Loss from devaluation of available for sale investments | (138) | (365) |
| Loss from devaluation of investments held at fair value through | ||
| profit and loss | (600) | (1,500) |
| Loss from revaluation of investment property | (2, 340) | (1,300) |
| Profit on disposal of subsidiary company | 829 | |
| Finance expenses, net | (1, 362) | (1,650) |
| Taxation interest and charges | (342) | |
| Loss before taxation | (1, 915) | (2,645) |
| Taxation | 160 | 63 |
| Net loss for the year | (1,755) | (2, 582) |
| Loss per share (cent) | (5.7) | (8.3) |
Explanatory Notes
1. Results for the Financial Year ended 31 December 2015
The Group's profit from operations during 2015 amounted to €2,026 thous. compared to a profit of €1,106 thous. during 2014, showing an increase in the profitability of the Group from operations by €920 thous.
The increase in profit from operations is mainly due to the increase in turnover, which during 2015 amounted to €45,729 thous. compared to €43,574 thous. during 2014 showing an increase of 5%, and the decrease in the cost of production.
Loss before tax, which during 2015 amounted to €1,915 thous. (2014: €2,645 thous.) mainly resulted from the reduction of the value of investment property by €2,340 thous. (2014: €1,300 thous.) and of the value of shares and other securities by €738 thous. (2014: €1,865 thous.)
2. Future Potential of the Group
The Company's Board of Directors will continue to work with main pillars the increase in turnover and the decrease of cost for a further improvement of its financial results during 2016.