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Keo PLC — Interim / Quarterly Report 2014
Feb 27, 2015
2474_er_2015-02-27_e769747e-d26b-4aab-bc30-7f4a3cbb9e1b.pdf
Interim / Quarterly Report
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INDICATIVE RESULTS 2014
The Board of Directors of KEO plc, at a meeting that took place on 26th February 2015 at 09:00 a.m. has approved the indicative results for the year ended 31 December 2014.
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 2013.
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 2014
| 2014 $(\epsilon 000'\varsigma)$ (non audited) |
2013 $(\epsilon 000'\varsigma)$ (audited) |
|
|---|---|---|
| Profit from operations | 1.104 | 1.074 |
| Net investment income | 234 | 164 |
| Loss from devaluation of available for sale investments | (365) | (764) |
| Loss from devaluation of investments held at fair value through | ||
| profit and loss | (1.500) | (3.500) |
| Loss from revaluation of investment property | (1.300) | (3.950) |
| Profit from sale of subsidiary Company | 829 | |
| Finance expenses, net | (1.635) | (1.878) |
| Loss before taxation | (2.633) | (8.854) |
| Taxation for the year | 63 | (8) |
| Net loss for the year | (2.570) | (8.862) |
| Loss per share (cent) | (8, 3) | (28, 6) |
Explanatory Notes
1. Results for the Financial Year ended 31 December 2014
The Group's profit from operations during 2014 amounted to $\epsilon$ 1.104 thous. as opposed to a profit of €1.074 thous, during 2013, showing an increase in the profitability of the Group from operations by $\epsilon$ 30 thous
Loss before tax during 2014 amounted to €2.633 thous, as opposed to a loss of €8.854 thous, during 2013. It is noted that the loss before taxation is mainly due to a loss of €1.865 thous, as a result of an impairment in the value of shares and convertible securities of Hellenic Bank Public Company Ltd. (2013: €4.264 thous.) and a loss of €1.300 thous. due to revaluation of investment property (2013: $\epsilon$ 3.950 thous.). The loss due to the impairment in the value of investments has been partly offset by the sale of the entire share capital of the subsidiary company Fifty Frith Street Ltd based in the United Kinadom. from which resulted a profit of €829 thous. for the Group. The operations of Fifty Frith Street Ltd where the holding of investment property and the sale will not affect the commercial operations of the Group.
The Turnover of the Group during 2014 has increased by 0,34% i.e. €148 thous. when compared to 2013
2. Future Potential of the Group
For a second consecutive year the Group managed in 2014 to show operating profits, which are as in 2013, 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.
The Company's Board of Directors notes that due to the uncertainty observed in the Eurozone, which directly influences the stability of the economy of Cyprus, its not in a position to make an accurate estimation regarding the financial results for the year 2015. However the Board of Directors and the executive management of the Company remain continuously vigilant with the ultimate aim to effectively manage any challenges that may arise.